Comprehensive industry analysis and market share data in the recently released report “Lithium-ion Battery Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2028″ by Renub Research. The report also analyses competitors, geographical areas, and expansion for Lithium-ion Battery Market.
A CAGR of 16% is projected for the lithium-ion battery market between 2024 and 2028.Lithium-ion batteries, renowned for their high energy density and efficiency, play a pivotal role in powering electronic devices, electric vehicles (EVs), and renewable energy systems. Moreover, ongoing breakthroughs in lithium-ion battery tech, crucial for elevating energy density and safety, are propelling market growth and expanding applications, notably in electric vehicles, reinforcing the shift to sustainable transportation. Also, the consumer electronics sector benefits from longer-lasting and more efficient batteries, improving the performance and convenience of devices. In renewable energy storage, advanced lithium-ion batteries are integral to optimizing the utilization of renewable sources, promoting a more sustainable and resilient energy ecosystem.
Likewise, surging demand for electric vehicles (EVs) is reshaping the lithium-ion battery market panorama. As the automobile enterprise accelerates its transition to cleaner, electric-powered mobility, the demand for lithium-ion batteries, with their excessive energy density and efficiency, is skyrocketing. This surge now drives market growth and spurs advancements in battery technology. Manufacturers are scaling manufacturing to satisfy the EV demand, contributing to accelerated innovation and economies of scale, further solidifying lithium-ion batteries as the cornerstone of the swiftly increasing electric vehicle market. So, the Lithium-ion Battery Market is expected to be valued at about US$ 120.65 Billion by 2028.
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Besides, incentives, subsidies, and regulatory support encourage the adoption of clean energy solutions, intensifying the demand for lithium-ion batteries. For instance, in 2023, the global lithium-ion battery market received significant boosts from government initiatives, such as the Biden administration’s $3.2 billion investment in the United States to support domestic manufacturing and China’s policies, including subsidies for battery manufacturers and tax breaks for electric vehicle buyers, fostering development and sustainability. As governments worldwide prioritize decarbonization and sustainability, the market experiences accelerated growth. These initiatives stimulate innovation and research and position lithium-ion batteries as essential components in the global transition towards a more sustainable energy landscape.
Cathodes dominate the lithium-ion battery market due to their pivotal role in enhancing performance and longevity.
Cathodes contribute appreciably to strength density as a vital factor, determining the battery’s overall efficiency and ability. Ongoing research focuses on enhancing cathode substances, such as nickel-rich formulations, to reinforce energy storage and lifespan. Their compatibility with various applications, from consumer electronics to electric cars, solidifies cathodes as the cornerstone, commanding the most considerable market percentage in the dynamic and unexpectedly increasing lithium-ion battery market.
Components – Lithium-ion Battery Market has been covered from four viewpoints.
- Electrolytic Solution
Lithium Manganese Oxide (LMO) is emerging as the fastest-growing segment in the lithium-ion battery market due to its advantageous performance and safety balance.
Lithium Manganese Oxide (LMO) batteries offer excellent stability and thermal resistance, making them ideal for high-demand applications like power tools and medical devices. Their growing popularity stems from the need for dependable, non-flammable energy storage solutions. With advancements in LMO technology, they are poised to play a pivotal role in the future of electric mobility and grid storage, further propelling their rapid market expansion.
Product Type – Lithium-ion Battery Market has been covered from six viewpoints.
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminium Oxide (NCA)
- Lithium Titanate
- Lithium Nickel Manganese Cobalt
Passenger Electric Vehicles (EVs) are positioned to lead the lithium-ion battery market because of the accelerating global shift toward sustainable transportation.
The growing popularity of Passenger Electric Vehicles (EVs) is propelled by advancements in battery technology, improving variety and performance. As governments incentivize EV adoption and automakers invest in electrification, passenger EVs are becoming more reachable and appealing, with ongoing research driving innovation. Lithium-ion batteries’ flexibility and environmental benefits are the number one preference for powering the increasing fleet of Passenger EVs worldwide.
Application – Lithium-ion Battery Market has been covered from five viewpoints.
- Passenger EVs
- Commercial EVs and Electric two/three wheelers
- Stationary Storage
- Consumer Electronics
India is poised to dominate the lithium-ion battery market.
The dedication of India to electric-powered mobility aligns with global sustainability goals, fostering considerable investments in battery technology and manufacturing. With a large patron base and formidable government tasks, India is becoming a key player in the EV market. In a significant move, India released the National Centre for Battery Testing (NCBT) in February 2023 to ensure the quality and safety of domestically synthetic lithium-ion batteries. This cutting-edge facility gives critical testing and certification services. Simultaneously, the Indian government has solid worldwide collaborations through MOUs with international locations like Australia, the UK, and the US, in addition to with groups like Tesla and Panasonic. The drive towards energy independence and a sturdy ecosystem for battery manufacturing position India as a leader, equipped to form the lithium-ion battery market in the coming years.
Countries – Lithium-ion Battery Market has been covered from five viewpoints.
1. North America
1.1 United States
2.5 United Kingdom
2.9 Others in Europe
3.3 South Korea
3.9 Others in Asia-Pacific
4. Middle East and Africa
4.1 Saudi Arabia
4.3 South Africa
4.4 Others in Middle East and Africa
5. Latin America
5.5 Others in Latin America
The top producers of lithium-ion batteries are Exide Technologies, Johnsons Controls Inc., Samsung SDI Company Limited, BYD Company Ltd., and GS Yuasa Corporation.
- Recent Development and Initiatives
- Sales Analysis
Analysis of the companies present in the Lithium-ion Battery Market.
- Exide Technologies
- Johnsons Controls Inc.
- Samsung SDI Company Limited
- BYD Company Ltd.
- GS Yuasa Corporation
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