Huge Growth And Opportunities in Lithium-ion Battery Market Till 2030

 

Lithium-ion Battery Industry Overview

The global lithium-ion battery market size was estimated at USD 54.4 billion in 2023 and is projected to register a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. 

Automotive sector is expected to witness significant growth owing to the low cost of lithium-ion batteries. Global registration of electric vehicles (EVs) is anticipated to increase significantly over the forecast period. The U.S. emerged as the largest market in North America in 2023. Increasing EV sales in the country owing to supportive federal policies coupled with the presence of several players in the U.S. market are expected to drive product demand. Federal policies include the American Recovery and Reinvestment Act of 2009, which established tax credits for purchasing electric vehicles.

Gather more insights about the market drivers, restrains and growth of the Lithium-ion Battery Market

New Corporate Average Fuel Economy (CAFE) standards mandated fuel economy standards for passenger cars and Light Commercial Vehicles (LCVs) resulting in the expansion of electric drive technologies. Increasing product demand in smartphones owing to their extended shelf life and enhanced efficiency is expected to drive market growth. The increasing demand for EVs owing to growing consumer awareness about carbon emissions is expected to fuel market growth. A decline in the demand for lead-acid batteries, owing to EPA regulations on lead contamination and resulting environmental hazards coupled with regulations on lead-acid battery storage, disposal, and recycling, has led to an increase in the demand for Li-ion batteries in automobiles. Mexico has been a center of the global automotive industry as companies worldwide are eyeing to invest here.

Mexico is the fourth-largest exporter in automotive industry, after Germany, Japan, and South Korea. Growing automobile production in the country is anticipated to drive product demand. The COVID-19 pandemic has been a major restraint to market growth owing to several factors including reduced operational cost by end-users, coupled with disruption in the availability of spare parts due to sluggish manufacturing activities and logistics issues. Battery providers have taken subsequent steps to ensure efficient services to end-users that have signed long-term contracts with them. Vendors are opting for digital tools and are following prescribed preventative measures including social distancing norms and the use of protective kits in case of an on-site inspection and repair services required by end-users on a case-to-case basis.

Lithium-ion Battery Market Segmentation

Grand View Research has segmented the global lithium-ion battery market report based on product, application and region:

Product Outlook (Volume, GWh; Revenue, USD Billion, 2018 - 2030)

·         Lithium Cobalt Oxide (LCO)

·         Lithium Iron Phosphate (LFP)

·         Lithium Nickel Cobalt Aluminum Oxide (NCA)

·         Lithium Manganese Oxide (LMO)

·         Lithium Titanate

·         Lithium Nickel Manganese Cobalt (LMC)

Application Outlook (Volume, GWh; Revenue, USD Billion, 2018 - 2030)

·         Automotive

·         Consumer Electronics

·         Industrial

·         Energy Storage Systems

·         Medical Devices

Regional Outlook (Volume, GWh; Revenue, USD Billion, 2018 - 2030)

North America

·         US

·         Canada

·         Mexico

Europe

·         Russia

·         Spain

·         France

·         UK

·         Germany

·         Italy

Asia Pacific

·         China

·         India

·         Japan

·         South Korea

·         Australia

Central & South America

·         Brazil

·         Paraguay

·         Columbia

Middle East & Africa

·         South Africa

·         UAE

·         Egypt

·         Saudi Arabia

Browse through Grand View Research's Conventional Energy Industry Research Reports.

The global shore power market size was estimated at USD 2.0 billion in 2023 and is expected to grow at a CAGR of 10.4% from 2024 to 2030. 

The global gas turbine market size was estimated at USD 10.19 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 4.0% from 2024 to 2030.

Key Companies & Market Share Insights

The industry is extremely competitive with key participants involved in R&D and constant product innovation. Key manufactures include Samsung, BYD, LG Chem, Johnson Controls, Exide, and Saft. Several companies are engaged in new product development to improve their global market share. For instance, BYD and Panasonic hold a strong position on account of its increased manufacturing capacities and large distribution network.

·         Key Lithium-ion Battery Companies:

·         BYD Co., Ltd.

·         A123 Systems LLC

·         Hitachi, Ltd.

·         Johnson Controls

·         LG Chem

·         Panasonic Corp.

·         Saft

·         Samsung SDI Co., Ltd.

·         Toshiba Corp.

·         GS Yuasa International Ltd.

Order a free sample PDF of the Lithium-ion Battery Market Intelligence Study, published by Grand View Research.

 

Comments

Post a Comment

Popular posts from this blog

Industry Outlook of Fuel Cell Market 2023 Trends to 2030

  Fuel Cell Industry Overview The global fuel cell market size was estimated at USD 7.35 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2024 to 2030. Increasing demand for unconventional energy sources is one of the key factors driving the growth. Growing private-public partnerships and reduced environmental impact are expected to propel the demand. Governments across the globe are anticipated to supplement the developments by offering support in different forms, including funding R&D activities and funding suitable financing programs. Building a robust regulatory framework is vital as government enterprises need to provide an environment that is favorable for investment. Gather more insights about the market drivers, restrains and growth of the  Fuel Cell Market Most of the U.S. states, such as California and New York, have set mandates to limit the carbon emissions from commercial and industrial end users in the countr...
Read more

Sports Analytics Market Growing Stupendously

  Sports Analytics Industry Overview The global sports analytics market size was estimated to be USD 3.52 billion in 2023 and is projected to grow at a CAGR of 21.5% from 2024 to 2030. The market growth can be attributed to the growing significance of analytics solutions for analyzing team performance, tracking individual players, monitoring injuries, and optimizing training programs. The market is further expanding due to the increasing number of sports leagues as well as national and international sports events across the globe. Gather more insights about the market drivers, restrains and growth of the  Sports Analytics Market The proliferation of wearable technology and sensors has enabled the real-time tracking of athletes, providing a large volume of data on their movements, physiological metrics, and overall performance. This granular information not only aids coaches and sports scientists in optimizing training regimens but also assists teams in making informed de...
Read more

New Tools and Technology Development will drive Private 5G Network Market in coming years

  Private 5G Network Industry Overview The global private 5G network market size was estimated at USD 2.00 billion in 2023 and is expected to grow at a CAGR of 54.1% from 2024 to 2030. Private 5G networks offer businesses and governments dedicated, secure, and high-performance connectivity. This allows them to connect to more devices, improve automation, and deliver better customer experiences. These benefits are driving the adoption of private 5G networks in various industries, including smart cities that rely on private 5G for applications such as traffic management and security, among others. Gather more insights about the market drivers, restrains and growth of the Private 5G Network Market Cellular technology, in the form of private 5G networks, is being used by businesses, organizations, and local governments across various industries. These industries include manufacturing, utilities, transportation, logistics, retail, agriculture, and those involved in smart city in...
Read more