North America Lithium-ion Battery Market Projected To Reach USD 51.44 Billion By 2030

San Francisco, 10 Oct 2024: The Report North America Lithium-ion Battery Market Size, Share & Trends Analysis Report By Product (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Cobalt Aluminum Oxide), By Application, By Country, And Segment Forecasts, 2024 - 2030

The North America lithium-ion battery market size was estimated to reach USD 51.44 billion in 2030 and projected to grow at a CAGR of 20.9% from 2024 to 2030. Rechargeable batteries are being used more frequently as a result of the rise in portable consumer electronics that use batteries. Portable electronic gadgets including MP3 players, digital cameras, laptops, and smartphones require rechargeable batteries to provide efficient and effective power. Battery technology continues to evolve to meet high performance and power density requirements for devices.

In the U.S., the mercury-containing and rechargeable battery management act has been introduced to reduce the use of mercury in single-use batteries and toxic metals such as lead and cadmium in rechargeable batteries. This has enabled market players to increase investment in R&D to gain a competitive advantage in the market. The advancement in technologies is providing ample products for consumers such as wearables devices, virtual and augmented reality, 4k televisions, 3D printers, drones, and communication robots to name a few, which are likely to find a foothold among tech-savvy consumers over the forecast period. Since the development of new technologies reduces the product’s life cycle, consumer interests have altered accordingly, thus, companies must be agile in their responses to stay competitive in the market space.

Access Research Report of North America Lithium-ion Battery Market @ https://www.grandviewresearch.com/industry-analysis/north-america-lithium-ion-battery-market-report

Drivers, Opportunities & Restraints

The registration of electric vehicles (EVs) in North America is anticipated to increase significantly over the forecast period. The rising availability of charging outlets and financial incentives have emerged as crucial factors for the development of this market, bolstered by the lower running cost of EVs compared to conventional ICE-operated vehicles. In February 2022, the U.S. Departments of Energy and Transportation jointly announced that approximately USD 5 billion is expected to support the nation's electric vehicle (EV) charging stations under the National Electric Vehicle Infrastructure Formula Program. The program was created under the bipartisan infrastructure laws. In October 2023, LG Energy Solution announced an investment of USD 3 billion in the U.S. market for battery manufacturing in Holland, Michigan, U.S. This new investment is likely to help Toyota (automaker) supply lithium-ion batteries.

The cost of lithium-ion batteries is estimated to decrease over the next seven years owing to the increasing number of manufacturing facilities in North America of companies such as Samsung, LG Chem, and Tesla. The low weight of lithium-ion batteries, along with its excellent energy-to-weight performance, is predicted to fuel its demand over the forecast period. Major technological advancements in lithium-ion batteries, in terms of the use of electrolytes, increase in voltage capacity due to changes in silicon anode material, and use of lithium-air flow and Li-S batteries that exhibit high-energy density, are anticipated to bolster the demand for the product in the near future.

The rising demand for substitutes of lithium-ion batteries, including sodium nickel chloride batteries, lithium-air flow batteries, lead-acid batteries, and solid-state batteries, in electric vehicles, energy storage systems, and consumer electronics is expected to restrain the market growth in North America over the forecast period. Lithium-air flow batteries use oxygen as an oxidizer. The result is that these batteries are five times cheaper and lighter than lithium-ion batteries. Thus, lithium-air flow batteries can make phones and cars equipped with them last five times longer than the ones incorporated with lithium-ion batteries.

Recent Developments

  • In April 2024, Green Li-ionlaunched North America's first commercial-scale plant in Atoka, Oklahoma, dedicated to producing recycled lithium-ion battery materials using its patented Green-hydrorejuvenation technology. This facility will convert unsorted black mass from spent batteries into battery-grade precursor cathode active material (pCAM) within approximately 12 hours, significantly reducing greenhouse gas emissions by up to 90% compared to traditional methods
  • In July 2023, Saft America with Stellantis’ engineers revealed an innovative prototype of an energy storage battery that assimilates the inverter and charger functions. This collaborative research project is known as the Intelligent Battery Integrated System (IBIS). With IBIS, the electronic conversion boards that perform the power inverter and charger functions are straddling as close as possible to the lithium-ion battery cells. This refined control system allows the current of the electric motor to be directly produced from the battery

Key North America lithium-ion Battery Company Insights

The market is characterized by a competitive landscape featuring key players include Tesla, Panasonic, LG Chem, Samsung SDI, and Duracell, all contributing to innovations in battery technology to meet increasing demand from electric vehicles and renewable energy sectors. The automotive segment is particularly prominent, driven by the shift towards electric vehicles and government incentives promoting cleaner energy solutions. This market is characterized by ongoing technological advancements that enhance battery performance and reduce costs.

Key North America Lithium-ion Battery Companies:

  • A123 Systems
  • Duracell Inc.
  • Tesla Inc.
  • Saft America
  • Johnson Controls
  • CANBAT Technologies Inc.
  • Electrochem, an Integer company (Integer Holdings Corporation)
  • Corvus Energy
  • Prime Power
  • Panasonic Corporation

About Grand View Research

Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

For More Information: https://www.grandviewresearch.com/horizon

 

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