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Rechargeable Poly Lithium-Ion Battery Market Overview, Competitive Analysis, Key Trends And Outlook 2024 To 2033
Rechargeable Poly Lithium-Ion Battery Market Overview
According to The Business Research Company's, The rechargeable poly lithium-ion battery market size has grown strongly in recent years. It will grow from $144.17 billion in 2023 to $153.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to emergence of portable electronics, advancements in electric vehicles (evs), increasing renewable energy integration, consumer electronics boom, government initiatives and incentives .
The rechargeable poly lithium-ion battery market size is expected to see strong growth in the next few years. It will grow to $198.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rapid growth in electric vehicle market, energy transition and storage, industry 40 and iot integration, continued innovation, energy storage for grid applications. Major trends in the forecast period include technological advancements, electric vehicle adoption, portable electronics growth, government policies and incentives, supply chain challenges.
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Market Drivers and Trends:
Increasing the sales of electric vehicles is significantly contributing to the growth of the rechargeable poly lithium-ion battery market going forward. An electric vehicle (EV) refers to a vehicle with an electric motor that can take power from a battery and can be charged from an external source. Rechargeable poly lithium-ion batteries are used in electric vehicles as a fuel source for running due to their higher energy density, lightweight, and safety as they do not use a liquid electrolyte. For instance, in July 2023, according to a report by the International Energy Agency, a France-based autonomous intergovernmental organization, globally, the electric car market experienced growth, with sales surpassing 10 million in 2022. The percentage of electric cars in overall car sales rose from 9% in 2021 to 14% in 2022. Therefore, an increase in the sales of electric vehicles will drive the rechargeable poly lithium-ion battery market.
Product innovation is the key trend gaining popularity in the rechargeable poly lithium-ion battery market. Major companies operating in the rechargeable poly lithium-ion battery market are focusing on developing new innovative polymer materials to improve polymer electrolyte function in the batteries. For instance, in October 2022, Nuvvon, a US-based nanotechnology research company developed solid polymer electrolytes for better ionic conductivity in batteries at room temperature. Nuvvon's polymer electrolytes consist of dry, and no ceramic nanoparticles that can tolerate high temperatures (>100oC) without mechanical degradation and exhibit strong ionic conductivity across a wide temperature range (2.2*10-4 S/cm at 0oC, 4.6*10-3 S/cm at 25oC, and 6.6*10-3 S/cm at 80oC). Additionally, it enables entirely solid-state pouch cells to function across a large temperature range without the need for external cooling, heating, or pressure systems.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd.; 3M; Koninklijke Philips N.V.; Motorola Solutions Inc.; Toshiba Corporation; Fujifilm Holdings Corporation; Olympus Corporation; Nikon Corporation; Sony Corporation; LiPol Battery Co. Ltd.; Shenzhen Honcell Energy Co. Ltd.; Panasonic Holdings Corporation; Amara Raja Batteries Limited; Exide Industries Ltd.; Tata Chemicals Limited; Maxell Holdings Ltd.; Eastman Kodak Company; YOK Energy Co. Ltd.; China manufacturer LiPol Battery Co. Ltd.; Engionix Inc.; LG Chem Ltd.; Hitachi Maxell Ltd.; Energizer Holdings Inc.; BYD Company Limited; A123 Systems LLC; E-One Moli Energy Corp.; GS Yuasa Corporation; Saft Groupe S.A.; Valence Technology Inc.
Rechargeable Poly Lithium-Ion Battery Market 2024 Key Insights:
• The rechargeable poly lithium-ion battery market will grow to $198.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Surging Electric Vehicle Sales Propel Growth In Rechargeable Poly Lithium-Ion Battery Market
• Innovative Polymer Electrolytes In Rechargeable Poly Lithium-Ion Battery Technology
• Asia-Pacific was the largest region in the rechargeable poly lithium-ion battery market in 2023
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