Lithium-ion Battery market Revenue is estimated to exceed US$ 189.4 billion by 2032
WILMINGTON, DELAWARE, UNITED STATES, January 29, 2024 /EINPresswire.com/ --
According to a recent report published by Allied Market Research, the global lithium-ion battery market is expected to exhibit an outstanding CAGR of 15.2% from 2023 to 2032.
In the last few years, there has been a huge increase in the lithium-ion battery market, driven by the increasing product demand for portable electronic devices, due to their longer shelf life and advanced performance. In addition, rising demand for electric vehicles (EVs) and renewable energy storage systems, due to developing consumer focus on a reduction in global carbon dioxide emissions is predicted to witness upward growth.
Request Sample Pages: https://www.alliedmarketresearch.com/request-sample/1380
APAC region is a key player in the global lithium-ion battery market, due to the rise in demand for electric vehicles (EVs) in countries such as China, Japan, and South Korea.
Major Companies
BYD Co., Ltd., A123 Systems, LLC, Hitachi, Ltd., CATL, LG Chem, Panasonic Corp., Saft, Samsung SDI Co., Ltd., Toshiba Corp., and GS Yuasa corporation.
A lithium-ion (Li-ion) battery is a type of rechargeable battery that uses lithium ions to store and release electrical energy. Li-ion batteries have become the dominant technology for portable electronics, electric vehicles (EVs), and many other applications due to their high energy density, relatively low self-discharge rates, and ability to be recharged multiple times. They are used in a wide range of devices, from smartphones and laptops to power grids and renewable energy storage systems.
The global lithium-ion battery market is witnessing robust growth, pushed through growing demand for consumer electronics, electric powered vehicles, and renewable electrical energy storage.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/1380
Furthermore, the drop in demand for lead-acid batteries because of Environmental Protection Agency (EPA) guidelines on lead pollution and the following environmental hazards and storage, disposal, and recycling of lead-acid batteries has brought about a rise in demand for Li-ion batteries in automobiles.
On the other hand, Mexico has been a first-rate recognition for the global automotive industry as companies from all over the world are making investments in the country. It is the fourth biggest exporter in the automotive industry, after Germany, Japan, and South Korea. The growing vehicle manufacturing in the country is anticipated to increase the demand for lithium-ion battery products.
Growing sales of electric vehicles to control climate change-
Electric vehicles have a lower climate impact compared to internal combustion engines. Governments worldwide are moving towards greener and pollution-free mobility as passenger and commercial vehicles are changing the future traffic trends, which is sure to boost the growth of the lithium-ion battery market. Electric vehicle companies like Tesla pioneered the use of these batteries in cars. Europe has strict emission regulations & norms and implemented large public e-mobility projects. In addition, the growing acceptance of lithium-ion battery devices in the health & medical sector is also supporting the growth of the industry.
Portable electronic devices to fuel the market growth-
Lithium-ion batteries are generally used in electronic devices such as laptops, smartphones, digital watches, clocks, and remote controls. Sales of consumer electronics are highly dependent on the population and spendable income of a country. Nowadays, rising spendable incomes in India have led to rising living requirements, which has boosted demand for consumer electronics.
Get a Customized Research Report: https://www.alliedmarketresearch.com/request-for-customization/1380
Lithium-ion battery technology offers greater desirable energy density in Joules of energy per kilogram than previous battery technology such as nickel-metal hydride (NiMH) and nickel-cadmium (NiCd). Lithium-ion cell's self-discharge rate is much lower than other rechargeable cells which have won popularity. Therefore, the supply of smaller batteries that retain a better charge became important for electronic device's energy requirements.
In recent years, the accessibility of the Internet at a considerably low price has increased smartphone penetration in India. With fast and cheap mobile data speeds and the second-largest population in the world, India has lots to provide within the smartphone business. Most Indians use smartphones to connect with the Internet, developing a huge market for various mobile phone producers. About 29.60 million smartphones were shipped in India in the last quarter of 2022.
As per the growing demand for lithium-ion batteries, the prominent players in the market such as Toshiba Corporation., Saft Group S.A., SAMSUNG SDI CO., LTD., BYD Company, and A123 Systems LLC are investing heavily in establishing distribution network and supply chain, research and development to improve battery performance, and collaborative partnerships to dominate their position in the global market. For instance, In September 2021, Sojitz Corporation, Toshiba Corporation, and CBMM signed a joint development agreement (JDA) to capitalize next-generation lithium-ion batteries using niobium-titanium oxide as the anode material.
Buy This Report (444 Pages PDF with Insights, Charts, Tables, and Figures): https://bit.ly/3IA5cHw
Another significant development in May 2021, the commercial motor vehicle manufacturer (CMV) Daimler Truck AG and lithium-ion battery manufacturer CATL have expanded their existing partnership based on a shared vision of CO2-neutral electric transportation. CATL will supply lithium-ion batteries for the Mercedes-Benz eActros Longhaul battery-electric vehicle, which will be ready for series production in 2024.
Trending Reports in Energy and Power Industry:
Zinc-Air Battery Market
https://www.alliedmarketresearch.com/zinc-air-battery-market
Thin Film Battery Market
Golf Cart Battery Market
Electric Scooter Battery Market
Lithium-Ion Battery Recycling Market
Solar Battery Market
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Analytics LLP
+ +1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn
