Report Overview

United States Battery Market – Industry Trends & Forecast Report, 2030

United States Battery Market size was estimated at USD 16.2 billion in 2023. During the forecast period between 2024 and 2030, United States Battery Market size is projected to grow at a CAGR of 12.90% reaching a value of USD 39.5 billion by 2030. Prominent drivers of the market include the rising demand for advanced batteries across industries such as electric vehicles (EVs), stationary storage systems, and aviation. The growing adoption of EVs and hybrid vehicles, supported by green initiatives and the country’s strong lithium-ion battery manufacturing base, is accelerating market expansion. However, environmental concerns related to battery production, including high water usage, wastewater generation, and hazardous byproducts, have attracted attention from regulatory bodies like the U.S. Consumer Product Safety Commission (CPSC) and the Environmental Protection Agency (EPA), which are addressing manufacturing risks and imports from countries like China, Korea, and Japan. The rapid proliferation of EVs, driven by stringent emission regulations and the push toward sustainable transportation, is another major growth factor. Additionally, the demand for advanced batteries with higher energy densities and faster charging capabilities is boosting the market. The integration of renewable energy sources like solar and wind into the grid is further propelling demand for energy storage solutions, as batteries help stabilize grids by storing excess energy during peak production and releasing it during high-demand periods. Research and development (R&D) efforts to tackle challenges like battery degradation, environmental sustainability, and cost reduction are also driving market growth, alongside breakthroughs in materials science, such as the development of solid-state batteries. The growing use of compact, high-capacity batteries in portable electronic devices, such as smartphones and wearable technology, is contributing to market expansion, while the increasing need for backup power solutions in critical sectors like healthcare, telecommunications, and data centers is driving the adoption of battery energy storage systems (BESS) for uninterrupted power during grid outages. Furthermore, collaborations between battery manufacturers and industry stakeholders to create customized solutions for mission-critical applications are providing significant growth opportunities.

Battery – Overview

A battery functions as an energy storage device that releases power by converting chemical energy into electrical energy through one or more electrochemical cells. Batteries are integral to daily life and are classified into two types: primary and secondary. Primary batteries, or non-rechargeable batteries, offer a convenient power source for portable devices such as cameras, watches, toys, and radios. In contrast, secondary batteries, or rechargeable batteries, can be recharged and used multiple times. This distinction underscores the vital role batteries play in powering modern devices and supporting everyday activities.

United States Battery Market

Growth Drivers

Rapidly Expanding Electric Vehicle Industry

The electric vehicle (EV) industry in the United States is witnessing rapid growth, driven by surging demand for EV batteries. In 2022, global sales of electric cars reached 7.8 million, a 68% rise from 2021, with the EV battery market projected to hit nearly USD 155 billion within the next five years. Investments in battery production, including USD 128 billion in announced projects, underscore the momentum, particularly in the southeastern US. Companies like Tesla and General Motors are leading the charge, with Tesla's Gigafactory driving down battery costs and GM investing USD 35 billion in EVs and autonomous vehicles. Lithium remains a critical component, with GM securing a USD 650 million investment in Lithium Americas to strengthen its supply chain. However, challenges persist, including the need for innovation in battery technologies, supply chain complexities, and navigating regulatory environments. States in the southern US are becoming hubs for battery manufacturing due to favorable policies, proximity to ports, and a skilled workforce, positioning the region as a key player in the global EV battery ecosystem.

Challenges

High Costs associated with Production and Recycling of Batteries

High production and recycling costs could significantly restrain the growth of United States Battery Market. The expense of raw materials, such as lithium and cobalt, combined with complex manufacturing processes, leads to elevated prices that hinder affordability and market expansion. Additionally, recycling batteries presents its own set of challenges, including the need for advanced technologies and infrastructure, which can be costly to implement. As a result, these financial barriers limit investment in new battery technologies and recycling initiatives, ultimately stifling innovation and slowing down the overall growth of the battery market in United States.

Impact of Escalating Geopolitical Tensions on United States Battery Market

Escalating geopolitical tensions among countries across regions could have a significant impact on the growth of United States Battery Market. Such tensions can disrupt supply chains, particularly for critical raw materials like lithium and cobalt, which are predominantly sourced from geopolitically sensitive regions. This disruption can lead to increased prices and uncertainty in availability, affecting manufacturers' ability to meet rising demand for batteries. Moreover, geopolitical conflicts may result in stricter trade policies and tariffs, further complicating imports and exports in the battery sector. Consequently, these challenges may deter investments and hinder innovation within the market, ultimately slowing down the overall growth of the United States Battery Market amidst a rapidly evolving global landscape.

United States Battery Market

Segmental Coverage

United States Battery Market – By Type

By type, United States Battery Market is divided into Lead Acid, Lithium Ion, Nickel Metal Hydride, Nickel Cadmium, Lithium Titanate Oxide (LTO), and other segments. The lithium-ion segment holds the highest share in United States Battery Market and is expected to maintain its dominance by type during the forecast period. It can be attributed to its extensive use in electric vehicles (EVs), consumer electronics, critical defense applications, and stationary energy storage for the electric grid. The increasing electrification of the United States transportation sector is contributing to significant job growth associated with EVs. Furthermore, the development and production of lithium-ion batteries are strategically vital for the United States as they support the transition to a clean-energy economy and bolster the competitiveness of the automotive industry. This trend suggests that the lithium-ion segment is expected to maintain its dominance over the forecast period.

United States Battery Market – By Application

Based on application, United States Battery Market is divided into Automotive Batteries, Industrial Batteries, Portable Batteries, and other segments. The industrial batteries segment holds the highest share in United States Battery Market by application, due to an increasing demand for energy storage solutions and reliable power backup across various sectors, including power generation, marine, agriculture, recreational equipment, and chemical manufacturing. Additionally, the growing need for compact lithium-ion batteries in consumer electronics, especially portable devices, is expected to further propel the growth of the United States Battery Market.

United States Battery Market – By End User

On the basis of end user, United States Battery Market divided into Aerospace, Automobile, Electronics, Energy Storage, Military & Defense, and other segments. The automobile segment holds the highest share in United States Battery Market by end user, as transportation accounts for approximately 28% of the country's total greenhouse gas (GHG) emissions, making it the largest contributor. The electrification of the transportation sector is crucial for addressing worsening climate conditions and promoting a sustainable, clean-energy economy that benefits all communities equitably. By 2040, global sales of passenger electric vehicles (EVs) are projected to reach 56 million, with the United States expected to represent around 17% of this market, equating to approximately 9.6 million EVs.

Competitive Landscape

Major players operating in United States Battery Market include American Battery Technology Company, Scott’s Emergency Lighting & Power Generation, Inc., Dantona Industries, Inc., Tenergy Corporation, American Crane & Equipment Corp., Hello Bom, Hollingsworth & Vose Co., Airmatic, GE Vernova, and Our Next Energy Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In February 2024 - Ascend Elements, a United States-based manufacturer of advanced battery materials from recycled lithium-ion batteries, secured an additional USD 162 million in equity investments, bringing its total funding for the past year to USD 704 million.

Scope of the Report

By Type

• Lead Acid

• Lithium Ion

• Nickel Metal Hydride

• Nickel Cadmium

• Lithium Titanate Oxide (LTO)

• Others

By Application

• Automotive Batteries

• Industrial Batteries

• Portable Batteries

• Others

By End User

• Aerospace

• Automobiles

• Electronics

• Energy Storage

• Military & Defense

• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. United States Battery Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Rapid growth of the EV industry
         2. Increasing demand for renewable energy storage
         3. Increasing demand for portable electronic devices
      2. Restraints
         1. High costs associated with production and recycling of batteries
         2. Limited availability of raw materials
         3. Increasing concerns about the environmental impact of battery production, disposal, and recycling
      3. Opportunities
         1. Advancements in battery technology
         2. Government policies and incentives
         3. Expanding the use of batteries in new applications
      4. Challenges
         1. Development of charging infrastructure for EVs and other battery-powered devices
         2. Developing efficient and sustainable recycling
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. United States Battery Market: Marketing Strategies
5. United States Battery Market: Pricing Analysis
6. United States Battery Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
         1. Lead Acid
         2. Lithium Ion
         3. Nickel Metal Hydride
         4. Nickel Cadmium
         5. Lithium Titanate Oxide (LTO)
         6. Others
      2. By Application
         1. Automotive Batteries
         2. Industrial Batteries
         3. Portable Batteries
         4. Others
      3. By End User
         1. Aerospace
         2. Automobile
         3. Electronics
         4. Energy Storage
         5. Military & Defense
         6. Others
7. Competitive Landscape
   1. List of Key Players and Their Types
   2. United States Battery Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership)
8. Impact of Escalating Geopolitical Tensions on United States Battery Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
   1. American Battery Technology Company
   2. Scott’s Emergency Lighting & Power Generation, Inc.
   3. Dantona Industries, Inc.
   4. Tenergy Corporation
   5. American Crane & Equipment Corp.
   6. Hello Bom
   7. Hollingsworth & Vose Co.
   8. Airmatic
   9. GE Vernova
   10. Our Next Energy Inc.
   11. American Battery Technology Company
   12. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1. Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       United States Battery Segmentation

Figure 2       United States Battery Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       United States Battery Market Size, By Value (USD Billion), 2019–2030

Figure 5       United States Battery Market Share, By Type, By Value (USD Billion), 2019–2030

Figure 6       United States Battery Market Share, By Application, By Value (USD Billion), 2019–2030

Figure 7       United States Battery Market Share, By End User, By Value (USD Billion), 2019–2030                              

List of Tables      

Table 1        United States Battery Market Size, By Value (USD Billion), 2019–2030

Table 2        United States Battery Market Share, By Type, By Value (USD Billion), 2019–2030

Table 3        United States Battery Market Share, By Application, By Value (USD Billion), 2019–2030

Table 4        United States Battery Market Share, By End User, By Value (USD Billion), 2019–2030           

Table 5        American Battery Technology Company Overview

Table 6        American Battery Technology Company Financial Overview

Table 7        Scott’s Emergency Lighting & Power Generation, Inc. Company Overview

Table 8        Scott’s Emergency Lighting & Power Generation, Inc. Financial Overview

Table 9        Dantona Industries, Inc. Company Overview

Table 10      Dantona Industries, Inc. Financial Overview

Table 11      Tenergy Corporation Company Overview

Table 12      Tenergy Corporation Financial Overview

Table 13      American Crane & Equipment Corp. Company Overview

Table 14      American Crane & Equipment Corp. Financial Overview

Table 15      Hello Bom Company Overview

Table 16      Hello Bom Financial Overview

Table 17      Hollingsworth & Vose Co. Company Overview

Table 18      Hollingsworth & Vose Co. Financial Overview

Table 19      Airmatic Company Overview

Table 20      Airmatic Financial Overview

Table 21      GE Vernova Company Overview

Table 22      GE Vernova Financial Overview

Table 23      Our Next Energy Inc. Company Overview

Table 24      Our Next Energy Inc. Financial Overview

Table 25      American Battery Technology Company Overview

Table 26      American Battery Technology Company Financial Overview