Logo
Being the market leader for electric vehicles, the USA evidently dominates the North America battery market. - Bonafide Research
Feb, 13
2021

774 view

Being the market leader for electric vehicles, the USA evidently dominates the North America battery market. - Bonafide Research

 

210239992_North_America_Battery_Market_Outlook_2026.png
The North America battery market is lead by the US, contributing to the highest share yet depicting the lowest historic CAGR of 3.75%. The country is backed by the fact that it is among one of the leading countries in electric vehicle sales globally. The recent publication of Bonafide Research titled 'North America Battery Market Outlook, 2026', shows that the region contributes to over 15% in the year 2020 and a position after the Asia Pacific and Europe. Even though the region remains a pioneer for research and innovation in the field, it is anticipated to portray a CAGR of less than 8% lowest compared to the other regions. Mexico has been in talks due to the discovery of the world’s largest deposit in Bacad?huachi, which has reserves calculated at 243.8 Million tonnes of what can be termed as the- oil of the future. In 219, the country laid new requirements regarding maximum permissible mercury limits and cadmium for primary power units and batteries. The shipping and importing of lithium-ion batteries are considered dangerous goods and their transportation as cargo on passenger aircraft is subject to the Transportation of Dangerous Goods Act, 1992 and its regulations, in Canada.
The increasing popularity of lithium-ion batteries has been a proven threat to lead-acid batteries. No doubt, that the lead-acid battery segment dominates the market with over half of the market share for over a decade now, but the share has been declining. The lithium-ion battery segment is expected to grow as the only segment in the regional market to portray a double digit CAGR through the forecasted period. The growth of the segment is supported by the increasing demand backed by the improving investments towards the electric vehicle and renewable industry. All the other battery technology segments put together are expected to contribute to a market of USD 4.79 Billion by the end of the forecasted period. This majorly includes nickel-cadmium, nickel-metal hydride Nickel–zinc (NiZn), Sodium–sulfur (NAS) Battery, Zinc-manganese Dioxide Battery, Dual Carbon Battery, Zinc-carbon Battery, and Silver-oxide Battery.
The North American region also remains one of the largest consumers of batteries; the integration of renewable energy storage systems is presenting itself as a market opportunity for the secondary and lithium-ion battery market. The primary battery segment is expected to a decline in the market share and is likely to reach a share of 11.11% by the end of 2026. High energy density, long storage, and operational readiness are among their strong attributes. The consumer market put aside, the largest users of primary batteries are the military, specialty emergency services, and forest fire fighters.
With reserves of almost 244 Million Tonnes, lithium deposits discovered in the northeastern Mexican state of Sonora are the world’s largest, containing significantly more than the second-placed Thacker Pass site in the US state of Nevada (178 Million Tonnes), Mexico’s undersecretary of mining Francisco Quiroga claimed in late 2019. The development of the electric vehicle is being the driver for the growth of the automotive application segment in the battery market. In late 2020, China’s largest lithium producer, Ganfeng Lithium, initiated to build a battery recycling plant in Mexico to supply minerals to the US to tap a growing market for used materials in electric vehicles. The facility is supposed to recycle batteries from Tesla as well as Chinese electric buses in use across the region. Apart from the major global companies, like Contemporary Amperex Technology Co. Limited, BYD Co. Ltd, Samsung SDI Co., Ltd, LG Chem Ltd, and Panasonic Corporation., the market competes with other smaller and regional marketers. AMBRI, Aquion Energy, Battery Streak, Electrovaya, Energizer, Enersys, Solid Power, etc are to name a few.