North America Lithium-Ion Battery Market
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North America Lithium-Ion Battery Market was valued at USD 18.4 billion in 2023 and is anticipated to grow at a CAGR of over 17.1% from 2024 to 2032. The growing demand for electric vehicles (EVs) and the increasing adoption of renewable energy storage solutions are propelling the market growth. Moreover, the growing demand for EVs on account of their environmental benefits and governmental incentives are surging the demand for these batteries.
The major players across the industry are taking relentless efforts to bring innovation in battery technologies. The escalating shift towards renewable energy sources necessitates efficient energy storage solutions, with lithium-ion batteries being at the forefront due to their high energy density and longer lifespan. This dual demand is stimulating the production and deployment of Lithium-Ion Battery across North America.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| North America Lithium-Ion Battery Market size in 2023: | USD 18.4 billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 17.1 |
| 2023 Value Projection: | USD 77.3 billion |
| Historical Data for: | 2019 to 2023 |
| No of Pages: | 310 |
| Tables, Charts & Figures: | 90 |
| Segments Covered: | Chemistry, Component, Application, & Countries |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Ongoing advancements in technology are improving battery performance, reducing costs, and expanding their applications across consumer electronics, grid storage, and industrial uses, which will propel the industry growth. Additionally, there's a push towards domestic production and supply chain resilience, leading to investments in lithium-ion battery manufacturing facilities across North America.
Partnerships amongst automakers, tech companies, and battery manufacturers are fostering innovation and accelerating market growth. These trends collectively indicate a robust and dynamic market poised for continued expansion in the coming years, offering opportunities for both established players and new entrants in the industry.
Based on chemistry, the NMC segment is predicted to exceed USD 9 billion by 2032 owing to its balance properties. NMC offers high energy density, improved stability, and longer lifespan compared to other product variants. Moreover, its combination of nickel, manganese, and cobalt provides optimal performance, making it a preferred choice for various applications, including electric vehicles and consumer electronics.
Based on application, the automotive segment is anticipated to grow at over 15.1% CAGR through 2032, on account of rising demand for electric vehicles (EVs) and advancements in automotive technologies. As governments worldwide implement stringent emission regulations, automakers are adopting cleaner energy solutions, driving the growth of batteries for EVs. Additionally, consumer preference for eco-friendly vehicles and the expansion of electric vehicle infrastructure further bolsters this segment's dominance in the lithium-ion battery market.
U.S. lithium-ion battery market valuation is projected to surpass USD 74 billion by 2032 owing to ongoing advancements in battery technology, and significant investments in domestic battery manufacturing infrastructure. As the shift towards sustainable transportation and energy storage accelerates, the U.S. is expected to emerge as a major player in meeting the burgeoning demand for lithium-ion batteries, propelling significant market growth.
Tesla, LG, Samsung are prominent players in this sector, offering a wide array of products to meet diverse application needs. Their dedication to innovation ensures the creation of high-quality, cutting-edge products that meet industry standards. Their emphasis on providing customized solutions and excellent service to ensure customer satisfaction reinforces their position in the lithium-ion battery market.
Eminent players operating in the North America lithium-ion battery industry include:
Market, By Chemistry
Market, By Component
Market, By Application
The above information has been provided for the following countries across the regions:
The market size of North America lithium-ion battery was reached USD 18.4 billion in 2023 and is projected to expand at 17.1% CAGR from 2024 to 2032, owing to the affordability of batteries, combined with growing concerns about environmental pollution surging the popularity of electric vehicles.
U.S. lithium-ion battery industry size will surpass USD 74 billion by 2032, owing to ongoing advancements in battery technology, and significant investments in domestic battery manufacturing infrastructure.
The North America lithium-ion battery industry consists of prominent companies such as Tesla, Exide Technologies, General Electric, BYD Company Ltd., A123 Systems, LLC, Toshiba Corporation, Samsung SDI Co., Ltd., Panasonic Corporation, LG Chem, Duracell, Inc., Hitachi Energy Ltd., and Koninklijke Philips N.V, among others.
North America lithium-ion battery market from the NMC segment is anticipated to exceed USD 9 billion by 2032 owing to high energy density, improved stability, and longer lifespan compared to other product variants.