North America Battery Market Size (2024 - 2029)

The North America Battery Market is projected to experience significant growth over the forecast period, driven by factors such as the decreasing costs of lithium-ion batteries, the rising adoption of electric vehicles, and the expanding renewable energy sector. Despite challenges like the demand-supply imbalance of raw materials, opportunities for expansion exist through the integration of renewables with energy storage systems. The United States leads the market, supported by government incentives for electric vehicles and renewable energy, which boost the demand for battery-based energy storage solutions.

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Market Size of North America Battery Industry

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North America Battery Market Summary
Study Period 2019-2029
Base Year For Estimation 2023
Market Size (2024) USD 12.40 Billion
Market Size (2029) USD 26.79 Billion
CAGR (2024 - 2029) 16.65 %
Market Concentration Low

Major Players

North America Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America Battery Market Analysis

The North America Battery Market size is estimated at USD 12.40 billion in 2024, and is expected to reach USD 26.79 billion by 2029, growing at a CAGR of 16.65% during the forecast period (2024-2029).

Over the medium term, declining lithium-ion battery prices, increasing adoption of electric vehicles, growing renewable energy sector, and increased sale of consumer electronics are also expected to drive the market's growth.

On the other hand, the demand-supply mismatch of raw materials may negatively impact the market’s growth and is one of the major restraints for the market.

Nevertheless, integrating renewables with energy storage systems will provide growth opportunities in the forecast period.

The United States dominates the market and will likely register the highest CAGR during the forecast period. The government has encouraged investors in electric vehicles (EVs) and the renewable industries, resulting in an increased demand for battery-based energy storage systems, primarily led by lithium-ion batteries.

North America Battery Industry Segmentation

A battery is a device that converts chemical energy contained within its active materials directly into electric energy by means of an electrochemical oxidation-reduction (redox) reaction. This type of reaction involves the transfer of electrons from one material to another via an electric circuit.

The North American battery market is segmented by type, technology, applications, and geography (United States, Canada, and the Rest of North America). By type, the market is segmented into primary and secondary. By technology, the market is segmented into lead-acid, lithium-ion, and other technologies. By application, the market is segmented into automotive, industrial batteries (motive, stationary (telecom, UPS, energy storage systems (ESS), etc.), consumer electronics, and other applications). The report also covers the market size and forecasts for the North American battery market across the major countries. 

For each segment, the market sizing and forecasts have been done based on revenue (USD).

Type
Primary
Secondary
Technology
Lead-acid
Lithium-ion
Other Technologies
Application
Automotive
Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.))
Consumer Electronics
Other Applications
Geography
United States
Canada
Rest of North America
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North America Battery Market Size Summary

The North American battery market is poised for significant growth, driven by several key factors including the declining costs of lithium-ion batteries, the increasing adoption of electric vehicles, and the expansion of the renewable energy sector. The market is also bolstered by the rising sales of consumer electronics, which demand advanced battery technologies. However, challenges such as the demand-supply mismatch of raw materials pose potential restraints to market expansion. Despite these challenges, opportunities are emerging through the integration of renewable energy sources with energy storage systems. The United States is a dominant force in this market, supported by government incentives for electric vehicles and renewable energy industries, which have spurred demand for battery-based energy storage systems.

The automotive sector is expected to be a major end-user of batteries, particularly lithium-ion types, as the penetration of electric vehicles continues to rise. The United States, being a significant market for electric vehicles, is witnessing substantial investments in battery manufacturing facilities, which are set to enhance the region's production capacity significantly. Additionally, the growing popularity of portable electronic devices is driving the demand for lightweight and efficient battery packs. The United States also leads in battery energy storage systems, supported by increasing investments in renewable energy infrastructure. This growth is further fueled by the need for grid stability due to the intermittent nature of renewable energy sources. The North American battery market remains fragmented, with key players like Contemporary Amperex Technology Co. Limited, BYD Co. Ltd., Samsung SDI Co. Ltd., LG Chem Ltd, and Panasonic Corporation actively contributing to its development.

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North America Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Battery/Raw Material Price Trends and Forecast, by Major Technology Type (in USD per kWh or USD per ton), till 2029

    4. 1.4 International Trade Statistics (Import/Export Data), by Major Technology Type, by Major Countries, in USD , till 2022

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

        1. 1.7.1.1 Declining Lithium-ion Battery Prices

        2. 1.7.1.2 Increasing Adoption of Electric Vehicles and Renewable Energy projects

      2. 1.7.2 Restraints

        1. 1.7.2.1 Demand-supply Gap of Raw Materials in Battery Market Value Chain

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitutes Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Primary

      2. 2.1.2 Secondary

    2. 2.2 Technology

      1. 2.2.1 Lead-acid

      2. 2.2.2 Lithium-ion

      3. 2.2.3 Other Technologies

    3. 2.3 Application

      1. 2.3.1 Automotive

      2. 2.3.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.))

      3. 2.3.3 Consumer Electronics

      4. 2.3.4 Other Applications

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Rest of North America

North America Battery Market Size FAQs

The North America Battery Market size is expected to reach USD 12.40 billion in 2024 and grow at a CAGR of 16.65% to reach USD 26.79 billion by 2029.

In 2024, the North America Battery Market size is expected to reach USD 12.40 billion.

North America Battery Market Report Snapshots

North America Battery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)