DUBLIN, Dec. 8, 2023 /PRNewswire/ — The “United States Lithium-Ion Battery Market, Competition, Forecast & Opportunities, 2028” report has been added to ResearchAndMarkets.com’s offering.
The United States lithium-ion battery market is anticipated to grow at a 22.6% CAGR during 2023-2028 reaching $33.61 billion by 2028 from $9.98 billion in 2023
The United States lithium-ion battery market is experiencing significant growth due to the high demand for electric vehicles (EVs) and renewable energy storage solutions.
Projections suggest that the market will continue to expand in the coming years as satellite communication services for the Internet of Things (IoT) and disaster management in developed countries increases. By enhancing 5G mobile networks with next-generation satellite capabilities, mobile satellite operators can be an integral component of this growing 5G ecosystem.
As a result, the United States lithium-ion battery market is expected to grow substantially. However, challenges do exist in terms of cost-effective manufacturing processes and the development of new applications. Therefore, it is essential for manufacturers to remain up to date on advances in the industry to capitalize on this increasing market.
The United States electric vehicle market has been gaining traction due to government incentives and the availability of improved battery technology. This has led to the increased adoption of EVs in the United States. Furthermore, technological advancements such as moving from lead acid batteries to lithium-ion batteries have reduced weight, improved performance, and extended the range.
This has attracted customers toward EVs and consequently, increased the demand for lithium-ion batteries. The United States government has also been promoting the use of lithium-ion batteries through various policies and initiatives. The Energy Storage Tax Credit program was introduced in 2016 with the aim of boosting the demand for lithium-ion battery storage.
The US Trade and Development Agency (USTDA) has also launched several initiatives such as Roadmap for Energy Storage and Battery Solutions, which aims to promote the development and adoption of lithium-ion-based solutions and technologies. The increased demand for energy storage solutions and EVs has resulted in the establishment of companies such as Tesla Inc. and Boeing. These companies are engaged in the manufacturing of advanced batteries and fuel cell technologies.
The United States government has also announced the American Innovation and Manufacturing Act of 2021, which will provide incentives for companies engaged in the manufacturing of lithium-ion batteries. This act will provide tax credits for investments in clean energy technology and will aim to create jobs in the energy sector.
Increasing Usage of Lithium Batteries in Consumer Electronics:
- Lithium-ion batteries are in high demand in consumer electronics due to a greener lifestyle and technological advancements.
- The United States has a strong supply chain for lithium-ion batteries with major players like Panasonic, BYD, and LG Chem.
- Demand for consumer electronics such as smartphones, laptops, tablets, and wearables drives the need for lithium-ion batteries.
- Government policies and incentives in the United States support the development and adoption of lithium-ion batteries.
Increasing Demand for Energy Storage:
- Growing adoption of renewable energy sources and energy storage systems for grid stability drives demand for lithium-ion batteries.
- Lithium-ion batteries are well-suited for storing excess energy from renewable sources.
Increasing Demand from the Automotive Sector:
- The shift to electric vehicles (EVs) is driving significant demand for lithium-ion batteries in the automotive industry.
- EVs rely on lithium-ion batteries for energy storage.
- Government initiatives, subsidies, and emission standards encourage the adoption of EVs, further boosting demand for lithium-ion batteries.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States lithium-ion battery market
- Tesla, Inc
- LG Chem Ltd
- Panasonic Corporation
- Enphase Energy, Inc
- Boston-Power, Inc
- Samsung SDI
- BYD Company Limited
- Johnson Controls
- A123 SYSTEMS, LLC
- Samsung SDI Co. Ltd
Report Scope:
United States Lithium-Ion Battery Market, By Type
- Lithium Cobalt Oxide
- Lithium Nickel Manganese Cobalt Oxide
- Others
United States Lithium-Ion Battery Market, By Application
- Consumer Electronics
- Industrial
- Automotive
- Others
United States Lithium-Ion Battery Market, By Battery Capacity
- Up to 4000 mAh
- 4001-15000 mAh
- 15001-50000 mAh
- Above 50000 mAh
United States Lithium-Ion Battery Market, By Region:
- North East Region
- South East Region
- North Region
- Mid-West region
- South Region
For more information about this report visit https://www.researchandmarkets.com/r/jmrkhl
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SOURCE Research and Markets
