U.S. Storage Battery Market. Analysis And Forecast to 2025
Growth of U.S. Storage Battery Imports Softened in the Recent Years, but Significant Trade Deficit Remains
The U.S. ranks second globally in storage battery imports with a 13% share (based on USD), following China (18%). In 2015, U.S. storage battery imports totaled 4,759 million USD, which was 109 million USD (+2%) more than the year before.
From 2007 to 2015, U.S. storage battery imports showed steady growth, except a one-year drop in 2009. In 2010, U.S. storage battery importers overcame the pre-recession imports level achieved in 2007 and continued to grow. However, in 2014-2015, growth of imports tends to decelerate, going generally in line with the U.S. economy dynamics. Overall, there was an annual increase of +7.1% throughout the analysed period.
The U.S. continues to be one of the biggest markets for global exporters. Moreover, imports provide around 55% of U.S. storage battery consumption.
China and Japan were the main suppliers of storage battery market into the U.S., with a combined 60% share of total U.S. imports in 2015. However, the fastest growing suppliers were the Republic of Korea (+15.6% per year) and Japan (+10.8% per year) from 2007 to 2015. Japan strengthened its position in U.S. imports, from 20% in 2007 to 27% in 2015. By contrast, China saw its share reduced from 36% to 33%.
From 2007 to 2015, the U.S. was a net importer of storage battery market. However, exports grew faster than imports on average over the period under review.
The U.S. trade deficit in this sector worsened over the period under review, growing from 1,442 million USD in 2007 to 1,627 million USD in 2014. The trade deficit boosted in 2012 and fluctuated slightly in the recent years.
Source: IndexBox AI Platform
This report provides an in-depth analysis of the storage battery market in the U.S.. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2025.
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