North America Battery Market is expected to reach USD 114.11 billion by 2030
Adoption of hybrid vehicles and lithium-ion battery-powered EVs by North American automotive manufacturers are driving up demand for the North American battery market during the forecast period.
North America Battery Market was valued at USD 36.20 billion in 2022, and is predicted to reach USD 114.11 billion by 2030, with a CAGR of 15.4% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The North American region encompasses region such as the United States, Canada, and Mexico. The battery market in this area is being propelled by factors such as heightened emphasis on sustainable progress and greater recognition of the detrimental impacts of conventional automobiles. The surge in worldwide pollution levels and the decline of fossil fuels have generated a need for the creation of eco-friendly transportation systems. To tackle the escalating concerns about environmental preservation, car manufacturers are introducing advanced technologies, embracing hybrid vehicles, and electric vehicles (EVs) equipped with lithium-ion batteries.
However, Improper handling of batteries can give rise to multiple hazards for both humans and the environment. Disposed or spent batteries often find their way into landfills, where they break down and release harmful substances. Over time, these batteries corrode, causing their chemicals to seep into the soil and pollute both groundwater and surface water. This contamination poses a significant threat to our ecosystem, impacting numerous aquatic plants and animals due to the presence of hazardous battery components like mercury, cadmium, lithium, and lead. Thus, it is expected to restrain the growth of the battery market in North America.
On the other hand, the growing adoption of NDBs in various industries, including automotive, aerospace, and electronics, is expected to create future opportunities for the battery market in North America. NDB is an innovative energy generator and storage system that redefines and revolutionizes a battery. NDBs have long-lasting properties and longevity is ensured by converting the radioactive decay energy from nuclear waste into energy. The attractive features of NDB, such as being compact, modular, cost-effective, and scalable from chipset to industrial applications is one of the main factors creating growth opportunities in the battery market. NDB is a high-power, diamond-based alpha, beta, and neutron voltaic battery that can provide lifelong green energy for numerous applications and overcome the limitations of existing chemical batteries.
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According to the report, leading players in the North America battery market include LG Chem Ltd., CATL, Samsung SDI Co. Ltd., BYD, SKI, ENVISION AESC GROUP LTD., Gotion High tech Co Ltd, Primearth EV Energy Co., Ltd., China Aviation Lithium Battery Co., Ltd., Panasonic Corporation.
Key Insights from the North America Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the North America battery market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the North America battery market is provided in the report along with their competitive analysis.