April 20, 2024
U.S. Lightning Product Market

U.S. Lightning Product Market is Trending Toward Sustainability by Incorporating Advanced Battery Technologies

The U.S. Lightning Product Market comprises a wide range of products including lithium-ion batteries, lithium metal batteries, lithium-air batteries, and others that deliver electricity in applications ranging from consumer electronics to electric vehicles (EVs). As modern lifestyles have become increasingly reliant on battery-powered devices, the lightning product industry has experienced rapid growth. However, consumer awareness around sustainability and environmental issues has also increased demand for batteries utilizing advanced, eco-friendly chemistries.

The U.S. Lightning Product Market is estimated to be valued at US$ 294.57 Bn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the U.S. Lightning Product are BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys. The growing popularity of portable consumer electronics and increasing adoption of electric vehicles is fueling demand for high-performance, durable and affordable lightning products. Leading players are investing in capacity expansions and partnerships to capture the growing market opportunities in the US and global markets.

Growing demand: Rapid adoption of smart consumer devices coupled with wider proliferation of EVs across the U.S. has majorly driven the demand for advanced lightning products in recent years. As device innovation continues unabated and EVs start gaining mainstream acceptance, consumption of lithium-ion and other specialty battery technologies is expected to surge further over the coming decade.

Global expansion: To cater to the growing demand, key lightning product manufacturers are ramping up their presence across major markets worldwide. While still holding the largest market share, the US is witnessing stiff competition from rapidly expanding Asia Pacific and European markets. Manufacturers are investing heavily in scaling up global production and supply chain capabilities.

Market key trends

One of the key trends gain traction in the U.S. Lightning Product Market Size is the rising popularity of lithium-ion batteries incorporating graphene and silicon as anode materials. While previous generation lithium-ion cells using graphite anodes have served the industry well for decades, there is a growing push to develop ‘beyond lithium-ion’ technologies for applications requiring higher energy densities and faster charging speeds. Battaries utilizing graphene and silicon promise significantly improved storage capacities and power delivery. Leading manufacturers are actively investing in R&D and commercialization of such advanced chemistries.

Porter’s Analysis

Threat of new entrants: High costs of establishing manufacturing plants and retail channels pose a barrier to entry.

Bargaining power of buyers: Large buyers such as automakers have significant bargaining power to negotiate discounts and better terms of sales.

Bargaining power of suppliers: Relatively few suppliers of raw materials like lithium, cobalt, and nickel can exert pressure on pricing.

Threat of new substitutes: Continued investment in renewable energy and energy storage technology may lead to new substitutes.

Competitive rivalry: Fierce competition exists between technological giants over research and development of advanced batteries.

Geographical Regions
The U.S. market accounts for over 35% of the global market value led by high demand from electric vehicles and energy storage systems industries. California alone contributes to 15-20% of the U.S. market due to supportive policies and presence of major automakers and technology companies.

The Asia Pacific region is growing at the fastest pace over 20-25% driven by government incentives and initiatives in countries such as China, Japan, and South Korea to adoption of clean technologies. China dominates over 45% of the worldwide production of lithium-ion batteries and increasing domestic electric vehicle sales are driving the APAC market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it