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The North America lithium-ion battery market size is forecast to increase by USD 20.03 billion, at a CAGR of 18% between 2023 and 2028. The market growth and forecasting report includes historic market data from 2018-2022. The market is witnessing a growing demand for the decline in lithium-ion, the emergence of ultrathin lithium polymer battery, and the increasing technological advancement in lithium-ion cell by companies
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The decline in lithium-ion is the primary trend shaping the market. The market has been gaining impetus and is witnessing rapid growth. Owing to this, there has been a decline in the demand for lead-acid batteries. The main factor that differentiates lithium-ion from lead-acid batteries is their price. Lithium-ion batteries cost more than lead-acid batteries. However, leading manufacturers of lithium-ion batteries in North America are working on technological advances and are trying to reduce the price of lithium-ion batteries.
Moreover, the prices of lithium-ion batteries are expected to reduce further during the forecast period. Due to the above-mentioned factors, there has been an increase in the use of lithium-ion batteries in day-to-day applications. Furthermore, companies are developing lithium-ion batteries with specific industrial and utility applications in mind. This decline in lithium-ion cost will increase the demand for these product, thereby driving the market during the forecast period.
Despite having low specific energy, manganese has the advantage of creating a spinel structure to produce low internal resistance. The strengths of the metals are increased when they are mixed. The preferred is a lithium nickel manganese cobalt, which is used in power tools, e-bikes, and other electric drivetrains.
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Additionally, this product made of lithium nickel manganese cobalt can be made for both high-energy and high-power uses. Moreover, storage power plants are another use for lithium nickel manganese cobalt batteries. The lithium nickel manganese cobalt segment holds a major share in the growth of the North American lithium-ion cell market and is expected to remain the same during the forecast period.
The high adoption of wearable technology is the key factor driving market growth. Some of the most commonly used wearable devices are smartwatches and activity trackers. Some of the wearable devices used in sports include accelerometers and pedometers, which can be used to measure an athlete's energy expenditure and movement pattern. Also, wearable technologies such as activity trackers are used to collect data related to heart rate, steps walked, calories burned, blood pressure, and others. Such uses of wearable technology, including smartwatches, are likely to increase demand among end-users during the forecast period.
Moreover, wearables are becoming lighter and smaller with improvements in technology. Hence, the amount of energy provided by it has to be adapted accordingly. Reliable batteries are essential for wearable devices that produce precise and continuous records of vital data. This, in turn, creates a demand for lithium-ion batteries. Such factors are expected to propel the demand for lithium-ion batteries in North America, which, in turn, will drive the market during the forecast period.
The availability of substitute products is a challenge that affects market growth. Some of the substitutes for lithium-ion batteries include lead-acid, nickel-cadmium, and sodium-ion. Lead-acid batteries are considered less expensive than Lithium-ion batteries. Lead-acid batteries are widely used in applications such as wheelchairs, hospital equipment, emergency lighting, automobiles, and others. Further, nickel-cadmium batteries are rechargeable batteries that use nickel oxide hydroxide and metallic cadmium as electrodes. They are mostly used in applications such as biomedical equipment, two-way radios, professional video cameras, and power tools.
Furthermore, sodium-ion batteries are rechargeable metal-ion batteries that use sodium ions as charge carriers. These products can yield a faster charging time and can be completely drained without damaging the active materials. This allows those products to be stored and shipped safely. Though the market is growing, the availability of substitute products is likely to hamper the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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