Latest News- Lithium-Ion Battery Market: Lithium nickel manganese cobalt is expected to lead the Type segment during 2025-2029

The Lithium-Ion Battery Market is being driven by Augmented demand from consumer electronics

The Lithium-Ion Battery Market is expected to grow at a CAGR of 34.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 405.1 billion. In response to escalating environmental concerns and rising greenhouse gas emissions, various governments are taking decisive actions to transition away from fossil fuel-powered vehicles in the transportation sector. The automotive industry is witnessing a significant push towards electric vehicles (EVs) as a viable alternative. Notable examples include France, the UK, and the Netherlands, which have set targets to ban the sale of diesel vehicles and promote EV adoption by 2040, 2040, and 2030, respectively. China, a global leader in automotive manufacturing, is also spearheading initiatives to boost EV sales through subsidies and restrictions on new diesel and petrol car registrations. These policies are expected to drive market growth for lithium-ion batteries, a critical component in the production of EVs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Lithium nickel manganese cobalt
  • Lithium titanate
  • Lithium iron phosphate
  • Lithium cobalt oxide
• Application
  • Automotive
  • Consumer electronics
  • Others
• Voltage
  • Low (Below 12V)
  • Medium (12V - 36V)
  • High (Above 36V)
• Capacity
  • Below 3,000 mAh
  • 3,001-10,000 mAh
  • 10,001-60,000 mAh
  • Above 60,000 mAh
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Sweden
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Augmented demand from consumer electronics
• Increased shipments of smart wearables
• Battery energy storage to address erratic nature of renewables

However, the market also witnesses some limitations, which are as follows:

• Growing popularity of fuel cell solutions
• Widening demand-supply gap with regard to lithium
• Restrictions on transporting lithium-ion batteries by air

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Market Scope in Lithium-Ion Battery Market Research Report

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Research Analysis Overview

The Lithium-ion battery market is experiencing significant growth, driven by the increasing sales of electric vehicles (EVs) in the automobile sector and the demand for power sources in the EV industry and renewable energy sector. Major market players are focusing on strategic collaborations, mergers, and the development of high-conductivity graphite-based lithium-ion batteries to meet the rising demand. Cobalt and lithium are essential components, but supply chain disruptions pose challenges. The market caters to various sectors, including consumer electronics for small-sized devices, power tools, and commercial markets. Features such as combination of lithium insertion materials like graphite, LiCoO2, and fundamental operation of lithium-ion batteries make them popular power sources for electronic devices like laptops and mobile phones.

Market Research Overview

The Lithium-ion battery market plays a pivotal role in powering the electric vehicle (EV) industry and consumer electronics, as well as supporting the renewable energy sector. Key components of Lithium-ion batteries, including Lithium and Cobalt, are in high demand due to the increasing sales of EVs. In the automobile sector, the shift towards sustainable transportation is driving market growth. The global renewable electricity market, encompassing companies involved in generation, distribution, and equipment manufacturing, is experiencing significant expansion. Factors fueling this growth include supportive policies and targets for renewable power deployment.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/