In a groundbreaking report, economic analysis and research firm EBP US reveals the influential role played by the U.S. battery industry, contributing an impressive $8.1 trillion to the domestic industrial economic output annually. This astonishing figure accounts for approximately 20% of the entire U.S. economy, showcasing the pivotal role batteries play in powering various sectors.
Diving into the intricacies of the report titled “The Battery Fueled Economy: US Domestic and Supported Canadian Activity,” EBP utilized data up to 2021 to meticulously examine both direct and downstream economic activities. The analysis encompassed 544 different sectors across goods and services, emphasizing the widespread impact of the battery industry.
Highlighting the significance of batteries, EBP notes, “Batteries are a very small component of a much bigger product, but they are still a necessary component.”
President and Executive Director of Battery Council International (BCI), Roger Miksad, emphasized the hidden economic engine that is the battery manufacturing industry. BCI, the leading trade association for the battery industry, sponsored the report in collaboration with EBP. Miksad emphasized, “Cars and trucks, data centers, forklifts, renewable energy storage, and more rely on batteries every day to provide the essential energy that powers the modern economy.”
In addition to the staggering $8.1 trillion annual economic impact, EBP provided detailed insights:
- The battery industry supports a staggering 48.0 million jobs in the United States.
- Government and defense spending contributes to $7.5 billion in annual demand for domestically produced energy storage solutions.
- Wholesale and retail outlets benefit from $7.1 billion in net sales annually.
- Industries contribute $12.2 billion by purchasing domestically produced storage batteries for day-to-day operations.
