Dublin, June 21, 2024 (GLOBE NEWSWIRE) -- The "Lithium-ion Battery Market: Trends, Opportunities and Competitive Analysis to 2030" report has been added to ResearchAndMarkets.com's offering.
The lithium-ion battery market stands at the cusp of significant expansion, with growth trajectories indicating a compound annual growth rate (CAGR) of 17.9% from 2024 to 2030. This growth is primarily fueled by the escalating demand for electric vehicles (EVs), the need for efficient energy storage for industrial use, and the ever-increasing penetration of portable electronics.
Drivers of Growth
Key market drivers include technological advancements in the automotive sector, specifically in electric vehicle production, the burgeoning necessity for industrial power solutions, and the decreased costs associated with the manufacturing and procurement of lithium-ion batteries. These factors contribute to the scalability and widespread adoption of lithium-ion technology across various sectors.
Emerging Industry Trends
Market dominance is gradually shifting towards renewable energy sources, consequently driving the need for advanced and efficient energy storage systems. Innovations in battery chemistry and technology such as solid-state batteries, silicon anodes, and longevity-focused cathode materials are anticipated to propel the growth of the lithium-ion battery market even further.
Market by Segment
From an application perspective, the market segments include consumer electronics, transportation, and industrial sectors, with transportation expected to dominate due to an upsurge in electric vehicle production globally. On the technology front, lithium Nickel Manganese Cobalt (NMC) batteries are expected to maintain their dominant market share thanks to their superior electrochemical properties.
Regional Insights
Geographically, Asia Pacific is poised to sustain its position as the largest contributor to the market's growth, fueled by the expansion of electronic product manufacturing and the automotive industry's shift towards electrification.
Competitive Landscape
A handful of key industry players dominate the lithium-ion battery space, leveraging strategic investments in technology and production capacity to cement their market positions. Continuous innovation and strategic partnerships continue to play a pivotal role in the overall competitiveness of the market.
Future Outlook
The upwards trend in the global lithium-ion battery market is supported by a combination of technological advancement, environmental considerations, and shifts in consumer preferences. The industry is projected to experience substantial growth over the next decade, spotlighting the imperative role of energy storage in a technologically evolving world.
The lithium-ion battery market's relentless growth, extensive application across industries, ongoing technological innovations, and geographic market expansion collectively signal a dynamic and thriving future for energy storage solutions.
A selection of companies mentioned in this report includes, but is not limited to:
- CATL
- BYD
- Duracell
- EnerSys
- GS Yuasa
- Johnson Controls
- LG Chem
- Panasonic Corporation
- Samsung SDI
- Toshiba Corporation
For more information about this report visit https://www.researchandmarkets.com/r/d90105
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