United States is facing a huge demand of Lithium batteries due to growing electrification in west. Demand for lithium batteries in the US is expected to grow more than six times, but still the country is expected to depend on imports for supply. The US Lithium-ion market is expected to grow from with CAGR of ~$% in 2023 to 2028 and by 2028 the market size would be approx. six times. USA has the majority of the market share with the maximum production of Lithium-ion batteries in North America.
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The usage of lithium batteries is expected to raise due to the penetration of electric vehicles. It is anticipated to provide a massive impetus for the industry’s growth in North America. The launching of various types of HEV?s and EV has led the increasing of hybridization and electrification. Until 2021, according to IEA, US has over 1.7 mn EVs and over 500000 HEVs in 2019 and they continue to increase. US is also to be expected to launch a range of EV models. In addition, falling lithium-ion battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating demand for lithium-ion battery technologies in the near future.
US Lithium ion Market Analysis:
The US Lithium ion market is expected to grow at a CAGR of ~$% . USA is the largest country market with the maximum production of Lithium ion batteries in North America.
High demand for sustainable development is also a leading factor for the growth of the market. The domestic and international players cater US Lithium ion market and Tesla, Panasonic Inc., LG Chem. are the top players offering EV services and also services like manufacturing storing and battery pack making.
The usage of lithium batteries is expected to raise due to the penetration of electric vehicles. It is anticipated to provide a massive impetus for the industry’s growth in North America. The launching of various types of HEV?s and EV?s led the increasing of hybridization and electrification.
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Key Trends by Market Segment:
By Type: In the US Lithium-ion sector, the dominant segment in market is Lithium Cobalt Oxide (LCO) Batteries in 2022.The Lithium Cobalt Oxide (LCO) Batteries Attracts maximum usage due to factors like higher energy density and performance in high-energy applications. It already has an established market presence due to early adoption in EVs. In addition, it is cost efficient in manufacturing than LFP batteries but due to high demand LFP is also making its way to market due to enhanced safety, longer cycle life, and better thermal stability.
By end user application: The US Lithium-ion market is segmented by application into portable electronic and Electric vehicles and others. The Electric vehicles dominates the market in 2022 due to growing demand and large production. The other key factors, which are responsible for the domination of EV sector Lithium ion market in US, are advancements in technology, support from governments and its regulations and constant development in the infrastructure.
By Geography: Regional Split by East, west , north and south of America segments the US Lithium-ion market.
The West of America which includes with some parts of south of America dominates the market in 2022. West market hold ~$% of the US Lithium ion battery packs.
The west side of America, which includes particularly California, has been a prominent player of clean green policies electric vehicle adoption, and renewable energy integration. It has encouraging initiatives and investments have contributed to the growth of the lithium-ion market.
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East side has also notable investments in battery manufacturing facilities, research centers, and energy storage projects. These efforts have aimed to support electric vehicle adoption, renewable energy goals, and grid-scale energy storage.
There are about 15-20 major Lithium-ion companies in US with majority of them offering EV and portable electronic services in the country. US Lithium ?ion market is moderately fragmented with top 2-3 players contribute more than 50% of the market. Major players are Panasonic Corporation, Duracell Inc., Samsung SDI Co. Ltd, LG Chem Ltd and Tesla Inc. Major Companies in lithium-ion market are Tesla and Panasonic Inc., which are majorly concentrated in United States.
Government?s policies on environment friendly transportation is also a trending factor in rise of lithium battery products. The US Department of Energy announced in June that it was allocating more than $192 million in new funding for recycling lithium ion batteries from consumer products.
In February 2023, Ascend Elements announced a basic agreement with Honda Motor Co. Ltd to collaborate on stable procurement of recycled lithium-ion battery materials. Ascend is a United States-based battery recycling and engineered materials company. Yoshino Technology announced the development of solid-state lithium-ion batteries with outputs ranging from 330 W to 4,000 W designed for home backup, off-grid applications, and powering small industrial machinery.
Tesla is currently working with Japanese company Panasonic, its longtime partner, as well as South Korea’s LG Energy Solutions for making its batteries. Tesla wants to continue with the same in future for maximum revenue.
Also founder Elon Musk announced the reiteration of the company?s plans to sell 20 million vehicles by 2030 and thus bird eyeing the main goal of expanding the Li-ion battery market in USA.
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US Lithium ion market is expected to show increasing and is expected to grow at a CAGR of ~$% from 2022 to 2028 with Government initiatives for infrastructure development are expected to enhance the connectivity within US.
Tesla is also planning start production at its 50 GWh a year lithium refinery in Corpus Christi, Texas, this year.
US is also to be expected to launch a range of EV models. In addition, falling lithium-ion battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating demand for lithium-ion battery technologies in the near future
Key Questions Market Research and Analysis Report
What is the current market size, both in terms of value and volume?
What is the historical growth rate of the market, and what are the projected growth rates for the future?
Who are the major players in the market, and what is their market share?
What are the market trends and dynamics influencing the industry?
What are the key drivers of market growth?
What are the challenges and barriers faced by market participants?
What are the emerging opportunities in the market?
What is the competitive landscape of the market?
What are the consumer preferences, behaviors, and buying patterns within the market?
What is the market segmentation, and how are different market segments performing?
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(*Note: The historical years and projected period in the report are flexible and can be tailored upon request. Additionally, the scope of the published report is adjustable to meet specific requirements, and customized analyses based on particular geographies or countries can be included as part of the customization.)
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