Battery Manufacturing in the US - Market Research Report (2014-2029)

Juiced up: Battery manufacturers' substantial trade deficit will contribute to a drop in revenue

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

Battery manufacturers produce storage batteries, which are also known as secondary or rechargeable batteries; and primary batteries, which are nonrechargeable. Battery products have a variety of uses in cell phones, medical equipment, households and the automotive and transport sectors. Substantial research and development expenditure has dampened revenue expansion despite boosting exports and consumer spending between 2017 and 2019. COVID-19, however, has hurt consumer spending, pressured exports and disrupted supply chains, resulting in revenue dipping 8.0% in 2020. As demand for electric vehicles (EV) has strengthened, demand for lithium-ion battery packs has swelled in tandem. In response, battery manufacturers have accepted several new entrants specializing in EV battery pack manufacturing, and future demand for automotive batteries is promising. Despite a boost in battery manufacturing revenue in 2021, 2022 and 2023, revenue will dip at a CAGR of an estimated 1.1% to $11.5 billion through the end of 2023, despite an expected 3.0% boost in 2023. Nonetheless, battery manufacturers' profit has swelled during the period.

Battery manufacturers produce storage and primary batteries. Storage batteries are also known as secondary or rechargeable batteries; primary batteries are non-rechargeable. Battery products have a variety of uses in cell phones, medical equipment, households and the automotive and transport sectors.