Future Lithium-ion battery market 2030

Future Lithium-ion battery market 2030

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Market analysis of lithium-ion batteries

According to a new analysis by Grand View Research, Inc., the global lithium-ion battery market is anticipated to reach USD 182.53 billion by 2030. It is expected to grow at a CAGR of 18.1% between 2022 and 2030. Increasing demand for rechargeable batteries in consumer electronics and an increase in electric cars are anticipated to drive substantial market expansion over the forecast period. 

The market is expected to be caused by the increased sales of electric vehicles and the growth of the renewable energy industry. In the coming years, the advent of integrated charging stations, green power production capabilities, mobility providers, battery makers, and energy suppliers is expected to promote market growth.

Lithium-ion Battery Market Segmentation

Grand View Research has classified the global lithium-ion battery market by product, application, and geography:

The market is categorized into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate, and Lithium Nickel Manganese Cobalt-based on the Product Insights (LMC).

In 2021, the LCO segment accounted for the most significant revenue share, over 30%. The rising demand for LCO batteries in mobile phones, tablets, laptops, and cameras due to their high energy density and high level of safety is anticipated to drive market expansion over the forecast period.

Increasing demand for NCA due to its high specific energy, specific power, and extended lifespan is anticipated to drive market expansion over the forecast period. NCA is utilized in electric vehicles, medical equipment, and industrial applications.

The market is categorized based on Application Insights into Automotive, Consumer Electronics, Industrial, Energy Storage Systems, and Medical Devices.

In 2021, the consumer electronics market held the most significant revenue share, exceeding 40 percent—the incorporation of portable batteries into portable devices and consumer electronics items.

Lithium-ion batteries also provide backup power for commercial buildings, data centers, and organizations. In addition, lithium-ion batteries are chosen for home solar PV energy storage. During the forecast period, these factors will boost the expansion of the energy storage systems application sector.

About Grand View Research

Grand View Research, market research and consulting firm established in the United States, offers syndicated and bespoke research reports and services in addition to its consulting offerings. The company has its headquarters in San Francisco, California, and is registered in the state of California.

 It has over 425 analysts and consultants working for it, and each year it adds more than 1200 market research reports to its extensive database. These papers extensively research 46 industries across 25 of the world’s most significant countries.

 Grand View Research assists Fortune 500 organizations and renowned academic institutes in comprehending the worldwide and regional business environment and estimating the prospects yet to come by utilizing an interactive market intelligence platform.

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