Automotive industry is witnessing a major inclination towards sustainability, thereby fueling the progress of electric vehicles. As electric vehicles continue to gain massive deployment on world roads, the demand for electric vehicle batteries continues to scale up. The global electric vehicle battery market is poised to grow on a rapid scale owing to the said factors. Similarly, the market in North America is witnessing massive expansion.
Companies operating in the electric vehicle battery market are emphasizing on improving their capabilities to address the rising demand for an electric vehicle battery. North America is likely to offer a plethora of opportunities for electric vehicle battery providers. Companies are planning key investments in this region in an attempt to expand their battery production capacity. These scenarios are bolstering the growth of the electric vehicle battery market.
Burgeoning Electric Vehicle Battery Production to Foster Market Growth
Companies operating in the electric vehicle battery market are centering their efforts on extensive electric vehicle battery manufacturing. A number of production capacity expansions are witnessed in the North American region.
Korean conglomerate SK Group’s battery division recently shed light on its Georgia’s greatest economic development victory by total investment. Moreover, SK Innovation also revealed its plan of the extensive lithium-ion battery factory in Jackson County near Atlanta, where the company expressed plans to invest about $1.7 billion and by 2025. With the battery plant, the company plans to serve the electric vehicle market.
Companies based in other regions are also emphasizing on the North American electric vehicle battery market. Backed with key investments and growth strategies, new manufacturing sites are being introduced. A Chinese supplier of lithium-ion battery solutions for electric vehicles and energy storage facilities—Contemporary Amperex Technology Co. Ltd., recently unveiled plans to open a North American subsidiary in Detroit. The new facility based in Detroit would be the company’s fourth international facility and would allow Contemporary Amperex Technology Co. Ltd. to enhance the supply of lithium-ion batteries to the US automotive market and further foster the expansion of electric vehicle production.
Apart from the continual growth in the production landscape of electric vehicle battery in the North American markets, companies are collaborating with an aim to bolster the supply of electric vehicle battery across North America. For instance, the leading names in the automotive industry—Honda and GM announced their collaboration on electric vehicle batteries, wherein GM would supply modules and cells, particularly for the electric vehicles sold in North America by both GM and Honda.
A series of comprehensive assessments pertaining to the opportunities in North America and other prominent regions, along with other aspects pertaining to the global market are discussed in the electric vehicle battery market evaluation study. Click here to know more.