Rechargeable energy storage devices known as lithium-ion batteries, or Li-ion batteries for short, are found in a wide range of electronic devices, including laptops, smartphones, electric cars, and renewable energy storage systems. During the charge and discharge cycles of these batteries, lithium ions serve as the charge carriers, moving back and forth between the anode (negative) and cathode (positive) electrodes.
According to SPER market research, ‘North America Lithium-Ion Battery Market Size- By Product Type, By Power Capacity, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the North America Lithium-Ion Battery Market is predicted to reach USD 91.36 billion by 2033 with a CAGR of 17.38%.
Growth Drivers: The North American lithium-ion battery market is currently being driven by a number of reasons. In the area, there is an increasing demand for electric and hybrid vehicles that run on lithium-ion batteries. Additionally, the region’s expanding sales of consumer electronics have contributed to the increased need for these batteries. Lithium-ion battery demand is also fueled by the benefit of having extra power storage capacity during times of peak electricity usage. In addition, grid energy storage is now required due to the region’s rapid expansion in the generation of renewable energy, especially solar and wind energy. In addition, a lot of individuals increasingly depend on electronic gadgets for daily activities including communication, such as computers, tablets, and smartphones.
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Challenges: The market for lithium-ion batteries in North America is confronted with a number of challenges. The primary one is the market’s dependence on foreign suppliers for raw materials like cobalt and lithium, which leads to supply chain vulnerabilities and price volatility. Other issues include ethical sourcing practices and environmental sustainability, especially in light of the environmental effects of lithium extraction and the use of child labour in cobalt mining.
Impact of COVID-19 on North America Lithium-Ion Battery Market
A number of businesses were negatively impacted by COVID-19, including the lithium-ion battery market. The financial difficulties that the public and government sectors experienced during the COVID-19 pandemic caused them significant harm. Businesses shuttered in many countries as a result of social segregation and lockout laws. The labor scarcity and restricted manufacturing capacity posed major challenges for the lithium-ion battery sector. Reduced output and company closures, especially in the oil and gas sector, resulted in a reduction in the demand for lithium ion batteries. However, it is anticipated that under the post-COVID-19 situation, the market for lithium-ion batteries would expand.
North America Lithium-Ion Battery Market Key Players:
Additionally, some of the market key players are BYD Company Ltd, Clarios (Formerly Johnson Controls International PLC), Contemporary Amperex Technology Co. Limited,
North America Lithium-Ion Battery Market Segmentation:
By Product Type: Based on the Product Type, North America Lithium-Ion Battery Market is segmented as; Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, Others.
By Power Capacity: Based on the Power Capacity, North America Lithium-Ion Battery Market is segmented as; 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, More than 60000mAh.
By Application: Based on the Application, North America Lithium-Ion Battery Market is segmented as; Consumer Electronics, Electric Vehicles, Energy Storage, Others.
By Region: This research also includes data for Eastern, Western, Northern, Southern
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
North America Lithium-Ion Battery Market Future Outlook
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