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The North America lithium-ion battery market reached a value of US$ 14.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 28.4 Billion by 2027, exhibiting a CAGR of 12.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Lithium-ion, or Li-ion, batteries can be defined as rechargeable batteries with a high energy density. A typical lithium-ion battery is capable of storing 150 watt-hours of electricity in 1 kilogram of battery. These batteries do not have a memory effect owing to which they are not required to be discharged prior to recharging. These low maintenance batteries are ideal for modern fuel gauge applications as their self-discharge is much lower than that of nickel-cadmium batteries. Besides this, Li-ion batteries can be used for a variety of applications ranging from automobiles to power sources for mobile devices and personal computers.
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The North America lithium-ion battery market is currently being driven by several factors. The region is experiencing a mounting demand for electric and hybrid vehicles, which employ lithium-ion batteries. Moreover, the escalating sales of consumer electronics in the region have also catalyzed the demand for these batteries. Apart from this, the need for lithium-ion batteries is stimulated based on their excess power storage capacity, which is beneficial during peak hours of electricity demand. In addition to this, rapid growth in renewable energy production in the region, especially wind and solar energy, has also induced the need for grid energy storage. Furthermore, consumers have started relying on electronic gadgets, such as tablets, laptops and smartphones, for communication and other daily activities. As these devices mostly run on lithium-ion batteries, the demand is being escalated at a rapid pace in the region.
IMARC Group provides an analysis of the key trends in each sub-segment of the North America lithium-ion battery market, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on product type, power capacity and application.
|Base Year of the Analysis||2021|
|Segment Coverage||Product Type, Power Capacity, Application, Country|
|Countries Covered||United States, Canada, Mexico|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
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