North America Battery Market- Growth, Trends, and Forecast (2020 - 2025)
The market is segmented by Type (Primary and Secondary), Technology (Lead-Acid, Lithium-Ion and Others), Application (Automotive, Industrial, Portable, and Others), and Geography (United States, Canada, and Rest of North America)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The North America battery market is expected to grow at a CAGR of over 9% during the forecast period. Major factors driving the market include declining lithium-ion battery prices, rapid adoption of electric vehicles, growing renewable sector, and increased sale of consumer electronics. Moreover, North America remains as a pioneer in the research and innovation in the global battery market and also one of the largest consumers of batteries. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the market growth being studied.
The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries in the near future. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion battery industry growth.
The North American region also remains one of the largest consumers of batteries, the integration of renewables with energy storage systems is presenting itself as a market opportunity for the lithium-ion battery market.
The United States government has been encouraging investors for both Electric Vehicle (EV) and renewable industry, resulting in an increased demand for battery-based energy storage systems, primarily led by lithium-ion batteries.
Scope of the Report
The North America battery market report include:
Rest of North America
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Key Market Trends
Automotive Batteries Segment to Witness a Significant Growth
The automotive sector is expected to be one of the major end-user segments for batteries, primarily lithium-ion batteries during the forecast period. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion Battery industry growth in North America.
A range of different vehicle types are now available, featuring increasing degrees of hybridization and electrification. There are various types of vehicles, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles, and electric vehicles (EVs).
The adoption of electric vehicles is increasing at a high growth rate. The United State is already among the countries leading in global EV sales, along with other economies like Canada, which has already begun transforming its public transportation infrastructure for EVs.
In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles. Policy support enables market growth by making vehicles appealing to consumers, reducing risks for investors, and encouraging manufacturers to develop electric vehicle on a large scale.
Moreover, declining lithium-ion battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating demand for lithium-ion battery in the coming years.
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The United States to Dominate the Market
Until 2015, the United States accounted for the largest portion of the global electric car stock. In 2016, China became the country with the largest electric car stock, with about a third of the global total. However, as the gap between emissions from Electric Vehicles (EVs) and conventional cars widens, and in a bid to take advantage of future electricity supplies that include more renewable sources in the country, electric vehicles sales are expected to significantly increase in the United States during the forecast period.
The United States is among the pioneer in the research and innovation in the global battery market, the region also remains one of the largest consumers of batteries - both primary and secondary battery types, owing to factors, such as increased electric vehicle deployment, increased spending on consumer electronics, and increased consumer and manufacturing activities.
The increasing adoption of electric vehicles is in line with the clean energy policy. In order to reduce the demand-supply gap, the government of the United States is planning to ease restriction on automakers importing cars into the country.
The United State is likely to be the dominant player in the North America Lithium-ion Battery market, supported by increasing urbanization and consumer spending, which is expected to ramp up the demand for technically advanced devices & vehicles, due to the benefits provided by the same. Consecutively, leading to a growth in demand for batteries.
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The North America battery market is fragmented. Some of the key players in this market are Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, SAMSUNG SDI CO., LTD, LG Chem Ltd. and Panasonic Corporation.