In 2022, the market size of advanced lithium-ion batteries was estimated to be USD 46,010.43 million. The Advanced Lithium-Ion Battery Market industry is anticipated to experience a compound annual growth rate (CAGR) of 17.95% from USD 55,392.36 million in 2023 to USD 1,72,401.19 million by 2030. This growth is expected to occur over the forecast period of 2021 to 2030.
The global advanced lithium-ion battery is expanding at a rapid pace because of the government's global initiative to promote EV mobility and the strategic investment in research and development by lithium-ion battery manufacturers. Additionally, the global market's participants are expected to capitalize on the growth opportunity that will be presented by the implementation of lean manufacturing operations and improved battery technology.
Government initiatives for EV mobility worldwide and strategic investment in R&D by lithium-ion battery manufacturers are anticipated to fuel the growth of the Advanced Lithium-Ion Battery Market. Nevertheless, the market is anticipated to be constrained by factors such as the increasing frequency of battery failure and the exorbitant cost of advanced lithium-ion batteries. Conversely, the globally sophisticated lithium-ion battery market is presented with lucrative opportunities by the adoption of lean manufacturing operations and improved battery technology.
Discounts, coupon reimbursement, interest subventions, road tax exemptions, income tax benefits, and disposal incentives are among the financial incentives that governments in various countries provide to reduce the cost of electric vehicles. Also, the National Electric Mobility Mission Plan 2020 has been initiated by the Indian government. Two schemes, FAME 1 and FAME 2, have been devised by this mission. The objective of the Faster Adoption and Manufacturing of Electric Vehicles (FAME India) initiative is to increase the prevalence of electric mobility.
Market segment insights
The Advanced Lithium-Ion Battery Market has been segmented into Anode Materials and Cathode Materials based on material.
Separators, Current Collectors, Binders, Solvents, and Solid-State Electrolytes comprise the Advanced Lithium-Ion Battery Market, which is segmented according to component capacity.
Consumer Electronics, Automotive, Industrial, and Others comprise the Advanced Lithium-Ion Battery Market, which is segmented according to its end use.
Regional Perspectives
The Advanced Lithium-Ion Battery market is divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. During the forecast period, the Asia-Pacific Advanced Lithium-Ion Battery market is anticipated to account for a substantial revenue share and maintain the highest market share. The Asia-Pacific region has become a prominent participant in the Advanced Lithium-Ion Battery Market because of its status as a global manufacturing hub. It is anticipated that the Asia-Pacific region will experience substantial growth during the forecast period as a result of the growing demand for electric vehicles, particularly in developing countries like China and India.
The demand for lithium-ion batteries is significantly positive influenced by the expanding electric vehicle market in Asia-Pacific countries, including China and India. The potential for lithium-ion batteries to be used in a variety of applications in these countries is substantial. Additionally, the market development in this region is bolstered by the presence of major electronic manufacturers, including Sony Corp, Samsung SDI, and Panasonic.
The market is dominated by the following major players: Lg Chem, Panasonic, Byd Motors Inc, Samsung Sdi, Toshiba, Contemporary Amperex Technology Co., Limited, Broadbit Batteries Oy, 24m Technologies, NGK Insulators, Johnson Battery Technologies, Inc, Durapower Group, Tanktwo, Johnson Matthey, Voltaiq, Prieto Battery Inc, Cadenza Innovation Inc, and SK Innovations.
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