New report: U.S. battery industry powers $8.1 trillion in economic output, 48 million jobs

EBP study in partnership with BCI shows huge downstream impact of energy storage industry

WASHINGTON, Feb. 5, 2024 /PRNewswire/ -- Independent economic analysis and research firm EBP US has released a new report that estimates the U.S. battery industry powers roughly $8.1 trillion worth of domestic industrial economic output annually, or roughly 20% of the U.S. economy.

"Batteries are a very small component of a much bigger product, but they are still a necessary component," EBP writes.

In its new report, "The Battery Fueled Economy: US Domestic and Supported Canadian Activity," EBP used data from as recently as 2021 to identify both direct and downstream economic activity. The firm looked at each of 544 different sectors within an economic model that spanned both goods and services sectors.

"The battery manufacturing industry is a hidden engine of economic growth for communities all across North America," said Roger Miksad, President and Executive Director of Battery Council International (BCI), the leading trade association for the battery industry. BCI sponsored the report in partnership with EBP. "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 massive overall economic impact of $8.1 trillion annually, EBP also outlined the following details:

• 48.0 million U.S. jobs are related to or reliant on the battery industry
• $7.5 billion in annual demand for domestically produced energy storage solutions can be attributed to government and defense spending
• $7.1 billion in net sales are created for wholesale/retail outlets annually
• $12.2 billion worth of domestically produced storage batteries are purchased by industries for use in day-to-day operations

The full study on the economic impact of the U.S. battery industry can be found at batterycouncil.org/resource/us-battery-industry-economic-impact-report/

For press inquiries or more detail on this economic study, please contact media@batterycouncil.org. 

About EBP

EBP US is an independent firm based in Boston that provides state-of-the-art economic analysis and research to support planning and policy. Founded in 1996, EBP provides economic expertise, tools, and analysis to help clients make better decisions on policies, programs, and investments in the transportation, energy, environment, and economic development sectors. For more information, visit www.ebp-us.com

About Battery Council International (BCI)

Celebrating its 100th anniversary on March 21, 2024, Battery Council International (BCI) is the leading trade association representing the global battery industry and is the premier authority on energy storage solutions. BCI advocates and educates on behalf of battery manufacturers and recyclers, marketers and retailers, suppliers of raw materials and equipment, and battery distributors. With a unified voice, BCI conveys an industry-wide commitment to sustainability, safety and science. The organization continues to unite members within the industry to successfully communicate and protect through education, science and advocacy efforts the most successful circular economy on the planet. With 99% of used lead batteries collected and recycled in the U.S. and the typical new lead battery containing 80% or more of recycled materials, BCI supports the path toward similar sustainability goals for all other battery chemistries. For more information, visit www.batterycouncil.org.

SOURCE Battery Council International