North America Battery Manufacturing Equipment Market - Growth, Trends, and Forecasts (2023-2028)

Key Highlights

• Over the long term, the increasing adoption of electric vehicles is expected to drive the market.
• On the other hand, the shortage of companies manufacturing battery equipment significantly hinders the market's growth.
• Nevertheless, the increasing technological advancements in various technologies like higher capacity and low discharge rate is expected to make the manufacturing of battery equipment more feasible and efficient and create enormous opportunities for the battery manufacturing equipment market.
• The United States is expected to be the largest market in the forecast period due to the region's high demand for electric vehicles and rapidly developing technology in the segment. It is expected to facilitate further growth.

Key Market Trends

Automotive Segment to Dominate the Market

• In recent years the demand for electric vehicles in North America has grown significantly. According to International Energy Agency, the number of electric vehicles in North America increased by 18.85 % in 2021 compared to 2020. In 2021 a total of 2320,000 units of electric vehicles were sold, compared to 1952,000 in 2020. A similar trend is expected to be followed during the forecast period, which indicates the increasing growth of the battery equipment manufacturing market.
• Additionally, as the demand for electric vehicles grows, automakers are developing electric vehicles of various forms and designs for all car categories to increase vehicle sales. This customization in automotive design presents a substantial growth opportunity for battery manufacturing to fulfill automobile manufacturers' expectations.
• Furthermore, the government's supportive policies, regulations, and financial incentives for adopting electric vehicles in their regions have benefited the automobile sector.
• For instance, the Federal Government of the United States has set a goal to make half of all new vehicles sold in the U.S. in 2030 zero-emissions vehicles and to build a convenient and equitable network of 500,000 chargers to help make EVs accessible to all Americans for both local and long-distance trips.
• Hence, the automotive sector is expected to be the fastest-growing segment in the forecast period due to increased demand for electric vehicles and supportive government policies.

United States to Dominate the Market

• The United States has been working on reducing its carbon emission. The country has signed various green initiatives in order to meet its emissions target. Additionally, awareness amongst the public and pressure from multiple stakeholders has also increased weighed in to follow the sustainable energy programs, which is expected to increase the battery manufacturing equipment market in the country.
• Moreover, the region has a significantly high demand for electronic gadgets and devices due to increasing technological advancements. Also, the country has a high number of information technology companies expanding every year. It is also driving the battery equipment manufacturing market as these companies have a high demand for battery-operated devices.
• The United States government has launched various schemes and financial incentives to boost its domestic battery manufacturing capacity to reduce its dependency on other countries to meet their demands. These incentives are expected to increase the manufacturing capacity of the United States during the forecasted period.
• In October 2022, the Department of Energy announced that it is awarding USD 2.8 billion in grants to boost U.S. production of electric vehicle batteries and the minerals used to build them. The grants, which are going to projects across at least 12 states, mark the latest push by the United States administration to help reduce the country's dependence on China and other nations for the building blocks of the green energy revolution.
• Hence, the United States is expected to dominate the market in the forecast period due to increased production, technological advancements, and supportive government policies in the battery equipment manufacturing market.

Competitive Landscape

Additional benefits of purchasing the report:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support