As per the report, the electric vehicle battery market in North America is estimated to showcase a CAGR of 17.68% in the years 2021-2028. The United States and Canada outline the market in this region.
Over the years, Canada has witnessed high growth in the automotive industry. Moreover, the country has the opportunity to become a leader in advanced battery manufacturing and storage technology due to the availability of key ingredients, including lithium, nickel, and aluminum, to manufacture batteries.
Furthermore, the government has taken several measures to advance battery production capacity, along with establishing supply chains to increase the distribution capabilities of the country’s electric vehicle battery market. For instance, in budget 2021, the government announced an expansion of the Strategic Innovation Fund to advance critical battery mineral processing. Hence, governmental support boosts the electric vehicle battery market on a growth path.
In the United States, Harvard researchers produced solid-state lithium batteries for electric vehicles. These batteries increased the lifetime of electric vehicles by up to 15 years, reducing the charging time to 20 minutes. This has encouraged automotive manufacturers to increase the electrification of their fleets, reducing carbon footprint and dependency on depleting fossil fuel reserves. Besides, the increased government support and rise in the development of advanced battery technologies are adding to the electric vehicle battery market.