WASHINGTON, February 5, 2024 / PRNewswire / – Independent analytical and research firm EBP US has published a new report estimating that the American battery industry drives around $8.1 trillion worth of domestic industrial output annually, accounting for approximately 20% of the US economy.
“Batteries are a very small component of a much larger product, but they are still an essential component,” writes EBP.
In its new report “Battery-Powered Economy: Domestic and Supported Canadian Activities,” EBP used data from 2021 to identify both direct and indirect economic activities. The company analyzed 544 different sectors in an economic model encompassing goods and services sectors.
“The battery manufacturing industry is a hidden engine of economic growth for communities across the North American continent,” said Roger Miksad, President and CEO of Battery Council International (BCI), the leading industry organization for the battery industry. BCI sponsored the report in collaboration with EBP. “Cars and trucks, data centers, forklifts, renewable energy storage, and many other sectors rely on batteries every day to provide the necessary power that drives the modern economy.”
In addition to the immense overall economic impact of $8.1 trillion annually, EBP also presented the following details:
- 48.0 million jobs in the US are related to or dependent on the battery industry.
- An annual domestic production demand of $7.5 billion for energy storage solutions can be attributed to government and defense spending.
- Net sales of $7.1 billion are generated annually for wholesalers/retailers.
- The industry purchases domestically produced batteries worth $12.2 billion for daily operational use.
The full study on the economic impact of the American battery industry can be found on the website batterycouncil.org/resource/us-battery-industry-economic-impact-report/
For press inquiries or details about this economic study, please contact [email protected].
About EBP
EBP US is an independent firm headquartered in Boston that provides modern economic analysis and research services to support planning and policy. Founded in 1996, EBP offers economic expertise, tools, and analysis to help clients make better decisions regarding policy, programs, and investments in the transportation, energy, environment, and economic development sectors. More information can be found at www.ebp-us.com.
About Battery Council International (BCI)
Battery Council International (BCI), the leading battery industry association, will celebrate its 100th anniversary on March 21, 2024, and is the primary authority in energy storage solutions. BCI works on behalf of battery manufacturers and recyclers, sellers and retailers, raw material suppliers and equipment providers, and battery distributors. Speaking with one voice, BCI conveys the industry’s message about a commitment to sustainability, safety, and science. The organization continues to unite industry members to effectively communicate and protect the most successful circular economy in the world through education, research, and lobbying efforts. In the US, 99% of used lead batteries are collected and recycled, with a typical new lead battery containing 80% or more recycled materials. BCI supports the pursuit of similar sustainable development goals for all other battery chemistries. More information can be found at www.batterycouncil.org.
SOURCE: Battery Council International
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