Lithium-Ion Battery Market To Touch USD165.6 billion by 2030

As stated by a market professional at P&S Intelligence, the total revenue generated by the lithium-ion battery market was USD 49.6 billion in 2022, and it will grow at a rate of 16.3% in the years to come, to reach USD165.6 billion by 2030.

Rising middle-class populace, altering lifestyle preference, inclination toward the usage of smart electronic devices are the major factors powering the high requirement for lithium-ion batteries for consumer electronics.

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Moreover, governments are supporting digitalization, and promoting the use of numerous electronic devices. Moreover, telecom corporations are focusing on the deployment of 5G for better connectivity.

These batteries have high-specific energy, along with high energy and power density in relation to further battery technologies. The beneficial characteristics and promising avenues to improve the features of Li-ion batteries have made them the prime choice for the consumer electronic products.

The U.S. had a higher share of revenue of, about 90%, in 2022, in North America. The high necessity for such batteries is credited to the wide-ranging use of EVs and consumer electronics. The increasing sales of electric vehicles in the country are mostly powered by helpful government policies and strict targets for decreasing GHG emissions.

Furthermore, the nation's consumer electronics industry is in matured and has a noticeable share of total revenue all over the world. Moreover, cutting-edge technologies, for example IoT and home automation, will also power the requirement for these batteries in the country.

The unregulated cost of diesel and carbon dioxide emissions are acting as barricades for the usage of diesel generators.

Consequently, telecom corporations are continually working toward achieving energy-efficient solutions, as fuel expenses comprise 30% of the cost of operations of telecom tower. Therefore, at a number of locations, telecom companies are combining high-competence Li-ion batteries with sources of renewable energy.

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

Furthermore, smartphones, gaming systems, tablets, and PCs, are highly required in China, India, and South Korea, driving the requirement for lithium-ion batteries.

European nations have been encouraging the usage of wind, geothermal, and solar energy; and low-carbon fuels for example biomass and natural gas, to decrease the GHG emissions.

In this procedure, governments of numerous countries in Europe are offering subsidies to EV buyers to boost the sales of the vehicles, resultant in lower levels of pollution, and thus, they support the advance of Li-ion batteries.

Due to the increasing requirement for renewable demand, the need for lithium-ion battery will continue to grow in the years to come.

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