North America Battery Market Size, Share & Trends 2031

Report Description

North America Battery Market Outlook 2031

The North America battery market size was USD 32 Billion in 2022 and is projected to reach USD 78.60 Billion by 2031 register a high CAGR 10.5% during the forecast period, 2023–2031. The growth of the market is attributed to rising demand from the automotive sector. Battery is a device made up of one or more than one electrochemical cells. Battery works on a principal of electromotive force.

The increasing demand for portable batteries requires rapid charging function, which is relatively known as lithium iron phosphate (LiFePO4) battery technology. Batteries are extensively used in various industrial applications, such as telecommunication, medical equipment, oil drilling, and tracking systems, which are propelling the industry growth. Moreover, batteries are also used in the flourishing aerospace industry to feed navigation and emergency systems.

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North America Battery Market Trends, Drivers, Restraints, and Opportunities

• Growing demand for electronic vehicles is estimated to accelerate the growth of the market.
• Rising demand of hydride, semi hydride and fully electric vehicles is estimated to drive the market growth.
• Increasing deployment of micro grids can drive revenue growth for the lead-acid battery market.
• Increasing use for smartphones among the population across the globe is one of the key factors fueling the market growth.
• Technological advancements in automotive sector is likewise a vital driver in the expansion of utilization of battery in region.
• Growing investing in research related to the utilization of battery for power generation is estimated to drive the market growth.
• Increasing applications of battery in the transport sector such as in cars and buses, is one of the major factors driving the market growth.
• Demand-supply mismatch of raw materials can restrain the growth of the market.
• R&D activities are focused on the development and advancement in fuel cell-powered vehicles is expected to create lucrative opportunity for the market.

Scope of Battery Market Report

The report on the North America battery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Battery Market Segment Insights

Primary segment is expected to grow at a rapid pace

Based on types, the market is divided into primary and secondary .The primary battery segment is estimated to account for a significant share of the market in emergency situations and rising demand for environmentally-friendly batteries. Use of primary batteries such as alkaline batteries in electronic toys is expected to drive the market for primary batteries during the forecast period.

Many governments have implemented norms that require recycling of scraped batteries.

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Lithium-ion segment is projected to expand at a considerable CAGR

In terms of technologies, the battery market is segmented into lead-acid, lithium-ion, and others. The lithium-ion segment is estimated to account for a key share of the market due to the growing demand for electric vehicles (EVs) and grid storage as it offers high-energy density solutions and is lightweight. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion battery market growth in North America.

Automotive segment is projected to expand at a considerable CAGR

On the basis of applications, the market is classified as automotive, industrial, portable, and others. The automotive segment is projected to expand at a considerable CAGR during the forecast period. The automotive segment is attributed to increased requirement for electric-vehicle batteries in electronic vehicles.

Electric vehicles market is significantly growing in North America owing to the several government policies and initiatives facilitating the sale of electric vehicles.

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The US is anticipated to constitute a large market share

In terms of geography, the North America market is segregated into the US and Canada. The US is expected to constitute a key share of the market during the projected period due to the rapid research and innovation in the US battery market. Moreover, increased electric vehicle deployment, rising spending on consumer electronics, and rapid growth in the consumer and manufacturing activities are some of the key factors fueling the market growth in the country.