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North America Lithium-ion Battery Market to Reach US$ 28.4 Billion by 2027, Impelled by Increasing Demand for Electric Vehicles

Published on Nov 22, 2022

According to the latest report by IMARC Group, titled "North America Lithium-ion Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the North America lithium-ion battery market size reached a value of US$ 14.1 Billion in 2021. A lithium-ion battery is designed using an advanced technology that uses lithium ions as a major component of its electrochemistry. These batteries provide a very high voltage and charge storage per unit mass and volume when compared to other conventional batteries. They exhibit low self-discharge, high energy density, and extended lifetime with improved charging speed. These rechargeable batteries find extensive applications in electronic consumer devices, such as laptops, PDAs, iPods, and cell phones, across the automotive, military, and aerospace industries.

North America Lithium-ion Battery Market Trends:

The market in North America is majorly driven by the increasing product demand in power grids and energy storage systems. Furthermore, the growing demand for electric vehicles and the emergence of new market players are significantly contributing to the market growth across the region. Moreover, the reduction in the adoption of lead-acid batteries due to several government regulations related to lead contamination and environmental hazards has led to considerable growth in the demand for lithium-ion batteries. In line with this, stringent government regulations to monitor the rising pollution levels are further compelling industries to utilize lithium-ion batteries for diverse applications. Besides, large-scale energy storage and stationary standby applications, such as UPS and switchgear, are deploying lithium-ion batteries to offer power protection to critical equipment, which is also catalyzing the market across North America. On account of the factors above, the market is anticipated to reach a value of US$ 28.4 Billion by 2027, exhibiting a CAGR of 12.8% during 2022-2027. 

Market Summary:

  • On the basis of the product type, the market has been segmented into Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, and others.
  • Based on the power capacity, the market has been categorized into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh.
  • Based on the application, the market has been classified into Consumer Electronics, Electric Vehicles, Energy Storage, and others.
  • Based on the region, the market has been divided into the United States, Canada, and Mexico.
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
     

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