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 growing environmental concerns and increasing greenhouse gas emissions, various governments are taking steps to phase out the use of fossil fuel-powered vehicles in the transportation sector. The automotive industry is witnessing a shift 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 by 2040, 2040, and 2030, respectively. China is also leading the charge with initiatives such as subsidies for EVs and restrictions on new diesel and petrol car ownership. These measures are expected to significantly boost the demand for lithium-ion batteries, a critical component of EVs, in the global market. 

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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)
  • 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
  • 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 encompasses various technologies such as solid-state batteries, flow batteries, and fuel cells, with ongoing research in battery swapping, wireless charging, and advanced battery management systems. Challenges like battery degradation, aging, calibration, monitoring, diagnostics, prognostics, modeling, simulation, optimization, standardization, regulation, safety standards, recycling technologies, second life applications, market trends, innovation, patents, intellectual property, industry landscape, and supply chain are key focus areas for industry players.

Market Research Overview

The Lithium-Ion Battery Market is a significant segment within the larger renewable energy ecosystem. Key players in this market include manufacturers of battery management systems, cell chemistry, cathode materials, and charging infrastructure. The market's expansion is driven by the increasing demand for energy storage solutions to support the growing renewable electricity sector. Renewable energy policies and ambitious targets have boosted the adoption of solar, wind, and other renewable energy sources, necessitating advanced battery technology to store and distribute excess energy. Factors such as high charge and discharge rates, energy density, and raw material availability are critical considerations for market growth. The global renewable electricity market, encompassing independent power producers, gas and power marketing specialists, integrated energy merchants, and renewable electricity manufacturers, is projected to experience robust growth due to these factors.. 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/