North America Battery Market: Forecast Analysis 2024-2032

North America Battery Market: Forecast Analysis 2024-2032

Triton’s research report suggests that the North America battery market is projected to progress in terms of revenue at a CAGR of 15.89% during the forecast period 2024-2032.

North America continues to be a leading consumer of various battery types. The integration of renewable energy with storage systems, the increasing adoption of electric vehicles, the growth of the renewable energy sector, and the rising sales of consumer electronics significantly support the growth of the battery market in the region. For instance, as per the US Department of Energy, the nation’s battery manufacturing capacity is expected to surge nearly to 1,000 GWh by 2030, supporting the production of approximately 10 to 13 million electric vehicles annually.

The countries considered in the regional report are the United States and Canada.

The United States leads with a majority of market share, acquiring $29260.35 million in 2023

- As per IEA, the US witnessed a 40% increase in new EV registrations, totaling 1.4 million units in 2023. This growth is underpinned by incentives from the Inflation Reduction Act (IRA) and expanding battery manufacturing capabilities.

- Government initiatives such as the US Department of Energy’s National Blueprint for Lithium Batteries aim to develop a robust domestic supply chain for battery manufacturing, which further widens the market scope.

- Additionally, innovations in battery chemistry are enhancing performance and reducing reliance on critical minerals. For example, lithium iron phosphate (LFP) and sodium-ion batteries are gaining popularity due to their lower cost and improved safety.

Market Forecast for Canada

The battery market in Canada is experiencing significant growth, driven by the country’s climate and energy policies. According to the International Energy Agency (IEA), Canada has committed to reducing greenhouse gas emissions by 40-45% by 2030. Several measures, including a robust carbon pricing scheme, support this commitment. Additionally, Canada has seen a substantial rise in battery demand, particularly for electric vehicles (EVs), which is expected to further fuel the battery market’s development.

The market segmentation includes technology, end-use, and battery type. The technology segment is divided into lithium-ion, lead-acid, flow, nickel metal hydride, nickel-cadmium, sodium-sulfur (NAS), nickel-zinc, zinc-manganese dioxide, small sealed lead-acid, and other technologies.

A lithium-ion battery is a rechargeable power source made up of cells in which lithium ions move from the negative electrode to the positive electrode through an electrolyte during discharge and return during charging. The positive electrode typically contains an intercalated lithium compound, while the negative electrode usually uses graphite. These batteries are known for their high energy density, minimal self-discharge, and lack of memory effect (except for LFP cells). Lithium-ion batteries are widely used in various products, including toys, wireless headphones, electronics, small and large appliances, electric vehicles, and energy storage systems.

Contender Analysis in the Battery Market:

A123 Systems LLC develops and manufactures lithium iron phosphate batteries and energy storage systems. These products maximize usable energy, deliver high power, and ensure long life with excellent safety performance. Founded in 2001, the company specializes in lithium-ion batteries, energy storage, hybrid and electric vehicles, battery management systems, and starter batteries. Headquartered in Michigan, US, it employs over 2,000 people worldwide and has offices in China, Germany, and the Czech Republic.

Other key companies included in the market report include Panasonic Corporation, Exide Technologies, Enersys, and Samsung SDI Co Ltd.