Li-ion, or lithium-ion, batteries are rechargeable and have a high energy density. An average of 150 watt-hours of electricity may be stored in one kilogram of lithium-ion batteries. Because these batteries don't have a memory effect, it's not required to deplete them before recharging. These low maintenance batteries are ideal for use in modern gasoline gauge applications since they have a far lower self-discharge than nickel-cadmium batteries. Other than this, Li-ion batteries are quite versatile and can be used as power sources for automobiles, mobile devices, and computers.
North America Lithium-Ion Battery Market Driving Factors and Challenges
Drivers: Increased Requirement for Personal Electronics. One of the main reasons propelling the growth of the lithium ion battery market is the increase in demand for consumer electronics around the world. The market is positively impacted by the widespread use of portable devices including laptops, gaming consoles, cellphones, flashlights, and digital cameras in addition to high-speed internet access. High-Grade Rechargeable Battery Demand. The market is expanding more quickly as a result of the rising demand for premium rechargeable batteries. The market is also driven by the use of these electronics and lithium ion batteries, which are essential parts of electric vehicles (EVs).
Challenges: The North American lithium-ion battery market faces numerous challenges. One major obstacle is the reliance on overseas suppliers for raw materials such as cobalt and lithium, which creates vulnerabilities in the supply chain and price volatility. Concerns exist over ethical sourcing methods and environmental sustainability as well, particularly in light of the effects of lithium extraction on the environment and the usage of child labor in cobalt mining.
Impact of COVID-19 on North America Lithium-Ion Battery Market
COVID-19 had a negative impact on numerous industries, including the selling of lithium-ion batteries. The public and government sectors suffered great harm as a result of their financial problems during the COVID-19 pandemic. Businesses closed in numerous nations due to the imposition of lockdown and social segregation regulations. The lithium-ion battery industry faced significant hurdles due to a shortage of labor and limited manufacturing. Lithium ion battery demand declined as a result of decreased production and firm closures, particularly in the oil and gas industry. Nonetheless, it is projected that the lithium-ion battery market would grow under the post-COVID-19 scenario.
North America Lithium-Ion Battery Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; BYD Company Ltd, Clarios (Formerly Johnson Controls International PLC), Contemporary Amperex Technology Co. Limited, Duracell Inc., EnerSys, LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd., Sony Corporation, VARTA AG, Others.
North America Lithium-Ion Battery Market Segmentation:
By Product Type: Based on the Product Type, North America Lithium-Ion Battery Market is segmented as; Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, Others.
By Power Capacity: Based on the Power Capacity, North America Lithium-Ion Battery Market is segmented as; 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, More than 60000mAh.
By Application: Based on the Application, North America Lithium-Ion Battery Market is segmented as; Consumer Electronics, Electric Vehicles, Energy Storage, Others.
By Region: This research also includes data for Eastern, Western, Northern, Southern
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.