Lithium-ion Battery Market Expected to Reach US$ 12.66 Bn by 2030: Top Companies and Leather Dominance
Discover a detailed analysis of the Lithium-Ion Battery Market by Kings Market Research, Crucial insights are illuminated through vivid graphs, charts, and figures, empowering astute decision-making. The global lithium-ion battery market was valued at USD 51.57 billion in 2023 and is expected to reach USD 248.66 billion by 2031, expanding at a CAGR of 21.74% between 2024 and 2031.
List of Key Companies in Lithium-ion Battery Market:
Northvolt AB
Tesla
Contemporary Amperex Technology Co., Limited.
LG Energy Solution
SK on Co., Ltd.
SVOLT Energy Technology (Europe) GmbH
BYD Company Ltd.
SAMSUNG SDI CO., LTD.
AESC GROUP LTD.
CALB
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Market Drivers
1. Electric Vehicles (EVs) The EV sector remains a primary driver of lithium-ion battery market growth. With global initiatives aimed at reducing carbon emissions and promoting sustainable transportation, the demand for electric vehicles has soared. Technological advancements in battery optimization have significantly extended the range of EVs, making them more convenient for long-distance travel.
Moreover, the increasing availability of fast-charging infrastructure has facilitated this growth.
According to Kings Research, the electric vehicle market is expected to see substantial growth, which in turn will boost the demand for lithium-ion batteries.
2. Renewable Energy Storage The integration of renewable energy sources like solar and wind power into the grid requires efficient and reliable storage solutions. Lithium-ion batteries offer the flexibility and quick response times needed to store and manage renewable energy effectively.
Governments worldwide are implementing policies and providing financial incentives to accelerate the adoption of renewable energy storage technologies.
3. Consumer Electronics Lithium-ion batteries are pivotal in powering a wide array of consumer electronics, from smartphones to laptops.
The consistent demand for high-performance, portable electronics ensures a steady growth trajectory for the lithium-ion battery market. The portability, energy density, and efficiency of lithium-ion batteries make them ideal for these applications.
Future Outlook:
The future of the lithium-ion battery market looks promising, with continuous advancements in battery technology and increasing applications across various sectors.
As the world shifts towards sustainable energy solutions, lithium-ion batteries will play a crucial role in enabling this transition. The market is poised for robust growth, offering lucrative opportunities for investors and stakeholders in the coming years.
Market Segmentations:
By Type The market is segmented into various types based on battery design and application, including cylindrical, prismatic, and pouch cells. Each type offers distinct advantages in terms of energy density, form factor, and cost, catering to specific industry needs.
By Capacity Lithium-ion batteries are categorized based on their capacity, ranging from small cells used in consumer electronics to large battery packs for EVs and grid storage. The demand for high-capacity batteries is particularly strong in the EV and renewable energy sectors
By Application
The primary applications driving market growth include:
Automotive: Electric vehicles, including hybrid and plug-in hybrid models.
Energy Storage Systems: Renewable energy integration, grid stabilization, and backup power.
Consumer Electronics: Smartphones, laptops, and wearable devices.
Industrial: Applications in heavy machinery, robotics, and uninterrupted power supplies (UPS).
