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North America Lithium-Ion Battery Market Trends

Report ID: GMI7355
Published Date: Apr 2024
Report Format: PDF

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North America Lithium-Ion Battery Market Trends

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.

Authors: Ankit Gupta, Utkarsh Mahajan

Frequently Asked Questions (FAQ) :

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.

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.

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.