North America Lithium-Ion Batteries Market – By Type , By Voltage , By Application , By End Use Industry , By Geography - Opportunity Analysis & Industry Forecast, 2024-2030.
North America Lithium-Ion Batteries Market Overview:
The North America Lithium-Ion Batteries Market size is estimated to reach $55.8 billion by 2030, growing at a CAGR of 20.9% during the forecast period 2024-2030. The market for lithium-ion batteries in North America is expanding quickly due to the growing need for energy storage solutions in several sectors, including consumer electronics, automotive, and renewable energy systems. Lithium-ion batteries' high energy density, extended cycle life, and quick charging make them the industry standard for energy storage technology. One of the main factors driving the market for lithium-ion batteries in the automotive industry is the growing trend toward electric cars (EVs). Electric vehicles (EVs), which mostly rely on lithium-ion battery technology, have become more popular as a result of government efforts to lower carbon emissions and the need for cleaner energy sources. The increasing integration of renewable energy sources, including wind and solar, which need effective storage solutions to handle intermittency issues, is another factor supporting the market. The infrastructure for energy storage that lithium-ion batteries offer makes it possible for renewable energy sources to be seamlessly incorporated into the grid.
North America Lithium-Ion Batteries Market - Report Coverage:
The “North America Lithium-Ion Batteries Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the North America Lithium-Ion Batteries Market
COVID-19 / Ukraine Crisis - Impact Analysis:
- The North America Lithium-Ion Batteries Market faced significant disruptions due to the COVID-19 pandemic. Lockdowns and supply chain interruptions led to reduced production and delayed distribution of essential raw materials. However, the market is showing signs of recovery, driven by the growing demand for electric vehicles (EVs), renewable energy storage solutions, and consumer electronics. As industries bounce back, the need for advanced, sustainable energy storage solutions is fostering innovation and expansion in the lithium-ion battery sector.
- The ongoing Ukraine crisis has further impacted the North American lithium-ion battery market by disrupting North America supply chains, particularly affecting the availability of critical raw materials such as lithium, cobalt, and nickel. The conflict has led to shortages and inflated transportation costs, resulting in higher prices and supply delays. In response to these challenges, companies are exploring alternative sources of raw materials, enhancing supply chain resilience, and diversifying their supplier base to mitigate risks. Additionally, many companies are focusing on localizing their manufacturing processes to reduce dependency on regions supply chains and ensure a steady supply of high-quality raw materials. These strategies are essential for stabilizing the market and meeting the increasing demand for lithium-ion batteries in North America, especially as electric vehicle adoption and renewable energy projects continue to rise.
Key Takeaways:
Fastest Growth of Canada Country
Geographically, in the North America Lithium-Ion Batteries Market share, Canada is analyzed to grow with the highest CAGR of 22.5% during the forecast period 2024-2030. One of North America's lithium-ion battery markets with the quickest rate of growth is Canada. In July 2023, A former Johnson Matthey LFP (lithium iron phosphate) production plant in Québec was purchased by Nano One, a British Columbia-based Canadian firm that specializes in lithium-ion battery technology. Nano One intends to increase the nation's capability for producing lithium-ion batteries by expanding the facility. Furthermore, the business improved its technological know-how in the area by purchasing pertinent intellectual property from Johnson Matthey. Several factors, such as the growing need for clean energy solutions, government backing for renewable energy projects, and the growing popularity of electric vehicles (EVs), are responsible for this expansion. The energy landscape in Canada is changing to put sustainability first as the nation complies with international decarbonization targets. The significant investments made in renewable energy storage systems and infrastructure for electric vehicles are two major factors propelling this expansion. Canada has established itself as a leader in the global energy transition because to large investments in its clean energy sector. The demand for lithium-ion batteries has been positively impacted by government regulations and incentives designed to lower carbon emissions and promote the use of green technologies.
Buy Now @ https://tinyurl.com/p9vkazac
Lithium Nickel Manganese Cobalt Oxide Segment to Register the Fastest Growth
In the North America lithium-ion Batteries Market analysis, the Lithium Nickel Manganese Cobalt Oxide segment is estimated to grow with the highest CAGR of 23.9% during the forecast period. The automotive industry's transition to electric vehicles (EVs) is expected to propel the Lithium Nickel Manganese Cobalt Oxide (NCM) category to the fastest growth in the North American lithium-ion battery market. When compared to other battery chemistries, NCM batteries provide a better balance of energy density, stability, and affordability. Because of these characteristics, NCM batteries are especially appealing for use in EVs, where longevity, performance, and safety are essential. Because NCM batteries can efficiently store huge amounts of energy, they are also becoming more and more popular in applications involving renewable energy storage. Significant demand for NCM-based batteries is anticipated as a result of the growing popularity of electric vehicles in North America, especially in the US and Canada.
Automotive is Leading the Market
According to the North America Lithium-Ion Batteries Market forecast, the automotive held the largest market share of 33.5% in 2023. The growing popularity of electric vehicles (EVs) is the main factor propelling the automotive industry to the top of the North American lithium-ion battery market. The need for lithium-ion batteries has increased dramatically as automakers shift to electric vehicles to comply with stricter emission standards and rising consumer demand for environmentally friendly substitutes. The automotive sector held the most market share for lithium-ion batteries in 2024, and it is anticipated to keep growing quickly as more automakers reveal their electric car lineups. For instance, in November 2023, Forge Nano, Inc., a pioneer in materials science that uses atomic-level surface engineering to allow high-performance devices, announced plans to start a lithium-ion battery manufacturing company called Forge Battery. Because of their high energy density, extended cycle life, and quick charging times, lithium-ion batteries are the recommended energy storage option for electric cars. Longer driving ranges are made possible by these batteries, which is essential for widespread EV adoption.
Limited Recycling and Disposal Infrastructure is a Challenge
The lack of adequate infrastructure for recycling and disposing of used batteries is one of the main issues confronting the North American lithium-ion battery sector. The ability to properly recycle and dispose of lithium-ion batteries is still lacking, even though demand for these batteries has increased, especially in consumer devices and electric vehicles (EVs). Less than 5% of lithium-ion batteries are reportedly recycled in North America at the moment, raising serious supply chain and environmental problems. Since lithium, cobalt, and nickel are important metals that must be extracted safely, recycling lithium-ion batteries is a difficult and costly procedure. Because of the hazardous chemicals in the batteries, these materials frequently wind up in landfills in the absence of suitable recycling facilities, potentially harming the environment.
Increasing Demand for Electric Vehicles (EVs)
The market for lithium-ion batteries in North America is mostly driven by the rising demand for electric cars (EVs). EV adoption is speeding up as governments strive for more sustainable and clean transportation solutions to fight climate change. Major automakers in North America have pledged to switch to electric fleets and have set aggressive goals to lower their carbon footprints. Government incentives, tax breaks, and laws intended to encourage the use of EVs such as stronger emissions regulations and investments in EV infrastructure are primarily responsible for this change. Because of its high energy density, extended lifespan, and capacity for rapid charging, lithium-ion batteries are crucial to electric vehicles. The need for lithium-ion batteries keeps growing as more people choose electric cars.
Advancements in Lithium-Ion Battery Technology.
Technological developments in lithium-ion batteries are a major factor in the North American market's expansion. The energy density, charging speed, longevity, and general efficiency of lithium-ion batteries have all improved significantly in recent years. These developments are improving batteries' suitability for a variety of uses, such as consumer electronics, renewable energy storage, and electric vehicles (EVs). The market is growing as a result of the ongoing rise in demand for lithium-ion batteries. The advancement of battery chemistry is one of the major advancements in lithium-ion battery technology. For instance, improvements in solid-state batteries, which use a solid electrolyte instead of the conventional liquid one, should increase safety and energy density.
For more details on this report - Request for Sample
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the North America Lithium-Ion Batteries Market The top 10 companies in this industry are listed below:
- A123 Systems
- Duracell Inc.
- Saft America
- CANBAT Technologies Inc
- Prime Power
- Panasonic Corporation
- Micropower Group
- EEMB
- Lithion Battery
- Excell Battery Co
Comments
Post a Comment