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U.S. Lithium-ion Battery Packs Market

U.S. Li-Ion Battery Pack Market Analysis By Type (Lithium Cobalt Oxide, Magnesium Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt Oxide, Lithium Nickel Cobalt Aluminium Oxide & Lithium Titanate) By Cell Type, Voltage, Battery Capacity, End-Use & Region – 2022 to 2032

Analysis of U.S. Lithium-ion Battery Packs market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

U.S. Lithium-ion Battery Packs Market Outlook (2022-2032)

The lithium-ion battery packs market in the U.S. is estimated to surpass US$ 111.3 billion by 2032, up from a market valuation of US$ 33.7 billion in 2022. Sales of lithium-ion battery packs are projected to rise rapidly at 12.4% CAGR during the forecast years of 2022-2032 as compared to the 9.2% growth rate witnessed during 2017-2021.

Around US$ 77.6 billion absolute dollar opportunity is estimated to be generated by the market over the assessment period (2022-2032).

Report Attributes

Details

U.S. Lithium-ion Battery Packs Market Size (2021A)

US$ 30.1 Billion

Estimated Market Value (2022E)

US$ 33.7 Billion

Forecasted Market Value (2032F)

US$ 111.3 Billion

U.S. Market Growth Rate (2022-2032)

12.4% CAGR

West U.S. Market Share (2021)

~26.5%

West U.S. Market Growth Rate (2022-2032)

~13.2% CAGR

Market Share of Top 5 Companies

~44%

Key Companies Profiled

  • EnerSys
  • Duracell Inc.
  • Panasonic Corporation
  • Samsung SDI Co. Ltd.
  • LG Chem Ltd.
  • Tesla Inc.
  • A123 Systems LLC
  • Sony Corporation
  • Valence Technology Inc.
  • ProTechnologies, Inc.

Market growth is mainly attributed to factors such as rising inclination towards electric vehicles along with significant advantages of batteries, such as longer lifespan, energy efficiency, and environment-friendly nature of lithium-ion batteries.

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U.S. Sales Analysis of Lithium-ion Battery Packs (2017-2021) Vs. Market Growth Outlook (2022-2032)

Lithium-ion batteries have several advantages over nickel-cadmium variants. Lithium-ion batteries provide significantly high energy density, which is used for powering electronic devices for a longer duration of time. This is one of the major advantages supporting the growth of the lithium-ion battery packs market. Low maintenance needs and a lesser rate of self-discharge allow lithium-ion batteries to have a competitive edge over other types of batteries.

Furthermore, the lithium-ion battery technology can be improved with the development of new variants to meet different market requirements, ranging from powering smartphones to plug-in hybrid vehicles. Low-cost, energy-efficient, and environment-friendly nature of lithium-ion batteries is supporting market demand.

Moreover, strict regulations implemented by governments across the world to curb pollution are further supplementing market growth.

  • Short Term (2022 Q2 to 2025): Escalating adoption of electric vehicles to support short-term demand growth of lithium-ion battery packs.
  • Medium Term (2025-2028): Medium-term market growth to be fueled by introduction of lithium-ion batteries with longer lifespan.
  • Long Term (2028-2032): Incorporation of technologically-advanced features in lithium-ion battery packs to propel long-term market growth.

The worldwide lithium-ion battery packs market witnessed 9.2% CAGR during the historic years of 2017-2021. ESOMAR-certified market research and intelligence provider, Fact.MR, analyses that the market is poised to register a higher 12.4% CAGR during the assessment period (2022-2032).

U.S. lithium-ion battery packs market forecast by Fact.MR

The above image is a reflection of the market share analysis of product type and region. Under product type, lithium cobalt oxide held 48.9% share in the market in 2021.

U.S. Lithium-ion Battery Packs Market

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Why is Demand for Lithium-ion Battery Packs High in the U.S.?

“Escalating Adoption of Electric Vehicles to Be Key Revenue Generator”

The burgeoning number of electric vehicles (EVs) on the road is one of the most important driving engines for the li-ion (lithium-ion) battery packs market in the United States.

The automotive industry has been observing an intense shift towards the use of lithium-ion batteries from nickel-metal batteries in plug-in vehicles and EVs. Their beneficial physical characteristics, such as small size and lightweight, have bolstered demand for li-ion battery packs across the automotive industry.

A significant rise in the sales of EVs is mainly attributed to strict government mandates on the fuel economy of vehicles, along with increased environmental concerns among consumers. Li-ion batteries are gaining popularity among automakers, especially electric vehicle manufacturers, as an efficient alternative to other batteries.

With the increasing production of EVs and plug-in vehicles, demand for li-ion battery packs is expected to surge in the U.S. over the coming years.

Against the backdrop of a potential rise in sales, leading lithium-ion battery pack manufacturers are concentrating on reducing their prices to sustain the competition. While li-ion batteries at US$ 100/kWh make EVs much cheaper than traditional gas-powered vehicles, manufacturers are aiming for a greater reduction in prices to attract more automotive manufacturers.

“Next-gen Consumer Electronics to Generate High Demand for Lithium-ion Batteries”

Battery life has remained a problem for consumer electronics despite the introduction of technologically-advanced features in modern electronic products. High power and energy density has become the crucial criterion for safe and reliable batteries in smart device and consumer electronics.

Lithium-ion battery packs have become highly prevalent in electronic equipment such as tablets, smartphones, digital cameras, etc. Lithium-ion batteries are witnessing greater demand because of their superior performance as compared to other battery technologies.

With the rise in the production of smartphones and other electronic products, demand for the lithium-ion battery packs is also rising in tandem. Leading manufacturers of lithium-ion battery packs are combining lithium with other materials such as manganese, nickel, and cobalt to boost the reliability and energy density of their batteries.

Furthermore, manufacturers are introducing batteries with a longer lifespan, which is garnering the attention of more consumers. The escalating need for battery-operated, automated, and portable power tools in other industrial applications will support the growth of the lithium-ion battery packs market during the forecast years.

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

Region-wise Insights

Which U.S. Region Leads the Demand for Lithium-ion Battery Packs?

The West U.S. lithium-ion battery packs market and South-West U.S. lithium-ion battery packs market hold 26.5% and 23.2%, shares, respectively, in the overall market, and these regional markets are projected to expand at 13.2% and 12.8% CAGRs through 2032.

Market growth is attributed to the rising dependency of the United States on electronic devices. Sales of lithium-ion batteries have risen as phones instilled with li-ion batteries offer longer battery life. Furthermore, rising inclination toward electric mobility is enhancing the popularity of electric and hybrid vehicles, and this trend is likely to pave the way for significant growth prospects for the market in these regions over the coming years.

Category-wise Insights

How Has Lithium Cobalt Oxide Been Able to Maintain Dominance Over Other Product Types?

Under the product type segment, the U.S. market is segmented into lithium magnesium oxide, lithium cobalt oxide, lithium nickel cobalt aluminium oxide, lithium iron phosphate, lithium titanate, and lithium nickel manganese cobalt oxide.

Amongst them, lithium cobalt oxide holds 48.9% share in the United States market. The segment is projected to expand at the rate of 11.4% on the back of these types of batteries being equipped with high energy density and long runtime, making them ideal for new technologies.

Lithium cobalt oxide batteries provide excellent electrochemical and processing performance, coupled with having a stable structure, high capacity, and outstanding comprehensive performance.

Will the U.S. Automotive Industry Continue Accounting for Highest Demand for Lithium-ion Battery Packs?

The lithium-ion battery packs market, under end use, is segmented into automotive, consumer electronics, medical devices, and industrial & grid energy.

Amongst them, the automotive sector is the market leader as it holds 96.5% share in the overall market. High demand is generated for automotive applications for lithium-ion battery packs.

Rising popularity of electric vehicles, e-bikes, and other automated-guided vehicles is propelling the demand for lithium-ion battery packs. Thus, due to the aforementioned factors, the segment is predicted to expand at 12.1% CAGR during the forecast years.

The other segments of consumer electronics, medical devices, and industrial & grid energy are projected to expand at 14.9%, 14.3%, and 0.7% CAGRs, respectively, across the assessment period.

Competitive Landscape

Market players in the lithium-ion battery packs market are forming partnerships with other industry players and are launching innovative solutions to capture a larger market share. They are emphasizing launching advanced lithium-ion battery packs as a measure of capacity expansion to garner a wider consumer base.

For instance:

  • Tesla Inc. confirmed the acquisition of SilLion Inc. in 2021. This company is a Colorado-based battery start-up and the acquisition is for a new patent for a silicone-based battery anode.
  • EnerSys launched highly-efficient NexSys iON batteries in 2021 as an addition to its portfolio of power solutions. These batteries are equipped with sustainable nickel manganese cobalt (NMC) format prismatic cell chemistry. They deliver high energy volume and have a smaller ecological footprint.

Fact.MR has provided detailed information about the price points of key manufacturers of lithium-ion battery packs positioned across the U.S., sales growth, production capacity, and speculative technological expansion, in the recently published report.

U.S. Lithium-ion Battery Pack Industry Research by Category

  • U.S. Lithium-ion Battery Pack Market by Product Type :

    • Lithium Cobalt Oxide
    • Lithium Magnesium Oxide
    • Lithium Iron Phosphate
    • Lithium Nickel Manganese Cobalt Oxide
    • Lithium Nickel Cobalt Aluminium Oxide
    • Lithium Titanate
  • U.S. Lithium-ion Battery Pack Market by Cell Type :

    • Cylindrical
    • Prismatic
    • Pouch
  • U.S. Lithium-ion Battery Pack Market by Nominal Voltage :

    • Less than 12V
    • 12V
    • 24V
    • More than 24V
  • U.S. Lithium-ion Battery Pack Market by Battery Capacity :

    • Less than 30 kWh
    • 30-60 kWh
    • 60-80 kWh
    • More than 80 kWh
  • U.S. Lithium-ion Battery Pack Market by End Use :

    • Automotive
      • BEVs
      • PHEVs
      • HEVs
    • Consumer Electronics
      • Laptops
      • Digital Cameras
      • AIDC
      • Others
    • Medical Devices
    • Industrial & Grid Energy
  • U.S. Lithium-ion Battery Pack Market by Region :

    • West U.S.
    • South-West U.S.
    • Mid-West U.S.
    • North-East U.S.
    • South-East U.S.

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U.S. Lithium-ion Battery Packs Market

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The U.S. lithium-ion battery packs market is valued at US$ 33.7 billion and is expected to reach US$ 111.3 billion by 2032.

U.S. sales of lithium-ion battery packs increase at 9.2% CAGR between 2017 and 2021.

EnerSys, Duracell Inc., Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Ltd., and Tesla Inc. are leading U.S. suppliers of lithium-ion battery packs.

West U.S. tops the market accounting for 26.5% market share in 2022.

Lithium cobalt oxide accounts for 48.9% share of the United States market.

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