North America Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The North American Battery Market is segmented by Type (Primary and Secondary), Technology (Lead-acid, Lithium-ion, and Other Technologies), Application (Automotive, Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.)), Consumer Electronics, and Other Applications), and Geography (United States, Canada, and Rest of North America). The report offers the market size and forecasts in revenue (USD Million) for all the above segments.

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North America Battery Industry Overview

North America Battery Market Size
Study Period: 2019 - 2028
CAGR: > 10.5 %

Major Players

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*Disclaimer: Major Players sorted in no particular order
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North America Battery Market Analysis

The North America Battery market is expected to reach USD 32 billion by the end of the year and is projected to register a CAGR of over 10.5% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • 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 growth of the market studied.
  • 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, the integration of renewables with energy storage systems is expected to provide growth opportunities in the forecast period.
  • The United States dominates the market and is also likely to witness the highest CAGR during the forecast period. The overnment has been encouraging investors for 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 Segments

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

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 Trends

This section covers the major market trends shaping the North America Battery Market according to our research experts:

Automotive Application to Witness Significant Growth

  • The automotive sector is expected to be one of the major end-user segments for batteries, primarily lithium-ion batteries, in the coming years. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion battery industry growth in North America.
  • 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 States is already among the countries leading in global EV sales and other economies like Canada, which has already begun transforming its public transportation infrastructure for EVs.
  • The total electric car sales in Canada increased by over 300% in 2020 compared to 2017. The country sold 36.9 thousand units of battery electric vehicles (BEV) in 2020.
  • In June 2021, the United States Department of Energy (DOE) announced funding of USD 200 million over the next five years for electric vehicles, batteries, and connected vehicle projects at DOE national labs and new DOE partnerships to support electric vehicles innovation.
  • Additionally, in October 2021, Toyota announced that it planned to invest approximately USD 3.4 billion in automotive batteries in the United States by 2030. Specifically, the investment focuses on developing and localizing automotive battery production for battery electric vehicles (BEV).
  • 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 vehicles on a large scale.
  • Moreover, declining lithium-ion battery prices and improving technologies are expected to bring price-competitive electric vehicles to the market, creating demand for lithium-ion batteries in the coming years.
North America Battery Market Trends

The United States to Dominate the Market

  • The United States is one of the major hotspots for industrial batteries worldwide, on account of robust industrial infrastructure, surging deployment of battery-based energy storage projects, and expansion in renewable power infrastructure.
  • To increase the adoption of clean energy systems and reduce GHG emissions, the country is increasing the deployment of solar and wind power installations, which need to be supported by energy storage systems.
  • As of 2020, the United States had 118 GW of wind power installed capacity. The country has several battery-based energy storage projects under operation, including several battery technologies. Around 14.5 gigawatts (GW) of battery storage power capacity is expected to come online in the United States from 2021 to 2024. Around 9.2 GW of this storage capacity will be co-located with solar, 1.3 GW with wind energy, and the remaining 4 GW in a stand-alone capacity.
  • Moreover, the requirement for data centers in the country is growing rapidly due to increasing connectivity and other factors, which means that roughly 600 zettabytes of new data are created each year (600 trillion gigabytes). ​
  • In March 2021, Alphabet Inc. Class A’s subsidiary Google Inc. announced that the company is planning to invest around USD 7 billion in the United States to build new offices and data centers. The development of data centers is expected to increase demand for UPS systems, thereby leading to a rise in demand for industrial batteries.​
  • Therefore, owing to the above points, the United States is likely to dominate the North American battery market, supported by increasing urbanization, consumer spending, and technically advanced devices and vehicles.
North America Battery Market Growth

North America Battery Market Competitor Analysis

The North American battery market is fragmented. Some of the key players in this market (in no particular order) include Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, Samsung SDI Co. Ltd, LG Chem Ltd, and Panasonic Corporation.

North America Battery Market Top Players

  1. BYD Co. Ltd

  2. Panasonic Co.

  3. Contemporary Amperex Technology Co. Limited

  4. LG Chem Ltd.

  5. Samsung SDI Co., Ltd

*Disclaimer: Major Players sorted in no particular order

BYD Co. Ltd, Panasonic Co., Contemporary Amperex Technology Co. Limited, LG Chem Ltd., Samsung SDI Co., Ltd

North America Battery Market Recent Developments

  • In July 2021, Burns & McDonnell completed the construction of Vistra’s 100-MW/400-MWh battery energy storage system expansion at its Moss Landing Energy Storage Facility in California. The battery system stores power and releases it to California's grid when needed.
  • In October 2021, Samsung SDI and Stellantis NV announced that the companies had entered a memorandum of understanding (MOU) to form a joint venture (JV) to make battery cells and modules for North America. The plant is aiming to achieve an initial annual production capacity of 23 gigawatt-hours, with the ability to expand up to 40-gigawatt hours in the future.

North America Battery Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 4.3 Battery/Raw Material Price Trends and Forecast, by Major Technology Type (in USD per kWh or USD per tonne), till 2027

    4. 4.4 International Trade Statistics (Import/Export Data), by Major Technology Type, by Major Countries, in USD million, till 2027

    5. 4.5 Recent Trends and Developments

    6. 4.6 Government Policies and Regulations

    7. 4.7 Market Dynamics

      1. 4.7.1 Drivers

      2. 4.7.2 Restraints

    8. 4.8 Supply Chain Analysis

    9. 4.9 Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitutes Products and Services

      5. 4.9.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Primary

      2. 5.1.2 Secondary

    2. 5.2 Technology

      1. 5.2.1 Lead-acid

      2. 5.2.2 Lithium-ion

      3. 5.2.3 Other Technologies

    3. 5.3 Application

      1. 5.3.1 Automotive

      2. 5.3.2 Industrial Batteries (Motive, Stationary (Telecom, UPS, Energy Storage Systems (ESS), etc.))

      3. 5.3.3 Consumer Electronics

      4. 5.3.4 Other Applications

    4. 5.4 Geography

      1. 5.4.1 United States

      2. 5.4.2 Canada

      3. 5.4.3 Rest of North America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 BYD Co.Ltd

      2. 6.3.2 Contemporary Amperex Technology Co. Limited

      3. 6.3.3 Duracell Inc.

      4. 6.3.4 EnerSys

      5. 6.3.5 Johnson Controls International PLC

      6. 6.3.6 LG Chem Ltd

      7. 6.3.7 Panasonic Corporation

      8. 6.3.8 Saft Groupe SA

      9. 6.3.9 Samsung SDI Co. Ltd

      10. 6.3.10 Sony Corporation

      11. 6.3.11 Tesla Inc.

      4. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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North America Battery Market Research FAQs

The North America Battery Market is studied from 2019 - 2028.

The North America Battery Market is growing at a CAGR of >10.5% over the next 5 years.

The North America Battery Market is valued at 22 Billion USD in 2019.

The North America Battery Market is valued at 53 Billion USD in 2028.

BYD Co. Ltd, Panasonic Co., Contemporary Amperex Technology Co. Limited, LG Chem Ltd., Samsung SDI Co., Ltd are the major companies operating in North America Battery Market.

North America Battery Industry Report

In-depth industry statistics and market share insights of the North America Battery Market sector for 2020, 2021, and 2022. The North America Battery Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the North America Battery Market report PDF.

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