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Published by The Business Journal, Youngstown, Ohio.
YOUNGSTOWN, Ohio – A report released Monday by Team NEO shows northeastern Ohio is in prime position to capture a sizable portion of the electric vehicle manufacturing and supply-chain business as this sector expands.
“The opportunity is great in Northeast Ohio for this emerging industry,” said Bill Koehler, CEO of the economic development agency. “As vehicle manufacturers build new supply chains that require embedded electric vehicle technologies, Northeast Ohio can increase our share of components and vehicles produced in our region. We have deep R&D, workforce, and manufacturing infrastructure assets that are attractive to companies here, as well as those considering their first investment in Northeast Ohio.
”Between 2022 and 2029, the U.S. is projected to manufacture 8.2 million electrified vehicles, including battery electric vehicles, hybrids and fuel-cell vehicles, the study said.
The report, part of Team NEO’s Quarterly Economic Review, points to key industries in northeastern Ohio that could serve the EV industry as it expands over the next five years. Between 2022 and 2026, semiconductor and electronics manufacturing is expected to expand by 34%. Plastics product manufacturing is projected to grow 16%, while motor vehicle parts production is expected to climb 15%, according to the report.
Northeastern Ohio, for example, has a five to six times higher concentration of companies in the iron, steel and ferroalloy manufacturing industry, the report shows. Seventeen of the top 20 EV-related supply chain industries have a higher than average concentration across the region.
Those industries in the top 10 that could purchase from the EV supply chain also have a better than average concentration in northeastern Ohio, the review shows. Construction-machinery manufacturing, the report noted, boasts a location concentration rate that is 66% higher than the national average. Other customers, such as light truck and utility vehicle manufacturers, also have a strong presence in northeastern Ohio.
In 2022, companies in the region reported $43.5 million in sales to EV manufacturers – 24% of the state’s sales to the industry, the report emphasized. That same year, more than $50 million worth of products were purchased from companies serving the region’s EV supply chain, the study added.
“With the infrastructure in the Northeast Ohio region – from the end-to-end supply chain, an automotive workforce of 26,000-plus, and 205 higher education programs that lead to automotive industry jobs, we need to act now to ensure we capitalize on this opportunity,” the report concluded.