The Lithium-ion battery Market in North America is being driven by High adoption of wearable technology
The Lithium-ion battery Market in North America is expected to grow at a CAGR of 18% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 20.03 billion. The North American lithium-ion battery market is experiencing significant growth, surpassing the demand for traditional lead-acid batteries. The primary differentiator between these two technologies is cost, with lithium-ion batteries currently holding a premium price point. However, leading North American manufacturers are investing heavily in technological advancements to reduce the cost of lithium-ion batteries, making them increasingly competitive. These innovations are expected to result in a continuous decrease in battery prices throughout the forecast period, making lithium-ion batteries an increasingly attractive option for businesses and consumers alike.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Lithium nickel manganese cobalt, Lithium iron phosphate, Lithium cobalt oxide, Others) Application (Automotive, Consumer electronics, Energy storage and others) Geography (North America).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Lithium-ion battery Market in North America Research Report
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The Lithium-ion battery market in North America is experiencing significant growth due to increasing adoption in power supply units, microgrids, and renewable energy systems for improved energy efficiency. Key applications include solar energy, wind energy, and smart grid integration. Battery recycling and energy management systems are crucial for sustainable energy use and reducing battery degradation. Industrial safety and battery management systems ensure efficient power distribution and prolong battery life. Lithium-ion batteries are also used in electric mobility, portable batteries, industrial robotics, material handling equipment, and various industrial control systems. Power electronics and energy policy initiatives support the market's expansion, with ongoing research focusing on battery safety, performance, and battery aging solutions. Wireless charging and grid storage applications are also gaining traction.
The North American lithium-ion battery market is a significant segment of the global renewable electricity market, encompassing companies involved in the generation and distribution of electricity using renewable sources. This market includes manufacturers of lithium-ion batteries utilized in various applications such as wristwatches, power tools, industrial automation systems, aviation, energy storage systems, mobile phones, laptops, digital cameras, military & defense, among others. The expansion of the global renewable electricity market is primarily driven by supportive policies and targets for the deployment of renewable power. These initiatives have fueled the adoption of lithium-ion batteries in various industries, leading to substantial growth in this market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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