Lithium-ion battery market knows the industry will achieve huge profits by 2031 - World Today News

Lithium-ion battery market knows the industry will achieve huge profits by 2031 – World Today News

Li-ion battery market

The lithium-ion battery market will grow at an impressive 14% per year until 2030; Decrease in car sales due to the outbreak of COVID-19, which affected the growth of the market

NEW YORK, NEW YORK, USA, September 16, 2022 / — The rapidly growing electric vehicle (EV) fleet is one of the most important drivers of the lithium-ion battery market. The automotive industry is seeing a marked shift from nickel-metal batteries to “lithium ion batteries” in plug-in and electric vehicles.

The advantageous physical characteristics of lithium ion batteries, such as small size and light weight, have increased demand for them in the automotive industry.

The global lithium-ion battery market is estimated to grow at a CAGR of 14% per annum in value over the next decade and reach a valuation of US$4,127 billion by 2030.

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Key Findings from the Lithium-Ion Battery Market Research

Increasing growth in the automotive industry in developing countries has led to a significant increase in demand for lithium-ion batteries in developing countries in the Asia-Pacific region such as India and China. In addition, South Korea, which is one of the world’s leading lithium battery producing countries, is expected to become a lucrative market for lithium-ion battery manufacturers in the coming decade.

In recent years, lithium ion batteries have become widespread in widely used portable electronic equipment such as smartphones, tablets/PCs, digital cameras, and power tools. Due to its superior performance compared to other battery technologies, especially when space is a big issue, Lithium-Ion batteries enjoy strong demand from consumer electronics manufacturers.

Asian manufacturers are currently investing in additional and new production facilities near the main demand centers, i.e. in Asia, USA and Europe. This is expected to open up new customer service opportunities in these regions.

The COVID-19 pandemic has greatly impacted all industries, including the lithium ion battery market. A sharp drop in car sales and problems with the purchase of raw materials due to various restrictions will affect the growth of the market in the near term.

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“Against the backdrop of potential growth in sales, leading manufacturers in the lithium-ion battery market are focusing on lowering prices to compete. In addition to this, the use of innovative materials for the production of lithium-ion batteries in order to reduce production costs is becoming a popular trend among manufacturers,” says the PMR analyst.

The market landscape is moving towards consolidation

The global lithium-ion battery market is moderately consolidated, with Tier 1 manufacturers accounting for about half of the market share. Some of the key manufacturers included in the report are Panasonic Corporation, LG Chem, Samsung SDI Co. Ltd. and Contemporary Amperex Technology Co. Ltd.

Manufacturers are looking to gain additional market share in the lithium-ion battery market through strategic expansion, acquisitions and innovation. Manufacturers are also focused on finding additional sales channels and distribution partners to meet the demand and requirements of customers around the world.

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Li-Ion Battery Market: Conclusion

Lithium-ion batteries have gained popularity among automakers, especially electric vehicle manufacturers, as an effective alternative to other batteries. With the increase in the production of electric vehicles and plug-in vehicles around the world, global demand for lithium-ion batteries is expected to rise sharply in the next decade.

In addition, with the introduction of next-generation energy storage technologies, manufacturers are looking to introduce more lithium-ion batteries with extended life and improved energy storage efficiency. Therefore, the increasing use of lithium-ion batteries in most consumer electronic products, including smartphones, tablets, and wearable devices, is driving the growth of the global lithium-ion battery market.

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