The COVID-19 crisis led to disrupted supply chains, limited operations and workforce, and factory closures, causing a severe decline in electric vehicle sales, which directly affected the sales of batteries, especially in the electric vehicles segment. The Impact of COVID-19 on the North American Electric Vehicle Batteries Market The high Import cost of raw materials for battery manufacturing is a major challenge for the growth of the EV batteries market. The major factors driving the North American EV batteries market include increasing investments by leading automotive OEMs to set up battery manufacturing facilities in the region, increasing adoption of EVs, and decreasing battery prices. EV batteries with high power and high energy density provide an optimal driving range to vehicles. EV batteries are made up of numerous cells which are inserted into a module to provide protection from external shocks such as heat or vibration. 02, 2021 (GLOBE NEWSWIRE) - According to a new market research report titled “ North America EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (300 kWh), Bonding Type (Wire, Laser), Form, Application, End User, and Country - Forecast to 2028,” published by Meticulous Research®, the North America EV batteries market is expected to grow at a CAGR of 30% from 2021 to reach $22.79 billion by 2028.Įlectric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV).
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