Rising Consumption of Lithium-Ion Batteries Led by Growing Adoption of EVs

In 2021, the lithium-ion battery industry generates $46,142.1 million revenue, and it is projected to contribute $165,847.8 million in 2030, advancing at a rate of 15.3%. It is led by the rising demand for renewable energy and increasing lithium-ion batteries adoption in consumer electronics.

The worldwide increasing focus on sustainable energy is led by the rising concerns on environmental consequences such as rising GHG emissions caused by the burning of fossil fuels and increasing consumption of electricity.

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Moreover, the transportation systems cause 25% of the global greenhouse gas emissions to the environment, according to the United Nations (UN). Thus, governments are encouraging the adoption of electric vehicles to achieve sustainable and eco-friendly living.

Additionally, the fluctuating oil prices and rising adoption of EVs have tremendously increased over the years resulting in the lithium-ion battery industry propulsion. For example, the prices of diesel rose to $3.54 per gallon in 2022 from $2.56 per gallon in 2020.

Li-NMC variants capture the significant revenue share of the industry, accounting for 31.4% in 2021. It is led by the wide usage of the Li-NMC batteries in electronic vehicles, as well as consumer electronics, led by their extended life, large storage capacity, and stability at high-temperature.

In 2021, the automotive captures an extensive share of the industry, accounting for 31.1% and it is predicted to rise at a rate of 15.7% by 2030. It is led by the rising adoption of EVs in both developing and developed countries to significantly reduce carbon emissions, and shift from conventional vehicles to EVs.

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APAC captures a significant share of the industry, amounting to $24,586.2 million revenue, accounting for 53.3% share. The consumer electronics demand is massively rising, which, in turn, fuels the industry's growth. The rapid technical breakthroughs and massive demand for smart devices boost the adoption of such batteries.

Therefore, the growing adoption of EVs led by rising environmental concerns boosts the consumption of lithium-ion batteries.

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