North America Lithium-ion battery Market by Type and Application Forecast and Analysis - 2024-2028

Published: Feb 2024

Pages: 155

SKU: IRTNTR77524

Snapshot

North America Lithium-ion Battery Market Forecast 2024-2028

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

Market Overview :

The lithium nickel manganese cobalt segment is the fastest growing segment during the forecast year
The lithium nickel manganese cobalt segment was the largest segment and valued at USD 3.42 billion in 2018
The market research and growth report also includes an in-depth analysis of the high adoption of wearable technology, the decline in lithium-ion, and the availability of substitute products.

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Market Trends

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.

Market Largest-Growing Segments

Lithium nickel manganese cobalt Analysis

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.

Market Dynamic

Key Drivers of the Market

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.

Significance Challenges of Market

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.

Market Customer Landscape

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.

Customer Landscape

Major Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BYD Co. Ltd.: The company offers lithium-ion batteries such as HVs Premium, LVS Premium, and LVL Premium for energy power storage..

The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

Type Outlook
- Lithium nickel manganese cobalt
- Lithium iron phosphate
- Lithium cobalt oxide
- Others

Application Outlook
- Automotive
- Consumer electronics
- Energy storage and others

Market Analyst Overview:

The market is experiencing remarkable growth, primarily driven by the surge in demand for electric vehicles and energy storage systems. Governments worldwide are playing a pivotal role through supportive regulations and incentives, fostering market expansion. As automotive batteries evolve to meet the demands of EVs, the market continues to grow in market size and revenue. Further, concerns about greenhouse gas emissions are accelerating this trend, prompting a shift towards cleaner energy sources.

Furthermore, raw materials are critical components, that influence market dynamics and forecast periods. Thorough market analysis reveals diverse market segments, each with unique growth trajectories. Besides, despite the dominance of conventional vehicles, the rise of EVs is reshaping market statistics and driving innovation in battery technology. As the market continues to expand, its impact on the transportation and energy sectors will be profound.

North America Lithium-ion battery Market Scope
Report Coverage	Details
Page number	155
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 18%
Market Growth 2024-2028	USD 20.03 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	17.5
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	A123 Systems LLC, AT and T Inc., BYD Co. Ltd., CLARIOS LLC, Enphase Energy Inc., General Electric Co., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc, Koninklijke Philips N.V., LG Chem Ltd., Maxell Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., Sony Group Corp., TDK Corp., Tesla Inc., The Duracell Co., Toshiba Corp., and TRU Group Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the market between 2024 and 2028
Precise estimation of the market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the market across North America
A thorough analysis of the market’s competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this market research report to meet your requirements.

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 13: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 14: Chart on North America - Market size and forecast 2023-2028 ($ billion)
- Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)
- Exhibit 16: Chart on North America: Year-over-year growth 2023-2028 (%)
- Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)

4 Historic Market Size

4.1 Lithium-ion battery market in North America 2018 - 2022
- Exhibit 18: Historic Market Size – Data Table on lithium-ion battery market in north America 2018 - 2022 ($ billion)

4.2 Type Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Type Segment 2018 - 2022 ($ billion)

4.3 Application Segment Analysis 2018 - 2022
- Exhibit 20: Historic Market Size – Application Segment 2018 - 2022 ($ billion)

4.4 Geography Segment Analysis 2018 - 2022
- Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 22: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 25: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 26: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 27: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Type

6.1 Market segments
- Exhibit 29: Chart on Type - Market share 2023-2028 (%)
- Exhibit 30: Data Table on Type - Market share 2023-2028 (%)

6.2 Comparison by Type
- Exhibit 31: Chart on Comparison by Type
- Exhibit 32: Data Table on Comparison by Type

6.3 Lithium nickel manganese cobalt - Market size and forecast 2023-2028
- Exhibit 33: Chart on Lithium nickel manganese cobalt - Market size and forecast 2023-2028 ($ billion)
- Exhibit 34: Data Table on Lithium nickel manganese cobalt - Market size and forecast 2023-2028 ($ billion)
- Exhibit 35: Chart on Lithium nickel manganese cobalt - Year-over-year growth 2023-2028 (%)
- Exhibit 36: Data Table on Lithium nickel manganese cobalt - Year-over-year growth 2023-2028 (%)

6.4 Lithium iron phosphate - Market size and forecast 2023-2028
- Exhibit 37: Chart on Lithium iron phosphate - Market size and forecast 2023-2028 ($ billion)
- Exhibit 38: Data Table on Lithium iron phosphate - Market size and forecast 2023-2028 ($ billion)
- Exhibit 39: Chart on Lithium iron phosphate - Year-over-year growth 2023-2028 (%)
- Exhibit 40: Data Table on Lithium iron phosphate - Year-over-year growth 2023-2028 (%)

6.5 Lithium cobalt oxide - Market size and forecast 2023-2028
- Exhibit 41: Chart on Lithium cobalt oxide - Market size and forecast 2023-2028 ($ billion)
- Exhibit 42: Data Table on Lithium cobalt oxide - Market size and forecast 2023-2028 ($ billion)
- Exhibit 43: Chart on Lithium cobalt oxide - Year-over-year growth 2023-2028 (%)
- Exhibit 44: Data Table on Lithium cobalt oxide - Year-over-year growth 2023-2028 (%)

6.6 Others - Market size and forecast 2023-2028
- Exhibit 45: Chart on Others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 46: Data Table on Others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 47: Chart on Others - Year-over-year growth 2023-2028 (%)
- Exhibit 48: Data Table on Others - Year-over-year growth 2023-2028 (%)

6.7 Market opportunity by Type
- Exhibit 49: Market opportunity by Type ($ billion)
- Exhibit 50: Data Table on Market opportunity by Type ($ billion)

7 Market Segmentation by Application

7.1 Market segments
- Exhibit 51: Chart on Application - Market share 2023-2028 (%)
- Exhibit 52: Data Table on Application - Market share 2023-2028 (%)

7.2 Comparison by Application
- Exhibit 53: Chart on Comparison by Application
- Exhibit 54: Data Table on Comparison by Application

7.3 Automotive - Market size and forecast 2023-2028
- Exhibit 55: Chart on Automotive - Market size and forecast 2023-2028 ($ billion)
- Exhibit 56: Data Table on Automotive - Market size and forecast 2023-2028 ($ billion)
- Exhibit 57: Chart on Automotive - Year-over-year growth 2023-2028 (%)
- Exhibit 58: Data Table on Automotive - Year-over-year growth 2023-2028 (%)

7.4 Consumer electronics - Market size and forecast 2023-2028
- Exhibit 59: Chart on Consumer electronics - Market size and forecast 2023-2028 ($ billion)
- Exhibit 60: Data Table on Consumer electronics - Market size and forecast 2023-2028 ($ billion)
- Exhibit 61: Chart on Consumer electronics - Year-over-year growth 2023-2028 (%)
- Exhibit 62: Data Table on Consumer electronics - Year-over-year growth 2023-2028 (%)

7.5 Energy storage and others - Market size and forecast 2023-2028
- Exhibit 63: Chart on Energy storage and others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 64: Data Table on Energy storage and others - Market size and forecast 2023-2028 ($ billion)
- Exhibit 65: Chart on Energy storage and others - Year-over-year growth 2023-2028 (%)
- Exhibit 66: Data Table on Energy storage and others - Year-over-year growth 2023-2028 (%)

7.6 Market opportunity by Application
- Exhibit 67: Market opportunity by Application ($ billion)
- Exhibit 68: Data Table on Market opportunity by Application ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
- Exhibit 69: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
- Exhibit 70: Chart on Market share by geography - 2023-2028 (%)
- Exhibit 71: Data Table on Market share by geography - 2023-2028 (%)

9.2 Geographic comparison
- Exhibit 72: Chart on Geographic comparison
- Exhibit 73: Data Table on Geographic comparison

9.3 US - Market size and forecast 2023-2028
- Exhibit 74: Chart on US - Market size and forecast 2023-2028 ($ billion)
- Exhibit 75: Data Table on US - Market size and forecast 2023-2028 ($ billion)
- Exhibit 76: Chart on US - Year-over-year growth 2023-2028 (%)
- Exhibit 77: Data Table on US - Year-over-year growth 2023-2028 (%)

9.4 Canada - Market size and forecast 2023-2028
- Exhibit 78: Chart on Canada - Market size and forecast 2023-2028 ($ billion)
- Exhibit 79: Data Table on Canada - Market size and forecast 2023-2028 ($ billion)
- Exhibit 80: Chart on Canada - Year-over-year growth 2023-2028 (%)
- Exhibit 81: Data Table on Canada - Year-over-year growth 2023-2028 (%)

9.5 Mexico - Market size and forecast 2023-2028
- Exhibit 82: Chart on Mexico - Market size and forecast 2023-2028 ($ billion)
- Exhibit 83: Data Table on Mexico - Market size and forecast 2023-2028 ($ billion)
- Exhibit 84: Chart on Mexico - Year-over-year growth 2023-2028 (%)
- Exhibit 85: Data Table on Mexico - Year-over-year growth 2023-2028 (%)

9.6 Market opportunity by geography
- Exhibit 86: Market opportunity by geography ($ billion)
- Exhibit 87: Data Table on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 88: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 89: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 90: Overview on factors of disruption

11.4 Industry risks
- Exhibit 91: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 92: Vendors covered

12.2 Market positioning of vendors
- Exhibit 93: Matrix on vendor position and classification

12.3 A123 Systems LLC
- Exhibit 94: A123 Systems LLC - Overview
- Exhibit 95: A123 Systems LLC - Product / Service
- Exhibit 96: A123 Systems LLC - Key offerings

12.4 AT and T Inc.
- Exhibit 97: AT and T Inc. - Overview
- Exhibit 98: AT and T Inc. - Business segments
- Exhibit 99: AT and T Inc. - Key news
- Exhibit 100: AT and T Inc. - Key offerings
- Exhibit 101: AT and T Inc. - Segment focus

12.5 BYD Co. Ltd.
- Exhibit 102: BYD Co. Ltd. - Overview
- Exhibit 103: BYD Co. Ltd. - Business segments
- Exhibit 104: BYD Co. Ltd. - Key news
- Exhibit 105: BYD Co. Ltd. - Key offerings
- Exhibit 106: BYD Co. Ltd. - Segment focus

12.6 Enphase Energy Inc.
- Exhibit 107: Enphase Energy Inc. - Overview
- Exhibit 108: Enphase Energy Inc. - Product / Service
- Exhibit 109: Enphase Energy Inc. - Key offerings

12.7 General Electric Co.
- Exhibit 110: General Electric Co. - Overview
- Exhibit 111: General Electric Co. - Business segments
- Exhibit 112: General Electric Co. - Key offerings
- Exhibit 113: General Electric Co. - Segment focus

12.8 GS Yuasa International Ltd.
- Exhibit 114: GS Yuasa International Ltd. - Overview
- Exhibit 115: GS Yuasa International Ltd. - Business segments
- Exhibit 116: GS Yuasa International Ltd. - Key offerings
- Exhibit 117: GS Yuasa International Ltd. - Segment focus

12.9 Hitachi Ltd.
- Exhibit 118: Hitachi Ltd. - Overview
- Exhibit 119: Hitachi Ltd. - Business segments
- Exhibit 120: Hitachi Ltd. - Key news
- Exhibit 121: Hitachi Ltd. - Key offerings
- Exhibit 122: Hitachi Ltd. - Segment focus

12.10 Johnson Controls International Plc
- Exhibit 123: Johnson Controls International Plc - Overview
- Exhibit 124: Johnson Controls International Plc - Business segments
- Exhibit 125: Johnson Controls International Plc - Key news
- Exhibit 126: Johnson Controls International Plc - Key offerings
- Exhibit 127: Johnson Controls International Plc - Segment focus

12.11 LG Chem Ltd.
- Exhibit 128: LG Chem Ltd. - Overview
- Exhibit 129: LG Chem Ltd. - Business segments
- Exhibit 130: LG Chem Ltd. - Key news
- Exhibit 131: LG Chem Ltd. - Key offerings
- Exhibit 132: LG Chem Ltd. - Segment focus

12.12 Panasonic Holdings Corp.
- Exhibit 133: Panasonic Holdings Corp. - Overview
- Exhibit 134: Panasonic Holdings Corp. - Business segments
- Exhibit 135: Panasonic Holdings Corp. - Key news
- Exhibit 136: Panasonic Holdings Corp. - Key offerings
- Exhibit 137: Panasonic Holdings Corp. - Segment focus

12.13 Samsung SDI Co. Ltd.
- Exhibit 138: Samsung SDI Co. Ltd. - Overview
- Exhibit 139: Samsung SDI Co. Ltd. - Business segments
- Exhibit 140: Samsung SDI Co. Ltd. - Key news
- Exhibit 141: Samsung SDI Co. Ltd. - Key offerings
- Exhibit 142: Samsung SDI Co. Ltd. - Segment focus

12.14 TDK Corp.
- Exhibit 143: TDK Corp. - Overview
- Exhibit 144: TDK Corp. - Business segments
- Exhibit 145: TDK Corp. - Key news
- Exhibit 146: TDK Corp. - Key offerings
- Exhibit 147: TDK Corp. - Segment focus

12.15 Tesla Inc.
- Exhibit 148: Tesla Inc. - Overview
- Exhibit 149: Tesla Inc. - Business segments
- Exhibit 150: Tesla Inc. - Key news
- Exhibit 151: Tesla Inc. - Key offerings
- Exhibit 152: Tesla Inc. - Segment focus

12.16 The Duracell Co.
- Exhibit 153: The Duracell Co. - Overview
- Exhibit 154: The Duracell Co. - Product / Service
- Exhibit 155: The Duracell Co. - Key offerings

12.17 Toshiba Corp.
- Exhibit 156: Toshiba Corp. - Overview
- Exhibit 157: Toshiba Corp. - Business segments
- Exhibit 158: Toshiba Corp. - Key news
- Exhibit 159: Toshiba Corp. - Key offerings
- Exhibit 160: Toshiba Corp. - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 161: Inclusions checklist
- Exhibit 162: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 163: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 164: Research methodology
- Exhibit 165: Validation techniques employed for market sizing
- Exhibit 166: Information sources

13.5 List of abbreviations
- Exhibit 167: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
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What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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