$1.9bn
$XXX.Xm
4,514
37
$XXX.Xm
The rapid rise of electric vehicles (EVs) has bolstered demand for lithium batteries as consumer preferences steadily shift from gasoline-powered vehicles. Battery producers have benefited greatly from the Bipartisan Infrastructure Law as the act allocates significant funds toward clean energy infrastructure and EV charging stations across the country, which rely heavily on lithium batteries. Growth stagnated during the height of the pandemic amid plummeting consumer confidence and spending. Even so, the growing prevalence of EVs supported manufacturers, contributing to a stellar recovery. Producers have contended with volatile lithium prices, which have driven industry performance and displayed the weakening demand from the EV sector. These trends caused revenue to contract at an estimated CAGR of 0.5% to $1.9 billion through the end of 2024, despite a 3.8% gain that year alone, as manufacturers power through high interest rates and weak consumer confidence.
Industry revenue has declined at a CAGR of 0.5 % over the past five years, to reach an estimated $1.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
LG Chem Michigan Inc. | 171.4 | -7.7 | -4.5 | |
Panasonic Corp | 116.0 | 5.4 | 4.6 |
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Industry revenue is measured across several distinct product and services lines, including Automotive batteries, Mobile phone batteries and Industrial batteries. Automotive batteries is the largest segment of the Lithium Battery Manufacturing in the US.
Primary lithium batteries generate stable revenue
This industry manufactures primary and secondary batteries that use primarily lithium, but also alkaline manganese, zinc carbon, mercuric oxide as an anode. Lithium batteries are most commonly used in vehicles and electronic devices such as cell phones, cameras, laptops, pacemakers and toys.
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NAICS 33591 - Lithium Battery Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Manufacturers benefit from the rising integration of lithium batteries in downstream industries. Since lithium batteries are some of the most efficient batteries today, many ...
Learn about an industry's products and services, markets and trends in international trade.
Strong product innovation is a vital growth factor for lithium battery manufacturers. Smaller, lighter and more efficient batteries will enable manufacturers to access more m...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Manufacturers will set operations near their supply chain. Many companies are located in the West, Great Lakes and Southeast regions to forge connections with key buyers and ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Successful companies focus on reducing costs and battery size. By making batteries smaller, lighter and more efficient, producers can appeal to a larger pool of potential mar...
Learn about the performance of the top companies in the industry.
Panasonic and LG remain the largest producers of lithium batteries. These companies have secured multiple lucrative contracts, ensuring their prevalence among lithium battery...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Manufacturers benefit from significant government spending. The Biden administration passed several spending bills targeting green energy, infrastructure and access to EV cha...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Long-term contracts support profit among leading manufacturers. Start-ups often struggle to turn a profit, while larger companies hoard profitable contracts with major downst...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Lithium Battery Manufacturing in the US industry in United States is $1.9bn in 2024.
There are 37 businesses in the Lithium Battery Manufacturing in the US industry in United States, which has declined at a CAGR of 0.0 % between 2019 and 2024.
The market size of the Lithium Battery Manufacturing in the US industry in United States has been declining at a CAGR of 0.5 % between 2019 and 2024.
Over the next five years, the Lithium Battery Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Lithium Battery Manufacturing market in United States are LG Chem Michigan Inc. and Panasonic Corp
Automotive batteries and Storage batteries for consumer electronics are part of the Lithium Battery Manufacturing in the US industry.
The company holding the most market share in United States is LG Chem Michigan Inc..
The level of competition is high and increasing in the Lithium Battery Manufacturing in the US industry in United States.