One of the leading consulting, data analytics, and market research firm, Markntel Advisors, published a recent report titled, “Global Lithium-ion Battery Market Research Report: Forecast (2024-2030).” The market is estimated to grow significantly in the coming years. The prominent factor that facilitates industry expansion is the utilization of Li-ion Batteries in electric and hybrid vehicles across the globe. Top leading market companies are inclined towards investing in the production of mobility solutions that are not just sustainable but also ultra-modern in their techniques. So to become carbon neutral, the companies are producing more electric vehicles. As li-ion plays a crucial role in electric and plug-in vehicles, this ultimately augments the incredible demand for Lithium-ion batteries.
What is the Future Market Size of the Global Lithium-ion Battery Industry and its Yearly Growth Rate?
The Global Lithium-ion Battery Market size was valued at USD 62 Billion in 2023 and is projected to reach USD 172 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 15.5% during the forecast period, i.e., 2024-30. The estimated growth of the market is driven by the rapidly growing renewable energy sector coupled with the large-scale incorporation of these batteries in several new applications has instigated investors to bring their focus to R&D and make a substantial investment toward the advancements.
Who are the Main Competitors Driving the Global Lithium-ion Battery Market Forward?
Major companies operating in the industry are Samsung SDI, LG Chem Ltd., Hitachi Chemical Co., Ltd., Johnson Controls International PLC, Panasonic Corporation, Tesla Inc., BYD Company, A124 Systems, LLC, GS Yuasa Corporation Ltd., Saft, Yinlong Energy China Ltd., Toshiba Corporation, EnerDel, Inc., VARTA AG, and Others.
What Challenges Are Impacting the Growth of the Global Lithium-ion Battery Industry Size?
The rising concerns about used batteries are expected to hamper the growth of the lithium-ion battery industry. This is because consumed batteries contain dangerous chemicals, such as acids and heavy metals, including mercury and lead, which can cause chemical reactions that burn the skin or damage internal organs. Additionally, it is equally important to keep a Class D extinguisher and sand nearby as a precautionary measure in the case of a fire. These are the significant reasons; the manufacturers need to work on lithium-ion battery technology.
What is the Segmentation of the Global Lithium-ion Battery Market?
The Global Lithium-ion Battery market covered in this report is segmented –
- By Type: Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, Lithium Titanate Oxide, Lithium Sulfur, and Others
- By End-User: Automotive, Consumer Electronics, Industrial, Power Grid Stations
- By Region- North America, South America, Europe, The Middle East and Africa, and Asia-Pacific
What is the Lithium-ion Battery Industry Definition?
A Lithium-ion battery, or Li-ion battery, is a rechargeable battery that utilizes the reversible reduction of lithium-ions to store energy. It is the predominant battery type in portable consumer electronics and electric vehicles. Lithium-ion batteries are currently used in most portable consumer electronics, such as cell phones and laptops, owing to their high energy per unit mass relative to other electrical energy storage systems.
Frequently Asked Questions (FAQs)-
- What is the expected CAGR value of the Global Lithium-ion Battery Market during the forecast period?
- What are the trends influencing the current scenario of the Global Lithium-ion Battery market?
- What key factors would propel and impede the industry across the Country?
- How has the industry been evolving in terms of geography & Global Lithium-ion Battery adoption?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
- Which is the Leading Type segment in the Global Lithium-ion Battery market?
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