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The battery industry has been experiencing the most disruptive journey in the past few years due to the supply chain crisis. The current battery production in the USA is struggling to keep up with the rising demand. In addition to the lack of manufacturing of Li-ion batteries in North America, there is also a shortage of cathode and anode materials, for which, the USA is solely dependent on producers located overseas.
The sudden outburst of the pandemic in 2020 further dampened the market. As a result of that, there was an enormous decline in the demand for batteries across industries. Overall, the battery market witnessed a significant decline of -6%+ in 2020. However, the industry began rebounding in the year 2021 with the recovering demand from the defense and telecom industries and the restart of aircraft deliveries. Furthermore, an incessant shift from traditional lead-acid batteries to lithium-ion batteries and the declining cost of the latter is likely to drive market growth in the years to come. Overall, the battery market is likely to rebound at a promising CAGR of 3.2% in the long run to reach US$ 8.7 Billion in 2027.
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