The North America consumer battery market is expected to grow at a CAGR of more than 9.79% over the period of 2020 - 2025. Major factors driving the market include declining lithium-ion battery prices, and increasing sales of consumer electronics. Moreover, North America remains a pioneer in the research and innovation in the global consumer battery market and is also one of the largest consumers of batteries. On the other hand, the demand-supply mismatch of raw materials is likely to hinder the domestic manufacturing market growth during the forecast period.
- The lithium-ion battery is expected to witness significant growth in the market during the forecast period.
- The plans to establish strong domestic manufacturing for li-ion batteries in the United States is expected to provide significant opportunities for the players involved in the market in the new future.
- The United States is expected to dominate the market during the forecast period, owing to the increasing sales of consumer electronics in the country.
Key Market Trends
Lithium-ion Batteries to Witness Significant Growth
- Advancements in technology and mass production or economies of scale have led to a significant fall in lithium-ion battery prices. Furthermore, it is forecasted that the lithium-ion batteries prices would keep decreasing. This, in turn, is expected to drive the li-ion battery segment further.
- The sale of consumer electronics, which use a lithium-ion battery, has been increasing hand-in-hand with the region's economic growth, positively impacting the consumer battery market.
- Due to its high electrode potential, high charge, and power-to-weight ratio, lithium is among the critical components for battery electrolytes and electrodes.
- Additionally, lithium-ion batteries are rechargeable and have a high energy density. The demand for this type of batteries has been driven primarily by the proliferation of personal technology products, including smartphones, tablets, and laptops.
- The GDP growth rate in the region is expected to increase at a moderate pace during the forecast period, and when supported by the expected increase in demand of electronic devices due to increasing population, the consumer battery demand is also expected to go up.
- Therefore, the above-mentioned factors are expected to drive the li-ion consumer battery market in the North America region during the forecast period.
The United States to Dominate the Market
- The United States is one of the largest markets for consumer batteries, mainly due to the high demand for consumer goods and military equipment.
- The United States portable medical equipment market is growing significantly, in turn, driving the consumer battery demand for portable medical equipment in the country during the forecast period.
- The country is likely to be the dominant player in the North America lithium-ion battery market, supported by increasing urbanization and consumer spending, which is expected to ramp up the demand for technically advanced devices, due to the benefits provided by the same. Consecutively, this is expected to result in the growth in demand for consumer batteries.
- Therefore, the above-mentioned factors are expected to drive the consumer battery market in the United States during the forecast period.
The North America consumer battery market is moderately fragmented. Some of the key players in this market include PolyPlus Battery Company Inc, Samsung SDI Co. Ltd, LG Chem Ltd, Panasonic Corporation, and Duracell Inc.
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