Lithium-Ion Battery Industry Share, Growth, Leading Players and Development Forecast to 2030

The size of the lithium-ion battery market was valued at USD 49.6 billion in 2022, and it will grow at a CAGR of 16.3% in the years to come, to reach USD 165.6 billion by 2030, as per P&S Intelligence.

The U.S. had a higher revenue share, about 90%, in the recent past, in North America. The high prerequisite for these kind of batteries in the nation is credited to the extensive use of consumer electronics and electric vehicles. The increasing sales of EVs in the nation are largely driven by supportive government policies and strict targets for plummeting GHG emissions.

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European nations have been encouraging the usage of renewable energy sources, including, geothermal, wind, and solar; and low-carbon fuels, such as biomass and natural gas, for reducing the GHG emissions. In this procedure, governments of numerous nations in Europe are providing subsidies to EV buyers for encouraging the sales of the vehicles, subsequent in lower pollution levels, and therefore, they support the expansion of Li-ion batteries.

The APAC lithium-ion battery market had a revenue of about USD 30 billion in 2022. The increasing sales of portable electronic devices and EVs are driving the regional industry.

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Moreover, governments globally are increasingly supporting digitalization, promoting the use of numerous electronic devices. Moreover, telecom companies are working on 5G for improved connectivity.

It is because of the increasing requirement for renewable energy, the demand of the lithium-ion batteries will grow significantly all over the world.

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