PUBLISHER: Inkwood Research | PRODUCT CODE: 1088373
PUBLISHER: Inkwood Research | PRODUCT CODE: 1088373
The North America battery market is estimated to grow with a CAGR of 16.32% during the forecasting years of 2022 to 2030. The region's market growth is ascribed to the development of the renewable energy industry, the depreciating prices of lithium-ion batteries, the rising sales of consumer electronics, and the increase in the adoption of electric vehicles.
The North America battery market growth study entails the analysis of Canada and the United States. In 2021, the United States government announced funding of $209 million for 26 new laboratory research projects pertaining to electric vehicle batteries. It is also taking measures to bolster the domestic supply chain of lithium batteries. The research project concentrates on advanced batteries, connected vehicles, and electric vehicles. Moreover, research and development activities are also being conducted in the United States, especially in the avenue of battery technologies.
On the other hand, researchers at the University of Texas at Austin, funded partially by the United States National Science Foundation, developed a stable sodium-based battery material that can recharge as rapidly as a traditional lithium-ion battery. It also possesses the potential for increased energy output compared to present lithium-ion battery technologies. Hence, these factors are set to play a vital role in fueling the battery market growth in North America over the forecast period.
The top firms operating in the market are: A123 Systems LLC, Johnsons Controls Inc, Trojan Battery Company, etc.