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Report
North America Battery Market Forecast 2024-2032
Market Report I 2024-06-29 I 157 Pages I Inkwood Research
KEY FINDINGS
The North America battery market is forecasted to register a CAGR of 16.42% across the projected period. While the base year considered for the studied market is 2023, the forecast years are between 2024 to 2032.
MARKET INSIGHTS
The region's market expansion primarily stems from advancements in the renewable energy sector, increased uptake of electric vehicles, declining costs of lithium-ion batteries, and surging sales in consumer electronics. However, the North America battery market may face constraints due to mismatches in raw material supply and demand.
REGIONAL INSIGHTS
The North America battery market growth evaluation constitutes the study of the United States and Canada. Over recent years, the United States has made significant advancements in battery technologies, a key factor expected to bolster the country's battery market and spur growth in the foreseeable future. For example, in April 2024, Amprius Technologies Inc, a United States-based leader in next-generation lithium-ion batteries, partnered with Stafl Systems, an advanced battery pack manufacturer, to offer high-performance battery solutions. This strategic collaboration aims to drive innovation and accelerate the adoption of batteries for unmanned aerial vehicles (UAV) and urban air mobility (UAM) applications. The partnership is expected to boost sales, expand market reach, and increase market share in the high-performance battery sector.
On the other hand, various strategic initiatives are being pursued by market participants in Canada, including investments, joint ventures, agreements, and partnerships, aimed at bolstering the growth of the battery market in the region. Aligning with this, Asahi Kasei, in April 2024, announced plans to build an integrated plant in Ontario, Canada, for manufacturing and coating Hipore wet-process lithium-ion battery (LIB) separators. The company has reached a basic agreement with Honda Motor Co Ltd to explore joint investment opportunities. Additionally, Asahi Kasei Battery Separator Corp, set to be established in October 2024, will receive funding from the Development Bank of Japan Inc (DBJ) through the issuance of preferred shares.
Similarly, General Motors (GM) and POSCO Chemical announced plans to establish a joint venture for cathode material production in Quebec, Canada. This initiative entails an initial investment of approximately $400 million, with the aim of developing a large-scale manufacturing plant in Becancour, Quebec. The plant will focus on producing high nickel cathode materials essential for General Motors' electric vehicle batteries. Hence, these strategic collaborations are anticipated to catalyze the expansion of the battery market in the region over the forecast period.
SEGMENTATION ANALYSIS
The North America battery market is segmented into type, technology, and application. The type category is further classified into primary battery and secondary battery. A primary battery or cell cannot be recharged easily following one use and is discarded post-discharge. The majority of primary cells utilize electrolytes contained within an absorbent material or a separator and, as a result, are termed dry batteries. These batteries are designed for long shelf life and reliable performance, making them ideal for low-drain devices that require infrequent battery replacement. The chemistry of primary cells, such as alkaline, zinc-carbon, and lithium, ensures a stable voltage output and minimal self-discharge over time. This reliability and convenience come at the cost of being single-use, leading to environmental considerations regarding their disposal and the importance of proper recycling programs to mitigate their impact.
A secondary battery or cell, also called a storage battery or rechargeable battery, can be recharged electrically post usage to its original pre-discharge condition. Such batteries are composed of one or more electrochemical cells. Moreover, they are produced in various sizes and shapes, ranging from megawatt systems to button cells, and connected to stabilize electrical distribution networks.
Secondary batteries play a crucial role in modern technology and are integral to many portable and stationary applications. These rechargeable batteries are commonly found in devices such as smartphones, laptops, electric vehicles, and energy storage systems for renewable energy sources. The ability to recharge secondary batteries multiple times reduces the need for frequent replacements, making them a more sustainable option compared to primary batteries. Advances in battery technology, including lithium-ion, nickel-metal hydride, and lead-acid chemistries, have significantly improved the energy density, lifespan, and efficiency of secondary batteries, further enhancing their appeal for both consumer electronics and large-scale industrial applications.
COMPETITIVE ANALYSIS
Some of the leading companies operating in the North America battery market include Johnsons Controls Inc, A123 Systems LLC, C&D Technologies Inc, etc.
Johnsons Controls Inc, headquartered in the United States, is a multinational company engaged in the production of HVAC, fire, as well as security equipment for buildings. The specialties provided by the company comprise manufacturing operations, industrial refrigeration, engineering, building automation, fire & hazard protection, sales, HVAC, security, and sustainability.
TABLE OF CONTENTS
1. RESEARCH SCOPE & METHODOLOGY
1.1. STUDY OBJECTIVES
1.2. METHODOLOGY
1.3. ASSUMPTIONS & LIMITATIONS
2. EXECUTIVE SUMMARY
2.1. MARKET SIZE & ESTIMATES
2.2. MARKET OVERVIEW
2.3. SCOPE OF STUDY
2.4. CRISIS SCENARIO ANALYSIS
2.4.1. IMPACT OF COVID-19 ON THE BATTERY MARKET
2.5. MAJOR MARKET FINDINGS
2.5.1. ESCALATING DEVELOPMENTS IN LITHIUM-ION BATTERY TECHNOLOGY
2.5.2. GOVERNMENT INITIATIVES AND POLICIES PROMOTING CLEAN ENERGY AND ELECTRIC MOBILITY
2.5.3. GROWING EV MANUFACTURING
3. MARKET DYNAMICS
3.1. KEY DRIVERS
3.1.1. GROWING DEMAND FOR PORTABLE ELECTRONICS
3.1.2. INCENTIVES FOR EV BATTERY MANUFACTURING
3.1.3. HIGH DEMAND FOR AUTOMOTIVE APPLICATIONS, ESPECIALLY FROM ELECTRIC VEHICLES
3.2. KEY RESTRAINTS
3.2.1. SAFETY ISSUES RELATED TO BATTERY USAGE
3.2.2. VOLATILITY IN RAW MATERIAL PRICES
3.2.3. ISSUES RELATED TO BATTERY RECYCLING
4. KEY ANALYTICS
4.1. KEY MARKET TRENDS
4.1.1. TECHNOLOGICAL ADVANCEMENTS IN BATTERY TECHNOLOGIES
4.1.2. GROWING FOCUS ON SECOND-LIFE BATTERY APPLICATIONS
4.1.3. RISING DEMAND FOR LARGER BATTERY PACKS
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1. BUYERS POWER
4.2.2. SUPPLIERS POWER
4.2.3. SUBSTITUTION
4.2.4. NEW ENTRANTS
4.2.5. INDUSTRY RIVALRY
4.3. GROWTH PROSPECT MAPPING
4.3.1. GROWTH PROSPECT MAPPING FOR NORTH AMERICA
4.4. MARKET CONCENTRATION ANALYSIS
4.5. REGULATORY FRAMEWORK
4.6. VALUE CHAIN ANALYSIS
4.6.1. RAW MATERIAL
4.6.2. MANUFACTURING & ASSEMBLY
4.6.3. DISTRIBUTION
4.6.4. END-USER APPLICATIONS
4.6.5. AFTER-SALES SERVICES
4.6.6. RECYCLING
4.7. KEY BUYING CRITERIA
4.7.1. ENERGY DENSITY
4.7.2. BATTERY MEMORY
4.7.3. LIFETIME
4.7.4. DURABILITY
5. MARKET BY TYPE
5.1. PRIMARY BATTERY
5.1.1. MARKET FORECAST FIGURE
5.1.2. SEGMENT ANALYSIS
5.2. SECONDARY BATTERY
5.2.1. MARKET FORECAST FIGURE
5.2.2. SEGMENT ANALYSIS
6. MARKET BY TECHNOLOGY
6.1. LEAD-ACID BATTERY
6.1.1. MARKET FORECAST FIGURE
6.1.2. SEGMENT ANALYSIS
6.2. LITHIUM-ION BATTERY
6.2.1. MARKET FORECAST FIGURE
6.2.2. SEGMENT ANALYSIS
6.3. NICKEL-CADMIUM BATTERY
6.3.1. MARKET FORECAST FIGURE
6.3.2. SEGMENT ANALYSIS
6.4. NICKEL METAL HYDRIDE BATTERY
6.4.1. MARKET FORECAST FIGURE
6.4.2. SEGMENT ANALYSIS
6.5. NICKEL-ZINC (NIZN) BATTERY
6.5.1. MARKET FORECAST FIGURE
6.5.2. SEGMENT ANALYSIS
6.6. FLOW BATTERY
6.6.1. MARKET FORECAST FIGURE
6.6.2. SEGMENT ANALYSIS
6.7. SODIUM-SULFUR (NAS) BATTERY
6.7.1. MARKET FORECAST FIGURE
6.7.2. SEGMENT ANALYSIS
6.8. ZINC-MANGANESE DIOXIDE BATTERY
6.8.1. MARKET FORECAST FIGURE
6.8.2. SEGMENT ANALYSIS
6.9. SMALL SEALED LEAD-ACID BATTERY
6.9.1. MARKET FORECAST FIGURE
6.9.2. SEGMENT ANALYSIS
6.10. OTHER BATTERIES
6.10.1. MARKET FORECAST FIGURE
6.10.2. SEGMENT ANALYSIS
7. MARKET BY APPLICATION
7.1. AUTOMOTIVE BATTERIES
7.1.1. MARKET FORECAST FIGURE
7.1.2. SEGMENT ANALYSIS
7.2. INDUSTRIAL BATTERIES
7.2.1. MARKET FORECAST FIGURE
7.2.2. SEGMENT ANALYSIS
7.3. PORTABLE BATTERIES
7.3.1. MARKET FORECAST FIGURE
7.3.2. SEGMENT ANALYSIS
7.4. POWER TOOLS BATTERIES
7.4.1. MARKET FORECAST FIGURE
7.4.2. SEGMENT ANALYSIS
7.5. SLI BATTERIES
7.5.1. MARKET FORECAST FIGURE
7.5.2. SEGMENT ANALYSIS
7.6. OTHER APPLICATIONS
7.6.1. MARKET FORECAST FIGURE
7.6.2. SEGMENT ANALYSIS
8. GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1. MARKET SIZE & ESTIMATES
8.1.2. NORTH AMERICA BATTERY MARKET DRIVERS
8.1.3. NORTH AMERICA BATTERY MARKET CHALLENGES
8.1.4. KEY PLAYERS IN NORTH AMERICA BATTERY MARKET
8.1.5. COUNTRY ANALYSIS
8.1.5.1. UNITED STATES
8.1.5.1.1. UNITED STATES BATTERY MARKET SIZE & OPPORTUNITIES
8.1.5.2. CANADA
8.1.5.2.1. CANADA BATTERY MARKET SIZE & OPPORTUNITIES
9. COMPETITIVE LANDSCAPE
9.1. KEY STRATEGIC DEVELOPMENTS
9.1.1. MERGERS & ACQUISITIONS
9.1.2. PRODUCT LAUNCHES & DEVELOPMENTS
9.1.3. PARTNERSHIPS & AGREEMENTS
9.1.4. BUSINESS EXPANSIONS & DIVESTITURES
9.2. COMPANY PROFILES
9.2.1. C&D TECHNOLOGIES INC
9.2.1.1. COMPANY OVERVIEW
9.2.1.2. PRODUCTS
9.2.1.3. STRENGTHS & CHALLENGES
9.2.2. CROWN BATTERY MANUFACTURING COMPANY
9.2.2.1. COMPANY OVERVIEW
9.2.2.2. PRODUCTS
9.2.2.3. STRENGTHS & CHALLENGES
9.2.3. DURACELL
9.2.3.1. COMPANY OVERVIEW
9.2.3.2. PRODUCTS
9.2.3.3. STRENGTHS & CHALLENGES
9.2.4. EAST PENN MANUFACTURING CO
9.2.4.1. COMPANY OVERVIEW
9.2.4.2. PRODUCTS
9.2.4.3. STRENGTHS & CHALLENGES
9.2.5. EXIDE TECHNOLOGIES
9.2.5.1. COMPANY OVERVIEW
9.2.5.2. PRODUCTS
9.2.5.3. STRENGTHS & CHALLENGES
9.2.6. JOHNSON CONTROLS INC
9.2.6.1. COMPANY OVERVIEW
9.2.6.2. PRODUCTS
9.2.6.3. STRENGTHS & CHALLENGES
9.2.7. PANASONIC CORPORATION
9.2.7.1. COMPANY OVERVIEW
9.2.7.2. PRODUCTS
9.2.7.3. STRENGTHS & CHALLENGES
9.2.8. SAMSUNG SDI CO LTD
9.2.8.1. COMPANY OVERVIEW
9.2.8.2. PRODUCTS
9.2.8.3. STRENGTHS & CHALLENGES
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT - BATTERY
TABLE 2: NORTH AMERICA BATTERY MARKET, BY TYPE, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 3: NORTH AMERICA BATTERY MARKET, BY TYPE, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 4: NORTH AMERICA BATTERY MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 5: NORTH AMERICA BATTERY MARKET, BY TECHNOLOGY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 6: NORTH AMERICA BATTERY MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 7: NORTH AMERICA BATTERY MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 8: NORTH AMERICA BATTERY MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 9: NORTH AMERICA BATTERY MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 10: KEY PLAYERS OPERATING IN NORTH AMERICA BATTERY MARKET
TABLE 11: REGULATORY FRAMEWORK
TABLE 12: LIST OF MERGERS & ACQUISITIONS
TABLE 13: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 14: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 15: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER'S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING FOR NORTH AMERICA
FIGURE 4: MARKET CONCENTRATION ANALYSIS
FIGURE 5: VALUE CHAIN ANALYSIS
FIGURE 6: KEY BUYING CRITERIA
FIGURE 7: NORTH AMERICA BATTERY MARKET, GROWTH POTENTIAL, BY TYPE, IN 2023
FIGURE 8: NORTH AMERICA BATTERY MARKET, BY PRIMARY BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 9: NORTH AMERICA BATTERY MARKET, BY SECONDARY BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 10: NORTH AMERICA BATTERY MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2023
FIGURE 11: NORTH AMERICA BATTERY MARKET, BY LEAD-ACID BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 12: NORTH AMERICA BATTERY MARKET, BY LITHIUM-ION BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 13: NORTH AMERICA BATTERY MARKET, BY NICKEL-CADMIUM BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 14: NORTH AMERICA BATTERY MARKET, BY NICKEL METAL HYDRIDE BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 15: NORTH AMERICA BATTERY MARKET, BY NICKEL-ZINC (NIZN) BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 16: NORTH AMERICA BATTERY MARKET, BY FLOW BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 17: NORTH AMERICA BATTERY MARKET, BY SODIUM-SULFUR (NAS) BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 18: NORTH AMERICA BATTERY MARKET, BY ZINC-MANGANESE DIOXIDE BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 19: NORTH AMERICA BATTERY MARKET, BY SMALL SEALED LEAD-ACID BATTERY, 2024-2032 (IN $ MILLION)
FIGURE 20: NORTH AMERICA BATTERY MARKET, BY OTHER BATTERIES, 2024-2032 (IN $ MILLION)
FIGURE 21: NORTH AMERICA BATTERY MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023
FIGURE 22: NORTH AMERICA BATTERY MARKET, BY AUTOMOTIVE BATTERIES, 2024-2032 (IN $ MILLION)
FIGURE 23: NORTH AMERICA BATTERY MARKET, BY INDUSTRIAL BATTERIES, 2024-2032 (IN $ MILLION)
FIGURE 24: NORTH AMERICA BATTERY MARKET, BY PORTABLE BATTERIES, 2024-2032 (IN $ MILLION)
FIGURE 25: NORTH AMERICA BATTERY MARKET, BY POWER TOOLS BATTERIES, 2024-2032 (IN $ MILLION)
FIGURE 26: NORTH AMERICA BATTERY MARKET, BY SLI BATTERIES, 2024-2032 (IN $ MILLION)
FIGURE 27: NORTH AMERICA BATTERY MARKET, BY OTHER APPLICATIONS, 2024-2032 (IN $ MILLION)
FIGURE 28: NORTH AMERICA BATTERY MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE 29: UNITED STATES BATTERY MARKET, 2024-2032 (IN $ MILLION)
FIGURE 30: CANADA BATTERY MARKET, 2024-2032 (IN $ MILLION)
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