Views: 0 Author: Site Editor Publish Time: 2023-08-18 Origin: Site
The global lithium-ion battery market size was estimated at USD 69.45 billion in 2022 and is expected to surpass around USD 278.27 billion by 2030 with a registered CAGR of 18.9% from 2022 to 2030.The Asia-Pacific lithium-ion battery market size will reach at USD 52.65 billion by 2024.
The lithium-ion battery is widely used in the electronics and automobiles due to their efficiency and effectiveness. The lithium-ion battery can also be charged after certain period of time. The growing adoption of electric vehicles is driving the growth of the global lithium-ion battery market over the projected period.
The lithium-ion battery has higher energy density and long shelf life, which can be easily utilized in the vehicles and automobiles. One of the key factors driving the growth of the global lithium-ion battery market is growing consumer spending on consumer electronics. Moreover, due to high cost of fossil fuels and gasolines, the people have started adopting electric vehicles on a large scale. This factor is supporting the growth of the global lithium-ion battery market.
Another factor boosting the expansion of the lithium-ion battery market is the growing renewable energy sector. The government is constantly investing in energy and infrastructural development projects which are contributing towards the lithium-ion battery market growth and development. Most of the major market players are collaborating with government agencies for the expansion of the lithium-ion battery market.
The lithium-ion battery provides wide range of benefits such as low cost and long shelf life is paving new opportunities for the lithium-ion battery market growth. The growing adoption of consumer electronics is also driving the market growth. The need and requirement for lithium-ion battery in industrial products is increasing the demand for lithium-ion battery in the global market.
In addition, the technological advancements and adoption of innovative technological products is propelling the lithium-ion battery market expansion. The key market players are focusing on the launch of products and lithium-ion batteries that can be used for long duration of time. This will help to increase the demand for electric vehicles in the global market during the forecast period. Furthermore, the stringent government regulations regarding the use of fuels and gasoline-based vehicles are supporting the growth of the global lithium-ion battery market.
The impact of the COVID-19 pandemic on the growth of the global lithium-ion battery market was quite negative. The supply chain disruption and halt of manufacturing and production units had negative outlook on the global lithium-ion battery market growth. In addition, the automobile sector saw decline in the sales of vehicles and consumer electronics. This had directly impacted the expansion and development of the lithium-ion battery market during 2020.
Moreover, the government of established and emerging nations is providing tax rebates and subsidies for the installation of manufacturing plants of lithium-ion battery globally. This factor is driving the lithium-ion battery market growth during the forecast period. Furthermore, the stringent government regulations regarding carbon and greenhouse gases emissions as well as pollution is providing growth prospects for the lithium-ion battery market growth.
To gain a competitive advantage, the major market players are concentrating on strategic collaborations. The key market players are adopting strategies such as merger, acquisition, partnership, and joint venture to create their image in the lithium-ion battery market. These strategies are also helping to improve the production efficiency and lowering overall battery prices in order to create a dominant position in the lithium-ion battery market. For this, government are also supporting on the large scale.