As a result, lithium-ion batteries are the most competitive option for total hybrid electric vehicles and electric vehicles. ![]() ![]() Their high energy density, fast recharge capability, and high discharge power make lithium-ion batteries the preferred technology, as they outperform lead-based traction batteries in terms of specific energy and weight. Lithium-ion battery systems drive the performance of plug-in hybrid and electric vehicles by meeting OEM requirements for driving range and charging time.The United States is expected to dominate the market due to the government's increasing investments in Electric vehicle segments in the forecast period, esulting in increased demand for battery-based energy storage systems, primarily led by lithium-ion batteries.Nevertheless, the automotive batteries segment is expected to be one of the major applications for lithium-ion batteries, owing to the increased adoption of electric vehicles during the forecast period.On the other hand, the demand-supply mismatch of raw materials is expected to hinder the market growth during the study period.Over the medium term, increasing consumer demand for electric and hybrid vehicles, and icreasing demand from energy storage systems is expected to drive the market.The North America Lithium-ion Battery Market size is expected to grow from USD 13.19 billion in 2023 to USD 40.83 billion by 2028, at a CAGR of 25.35% during the forecast period (2023-2028). ![]() North America Lithium-ion Battery Market Analysis
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