Industry: Energy & Power | Publish Date: 12-Aug-2023 | No of Pages: 127 | No. of Tables: 93 | No. of Figures: 65 | Format: PDF | Report Code : N/A
North America Battery Market was valued at USD 36.20 billion in 2022, and is predicted to reach USD 114.11 billion by 2030, with a CAGR of 15.4% from 2023 to 2030.
A battery functions as a reservoir for storing energy which it later releases by converting chemical energy into electrical energy. This process is achieved through the utilization of one or more electrochemical cells. Categorized into primary and secondary types, batteries serve as integral components in our daily lives. Primary batteries, also known as non-rechargeable batteries, offer a straightforward and convenient power source for a wide array of portable devices such as cameras, watches, toys, radios, and lighting equipment. In contrast, secondary batteries, termed rechargeable batteries, possess the capability to be replenished with electrical charge subsequent to their discharge. This distinction underscores the indispensable role batteries play in our modern existence.
North America consists of countries such as the U.S., Canada, and Mexico. Factors such as rise in focus on sustainable development and increase in awareness about the adverse effects of using traditional automobiles are driving the battery market in this region. Increasing global pollution levels and decreasing fossil fuels have created a demand for the development of sustainable transportation systems. Automotive manufacturers have implemented innovative technologies to address the growing concern for environmental sustainability by adopting hybrid vehicles or EVs that use lithium-ion batteries.
Certainly, government policies and incentives have indeed played a pivotal role in driving the growth of the battery market, particularly in relation to electric vehicles (EVs), in North America. The region has recognized the potential of EVs and the importance of transitioning to more sustainable and environmentally friendly transportation options. As a result, governments in North America have implemented various favourable initiatives to promote the adoption of EVs, which in turn boosts the demand for batteries. For instance, in July 2022, the U.S. government unveiled plans for electrification of mail trucks used by the U.S. Postal Service.
Use of batteries pose several risks to human and environment if not handled with care. Depleted or used batteries usually are discarded as trash that ends up in landfills, where they decay and leak. These batteries corrode with time and the chemicals get absorbed into the soil and contaminate groundwater and surface water. As a result, our ecosystem comprising thousands of aquatic plants and animals are compromised when filled with toxic battery chemicals, such as mercury, cadmium, lithium, and lead. Thus, it is expected to restrain the growth of the battery market.
The growing adoption of NDBs in various industries, including automotive, aerospace, and electronics, is expected to create future opportunities for the battery market in North America. NDB is an innovative energy generator and storage system that redefines and revolutionizes a battery. NDBs have long-lasting properties and longevity is ensured by converting the radioactive decay energy from nuclear waste into energy. The attractive features of NDB, such as being compact, modular, cost-effective, and scalable from chipset to industrial applications is one of the main factors creating growth opportunities in the battery market. NDB is a high-power, diamond-based alpha, beta, and neutron voltaic battery that can provide lifelong green energy for numerous applications and overcome the limitations of existing chemical batteries.
The North America battery industry includes several market players such as LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISION AESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., China Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
The North America battery market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
The competitive analysis of the market players along with their market share in the North America battery market.
The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Lead Acid
Stationary
Motive
Lithium Ion
Lithium Nickel Manganese Cobalt (LI-NMC)
Lithium Iron Phosphate (LFP)
Lithium Cobalt Oxide (LCO)
Lithium Titanate Oxide (LTO)
Lithium Manganese Oxide (LMO)
Lithium Nickel Cobalt Aluminum Oxide (NCA)
Nickel Metal Hydride
Nickel Cadmium
Others
Residential
Industrial
Manufacturing & Construction
Automotive
Medical
Telecom & IT
Consumer Electronics
Power & Utility
Aerospace
Marine
Others
Commercial
Fuel Cell batteries
Proton-Exchange Membrane Fuel Cells
Alkaline Fuel Cells
Phosphoric Acid Fuel Cells
Solid Oxide Fuel Cells
Molten Carbonate Fuel Cells
Air Cells
Flywheel Energy Storage
Nuclear Batteries
North America
U.S.
Canada
Mexico
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2022 |
USD 36.20 billion |
Revenue Forecast in 2030 |
USD 114.11 billion |
Growth Rate |
CAGR of 15.4% from 2023 to 2030 |
Analysis Period |
2022–2030 |
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
The growing government incentives The adoption of hybrid vehicles |
Countries Covered |
3 |
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
LG Chem Ltd.
CATL
Samsung SDI Co. Ltd.
BYD
SKI
ENVISION AESC GROUP LTD.
Gotion High tech Co Ltd
Primearth EV Energy Co., Ltd.
China Aviation Lithium Battery Co., Ltd.
Panasonic Corporation