Market Size of North America Battery Industry
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 12.40 Billion |
| Market Size (2029) | USD 26.79 Billion |
| CAGR (2024 - 2029) | 16.65 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Battery Market Analysis
The North America Battery Market size is estimated at USD 12.40 billion in 2024, and is expected to reach USD 26.79 billion by 2029, growing at a CAGR of 16.65% during the forecast period (2024-2029).
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 market's growth.
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, integrating renewables with energy storage systems will provide growth opportunities in the forecast period.
The United States dominates the market and will likely register the highest CAGR during the forecast period. The government has encouraged investors in electric vehicles (EVs) and the renewable industries, resulting in an increased demand for battery-based energy storage systems, primarily led by lithium-ion batteries.
