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North America Electric Vehicle Battery Market Forecast 2021-2028

KEY FINDINGS

The North America electric vehicle battery market is evaluated to grow with a CAGR of 17.77% during the forecasted years of 2021 to 2028. The regional market's growth is strengthened by factors like the presence of leading manufacturers, favorable market conditions for scientific innovations, the support extended by the government, as well as the availability of funding.

MARKET INSIGHTS

The North America electric vehicle battery market growth analysis constitutes the evaluation of Canada and the United States. Canada is a distinguished nation with high-growth innovation hubs. Besides, it is also working towards the electrification of its automobile industry. Canada harbors the potential to become a forerunner in terms of advanced battery manufacturing and storage technology, on account of the abundant presence of key ingredients, such as lithium, cobalt, graphite, nickel, aluminum, and manganese, for the production of batteries. Moreover, the country's government has also undertaken numerous measures to enhance its battery manufacturing capacity and establish supply chains to augment the distribution capabilities of the Canada electric vehicle battery market.

For instance, the Canadian government announced the expansion of the Strategic Innovation Fund - Net Zero Accelerator to $8 billion. In addition, the government also declared a $36.8 million fund for federal research and development (R&D) in order to improve the refining expertise and critical battery mineral processing. The budget encompasses project scaling support and tax incentives for building an end-to-end battery electric vehicle supply chain in Canada. Therefore, these factors are anticipated to fuel the electric vehicle battery market growth in North America over the forecasted years.

COMPETITIVE INSIGHTS

Some of the key players operating in the market are Tesla, LG Energy Solution, Panasonic, etc.

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North America Electric Vehicle Battery Market Forecast 2021-2028
Published By :Inkwood Research
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