North America Lithium-Ion Battery Market Size - By Chemistry, By Component, By Application & Forecast, 2024 - 2032

North America lithium-ion battery market size is expected to record over 17.1% CAGR from 2024 to 2032, driven by the rising adoption of electric vehicles (EVs). According to the International Energy Agency (IEA), nearly 14 million new electric cars were registered worldwide in 2023, increasing the total number on the roads to 40 million. Governments in the region are implementing stringent regulations to provide incentives to encourage sustainable transportation solutions. The popularity of home devices such as smartphones, laptops, and tablets are also increasing. As consumers seek devices with longer battery life and faster charging capabilities, manufacturers are preferring lithium-ion batteries fueled by advancements in energy storage solutions.

With the shifting focus towards clean energy sources, there is growing demand for efficient technologies to stabilize the power grid and manage renewable energy sources. To that end, lithium-ion batteries are offering a scalable and reliable solution for storing energy and managing peak demand periods, stimulating the market growth.

The North America lithium-ion battery industry is classified into chemistry, component, application and country.

Based on component, the market size from the aluminum foil segment is poised to witness decent growth during 2024-2032 due to its superior properties that enhance battery performance and efficiency. Aluminum foil helps in the production of lithium-ion batteries, particularly in creating battery cathodes due to its lightweight, high conductivity, and corrosion resistance properties. The demand for lithium-ion batteries is also increasing with the rise of EVs and portable electronic devices, which are driving the need for higher capacity and improved heat management capabilities. Aluminum foils further enable the production of lightweight and compact batteries to meet the changing demands of the automotive and consumer electronics industries.

North America lithium-ion battery industry from the consumer electronics application segment will gain significant traction between 2024 and 2032, attributed to the rising usage of smartphones, computers, tablets, and wearables. Consumers are seeking devices with longer battery life, faster charging, and energy efficiency that are deployed via lithium-ion technology and improved electronic design. Manufacturers are also striving to meet the needs of tech-savvy consumers, further fostering the segment growth.

Canada lithium-ion battery industry size is anticipated to grow at a significant CAGR over 2024-2032, The escalating efforts to reduce greenhouse gas emissions in the region are boosting the demand for lithium-ion batteries in EVs and renewable energy storage. Government initiatives for promoting renewable energy will further spur the product demand. With ample reserves of key battery materials and supportive policies, Canada is becoming a hub for battery production and research, attracting investments, and driving innovation in the industry.