Dublin, Aug. 11, 2022 (GLOBE NEWSWIRE) -- The "Lithium-Ion Battery Market By Components, By Product Type, By Power Type, By Voltage, By Industry, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global lithium-ion battery market size is expected to reach USD 113.89 Billion in 2030 and register a revenue CAGR of 12.0% during the forecast period. The demand for lithium-ion batteries is increasing owing to their wide adoption in various applications, such as portable electronics, automobiles, and industrial equipment. The automotive industry is estimated to be the fastest-growing application segment during the forecast period. This is attributed to the rising production of electric vehicles (EVs) across the globe.
Lithium-ion is a low-maintenance battery, which does not require regular cycling like lead acid batteries and has a higher energy to weight ratio. This makes it an ideal candidate for use in applications where weight is a key factor, such as electric vehicles (EVs). The high initial cost of lithium-ion batteries has been a barrier to their wider adoption, but this is changing as battery prices continue to fall.
Electronic equipment such as smartphones, power tools and laptops contain lithium-ion batteries. Global production of these batteries is currently dominated by Chinese manufacturers, who supply around 80% of the world's demand.
Electric vehicles (EVs) and hybrid electric vehicles (HEVs) will continue to grow in popularity in the coming years, which is expected to increase the demand for lithium-ion batteries.
Some Key Highlights from the Report
The rapid proliferation of electric vehicles is generating heavy demand for lithium-ion batteries. The market for these batteries is expected to grow significantly in the coming years. Factors such as the increasing adoption of electric vehicles, the need for energy storage, and the growing demand for portable electronics are driving the growth of the lithium-ion battery market. The declining cost of these batteries is also a key factor driving their adoption.
The automotive industry is the largest consumer of lithium-ion batteries. The growing demand for electric vehicles is driving the growth of this application segment. The increasing stringency of emission norms and the need to reduce dependence on fossil fuels are some of the key factors driving the growth of the electric vehicle market. The power tools application segment is expected to grow at the highest CAGR during the forecast period owing to the growing demand for cordless power tools.
The Asia Pacific region is expected to lead the lithium-ion battery market due to the growing demand from the automotive and power tools industries in the region. China is the largest market for lithium-ion batteries in the Asia Pacific region. The country has been investing heavily in the development of electric vehicles. This is expected to generate significant demand for lithium-ion batteries in the coming years.
Rising sales of electric vehicles in China are expected to drive the growth of the lithium-ion battery market in the country during the forecast period. China is one of the largest producers and consumers of electric vehicles in the world. The Chinese government is providing various subsidies and incentives to promote sales of electric vehicles in the country. This is expected to increase sales of electric vehicles, which will drive the demand for lithium-ion batteries in China during the forecast period.
For this report, the publisher has segmented the global lithium-ion battery market based on technology, material type, application, and region:
Chemistry Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
End Use Industry Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Lithium-Ion Battery Market Segmentation & Impact Analysis
Chapter 5. Lithium-Ion Battery Market By Components Insights & Trends
Chapter 6. Lithium-Ion Battery Market By Product Type Insights & Trends
Chapter 7. Lithium-Ion Battery Market By Power Type Insights & Trends
Chapter 8. Lithium-Ion Battery Market By Voltage Insights & Trends
Chapter 9. Lithium-Ion Battery Market By Industry Insights & Trends
Chapter 10. Lithium-Ion Battery Market Regional Outlook
Chapter 11. Competitive Landscape
Chapter 12. Company Profiles
BYD Co. Ltd.
Samsung SDI Co. Ltd.
Contemporary Amperex Technology Co. Limited (CATL)
GS Yuasa Corporation
Saft Groupe SAS
Wanxiang Group Corporation
Lithium Werks B.V
For more information about this report visit https://www.researchandmarkets.com/r/azqnf0
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