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Originally published on Technavio: North America Lithium-ion battery Market by Type and Application Forecast and Analysis – 2024-2028

**North America Lithium-ion Battery Market Forecast 2024-2028**

**Market Growth Overview:**
– The North America lithium-ion battery market is projected to grow by USD 20.03 billion, with a Compound Annual Growth Rate (CAGR) of 18% from 2023 to 2028.
– Factors driving growth include the decline in lithium-ion prices, emergence of ultrathin lithium polymer batteries, and technological advancements in lithium-ion cells by companies.

**Market Trends:**
1. *Decline in Lithium-ion:* There is a noticeable shift towards lithium-ion batteries over lead-acid ones, primarily due to ongoing efforts by manufacturers to reduce lithium-ion battery costs through technological advancements.
  
2. *Market Segments:* The lithium nickel manganese cobalt segment is witnessing significant growth, especially in applications such as power tools, e-bikes, and electric drivetrains.
  
**Market Dynamics:**
– **Key Drivers:** The high adoption of wearable technology, particularly in devices like smartwatches and activity trackers, is a major growth driver. The demand for reliable lithium-ion batteries in these devices is expected to rise.
  
– **Challenges:** Availability of substitute products such as lead-acid, nickel-cadmium, and sodium-ion batteries poses a challenge to market growth due to their lower costs and specific advantages in certain applications.
  
**Customer Landscape:**
– The market report includes an analysis of the customer adoption lifecycle, purchase criteria, and price sensitivity, aiding companies in understanding and developing growth strategies.

**Major Market Companies:**
– Companies like BYD Co. Ltd., A123 Systems LLC, Tesla Inc., and others are implementing various strategies to enhance their market presence, including strategic alliances, mergers, acquisitions, and product launches.

**Segment Overview:**
– The report forecasts market growth by revenue and provides insights into various segments such as type (lithium nickel manganese cobalt, lithium iron phosphate, lithium cobalt oxide, etc.) and application (automotive, consumer electronics, energy storage, etc.).

To Learn deeper into this report View Sample PDF

**Market Analyst Overview:**
– The market is witnessing remarkable growth driven by demand for electric vehicles and energy storage systems. Supportive regulations and incentives from governments worldwide are fostering market expansion. Raw materials and technological advancements are key factors influencing market dynamics and growth trajectories. The rise of EVs is reshaping the market and driving innovation in battery technology, with profound impacts on transportation and energy sectors.

Overall, the North America lithium-ion battery market is poised for significant growth, propelled by technological advancements, shifting consumer preferences, and supportive regulatory environments.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com/

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