Market Size of North America Lithium-ion Battery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 16.10 Billion |
| Market Size (2029) | USD 68.95 Billion |
| CAGR (2024 - 2029) | 33.77 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Lithium-ion Battery Market Analysis
The North America Lithium-ion Battery Market size is estimated at USD 16.10 billion in 2024, and is expected to reach USD 68.95 billion by 2029, growing at a CAGR of 33.77% during the forecast period (2024-2029).
- Over the medium term, the market is expected to be driven by the increasing adoption of electric and hybrid vehicles and the increasing demand for energy storage systems.
- On the other hand, the demand-supply mismatch of raw materials is expected to hinder the market growth during the study period.
- Nevertheless, the improvements in efficiency and maintenance requirements are expected to provide significant opportunities for lithium-ion batteries during the forecast period.
- The United States is expected to dominate the market due to the government's increasing investments in electric vehicle segments in the forecast period. It will result in increased demand for battery-based energy storage systems, primarily led by lithium-ion batteries.
North America Lithium-ion Battery Industry Segmentation
A lithium-ion (Li-ion) battery is an advanced technology that uses lithium ions as a critical component of its electrochemistry. Li-ion batteries can use a number of different materials as electrodes. Lithium cobalt oxide (cathode) and graphite (anode) are the most common combinations.
The North American lithium-ion battery market is segmented by application and geography. It is segmented by application into consumer electronics, automotive, energy storage (UPS, renewables, and industrial), and other applications (power tools, defense, medical devices, etc.). The report also covers the market size and forecasts across major countries. It offers the market size and forecasts for the North American lithium-ion battery market in revenue (USD) for all the above segments.
| Application | |
| Consumer Electronics | |
| Automotive | |
| Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)) | |
| Other Applications (Power Tools, Defense, Medical Devices, etc.) |
| Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)} | |
| United States | |
| Canada | |
| Rest of North America |
North America Lithium-ion Battery Market Size Summary
The North American lithium-ion battery market is poised for significant growth, driven by the increasing adoption of electric and hybrid vehicles and the rising demand for energy storage systems. The market is expected to experience robust expansion over the forecast period, with the United States playing a pivotal role due to its substantial investments in electric vehicle segments. The high energy density, fast recharge capability, and superior discharge power of lithium-ion batteries make them the preferred choice for electric and hybrid vehicles, outperforming traditional lead-based batteries. This preference is further bolstered by the environmental benefits of lithium-ion batteries, which are considered cleaner and safer alternatives. The growing popularity of prismatic cells within the electric vehicle battery manufacturing industry also highlights the technological advancements that are enhancing the performance and efficiency of lithium-ion batteries.
Despite challenges such as the demand-supply mismatch of raw materials, the North American lithium-ion battery market is expected to benefit from improvements in efficiency and maintenance requirements. The United States, with its well-established manufacturing infrastructure and significant research and development facilities, is set to dominate the market. The country's electric vehicle market is supported by government incentives, environmental regulations, and consumer demand for cleaner transportation options. The establishment of new battery cell giga-factories and collaborations between key industry players further underscores the region's commitment to advancing battery technology. Additionally, agreements to increase domestic lithium production are expected to strengthen the supply chain, ensuring a steady supply of materials for battery manufacturing. These factors collectively position North America as a leading player in the global lithium-ion battery market.
North America Lithium-ion Battery Market Size - Table of Contents
-
1. MARKET OVERVIEW
-
1.1 Introduction
-
1.2 Market Size and Demand Forecast in USD, till 2029
-
1.3 Global Lithium-ion Battery Price Trend Analysis, till 2029
-
1.4 Recent Trends and Developments
-
1.5 Government Policies and Regulations
-
1.6 Market Dynamics
-
1.6.1 Drivers
-
1.6.1.1 Declining Lithium-Ion Battery Prices
-
1.6.1.2 Increasing Adoption Of Electric Vehicles
-
-
1.6.2 Restraints
-
1.6.2.1 Safety Concerns Related To Lithium-Ion Battery
-
-
-
1.7 Supply Chain Analysis
-
1.8 Porter's Five Forces Analysis
-
1.8.1 Bargaining Power of Suppliers
-
1.8.2 Bargaining Power of Consumers
-
1.8.3 Threat of New Entrants
-
1.8.4 Threat of Substitute Products and Services
-
1.8.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Application
-
2.1.1 Consumer Electronics
-
2.1.2 Automotive
-
2.1.3 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.))
-
2.1.4 Other Applications (Power Tools, Defense, Medical Devices, etc.)
-
-
2.2 Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}
-
2.2.1 United States
-
2.2.2 Canada
-
2.2.3 Rest of North America
-
-
North America Lithium-ion Battery Market Size FAQs
How big is the North America Lithium-ion Battery Market?
The North America Lithium-ion Battery Market size is expected to reach USD 16.10 billion in 2024 and grow at a CAGR of 33.77% to reach USD 68.95 billion by 2029.
What is the current North America Lithium-ion Battery Market size?
In 2024, the North America Lithium-ion Battery Market size is expected to reach USD 16.10 billion.
