U.S. Battery Market is expected to reach USD 85.70 billion by 2030
Fuelling EV market expansion and technological advancements in U.S. are driving up demand for the U.S. battery market during the forecast period.
U.S. Battery Market was valued at USD 29.44 billion in 2022, and is predicted to reach USD 85.70 billion by 2030, with a CAGR of 14.2% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The U.S. holds a large share of the battery market owing to high sales of EVs in the country. The automotive sector in the U.S. is expected to be one of the major segments for batteries, primarily lithium-ion batteries, in the coming years. High penetration of EVs in this country is anticipated to boost lithium-ion battery market growth. Various automobile manufacturers, including Ford, Tesla, Polaris, and General Motors, present a range of vehicle options with progressively higher levels of hybridization and electrification in the United States. These options encompass hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles, and fully electric EVs. The predominant choice of batteries for these vehicles is lithium-ion batteries, often termed as traction battery packs. These batteries exhibit a notably elevated power-to-weight ratio, contributing to the enhanced energy efficiency of electric vehicles.
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 U.S.
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 U.S. 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 U.S. 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 U.S. Battery Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the U.S. 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 U.S. battery market is provided in the report along with their competitive analysis.