Global Sodium-Ion Battery Market Forecast: Growth, Trends, and Key Developments (2024-2031)

Market Overview
The global sodium-ion battery market reached $860.2 million in 2023 and is projected to grow to $4,005.2 million by 2031, with a CAGR of 21.2% from 2024 to 2031. Concerns about China's dominance in the sodium-ion battery supply chain have prompted Western nations to seek alternatives. In November 2023, Swedish company Northvolt introduced a sodium-ion battery pack with an energy density of 160Wh/kg, developed independently of Chinese supply chains.
The market faces challenges due to the lack of a well-developed support ecosystem. Lithium-ion batteries currently benefit from an extensive production and recycling infrastructure. To compete, sodium-ion batteries will need a similar ecosystem, despite overcoming technological hurdles.

Market Dynamics
Challenges in Increasing Lithium Production
Lithium-ion batteries are the standard for electric vehicles and consumer electronics. However, the demand for lithium outpaces supply, with Fitch Ratings predicting a lithium deficit by 2025. Developing new mines takes years, exacerbating supply issues. Sodium-ion batteries present a viable alternative, as sodium is abundant and has an established supply chain that can scale with demand. Persistent lithium production problems may increase long-term demand for sodium-ion batteries.
Request for Free Sample: https://www.datamintelligence.com/download-sample/sodium-ion-battery-market

Segment Analysis
Automotive Industry as the Largest Beneficiary
The automotive sector is poised to benefit most from advancements in sodium-ion battery technology. While challenges remain, sodium-ion batteries are being adopted for electric two-wheelers. In December 2023, Chinese brand TAILG launched luxury electric two-wheelers with sodium-ion batteries. In May 2024, Contemporary Technology Co. Ltd announced the development of next-generation sodium-ion batteries with over 200Wh/kg energy density, with Chery, a Chinese automaker, set to use these batteries in its electric vehicles.

Geographical Penetration
North American Market Growth
North America's robust research ecosystem has propelled market growth. U.S. electric vehicle manufacturers and startups are exploring sodium-ion battery technologies. Factors such as venture capital funding and a ready market for deployment support this growth. In October 2023, Peak Energy, founded by ex-Tesla engineers, raised $10 million and plans to release its first sodium-ion batteries by 2025. In May 2024, Natron Energy began mass production of fast-charging sodium-ion batteries.

COVID-19 Impact Analysis
The pandemic restricted R&D activities, delaying product launches and new projects. Venture capital funding diminished, causing some companies to go bankrupt. However, green technology funding in economic stimulus packages created new growth opportunities. Startups capitalized on increased capital inflows to launch market-ready products, setting the stage for significant post-pandemic growth in the sodium-ion battery market.

Russia-Ukraine War Impact Analysis
Russia's battery industry was struggling even before the war in Ukraine. Lagging behind Europe, the U.S., and China, the industry faced declining investments and shuttered research initiatives. Western sanctions further crippled the domestic sodium-ion battery industry, causing an exodus of research talent. The industry's recovery is unlikely without restored cooperation with Western countries.

Key Developments

January 2024: JAC Group launched China's first electric vehicle powered entirely by sodium-ion batteries, developed by HiNa Battery Technology Co. Ltd.

February 2024: Sodion Energy introduced India's first commercial sodium-ion batteries for electric two-wheelers and consumer appliances.

View full Report: https://www.datamintelligence.com/research-report/sodium-ion-battery-market

Major players in the global sodium-ion battery market
• Faradion
• Tiamat Energy
• NGK Insulators Ltd.
• Li-FUN Technology Corporation Ltd.
• Natron Energy, Inc.
• Zhejiang Natrium Energy Co. Ltd.
• Transimage Sodium-Ion Battery Co. Ltd.
• HiNa Battery Technology Co. Ltd.
• Jiangsu Zoolnasm Energy Technology Co. Ltd.

Market Segmentation
• By Battery
o Sodium-Sulfur Batteries
o Sodium-Salt Batteries
o Sodium-Air Batteries
o Others
• By Technology
o Aqueous
o Non-Aqueous
o Others
• By End-User
o Automotive*
o Industrial
o Energy Storage
o Others

Contact Us -
Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com

DataM Intelligence 4Market Research is a market intelligence platform that gives access to
syndicated, customized reports and consulting to its clients in one place. As a firm with rich
experience in research and consulting across multiple domains, we are a one-stop solution that willcater to the needs of clients in key business areas. DataM Intelligence has an online platform whose industries such as chemicals and materials, agriculture, health care services, animal feed, and food & beverages, among others. Our platform has Insights on markets that uncover the latest market research data that are distinct from the competition. With coverage across 10 major industries in the marketplace research, DataM Intelligence benefits thousands of companies by helping them take their innovations early to the market by providing a complete view of the market with statistical forecasts. Our strategy-centric framework and value-added services will let individuals and corporates ease access and custom personalization to research and markets.

This release was published on openPR.