Overcoming Sodium Ion Battery Limitations for EVs by 2027

NEW YORK - Dec. 9, 2022 - PRLog -- Global Sodium-ion (Na-ion) batteries revenue is expected to grow at double digit CAGR of more than 15% during 2022-2027 to cross USD 2.0 billion in next 3-4 years. Limited Li-ion reserves are major constraint to meet the set target of adopting 100% EV in coming years therefore there is a strong need to look for an alternative and that can be sodium-ion batteries.

Battery consumption climbed by 30% each year between 2010 and 2018, reaching 180 GWh in 2018. In the most optimistic scenario, the market will grow at a 25% annual rate until it reaches 2,600 GWh in 2030. The key drivers of demand growth are the electrification of transportation and the installation of batteries in electricity grids. According to the World Economic Forum, passenger automobiles would account for 60% of global battery demand by 2030, with commercial vehicles accounting for the remaining 23%.

Impact of Covid 19: As a result of the lockdowns, every production site experienced a lack of both raw materials and employees, and battery manufacturers around the world were no exception. Because supply lines were interrupted, it was impossible to get sufficient raw materials, which had a negative impact over the battery market worldwide.

Opportunities for Sodium-ion Batteries
§  Rising demand for Electric Vehicles: The automotive industry is undergoing a paradigm shift as a result of rising oil prices and the negative repercussions of global warming. Electricity is becoming a cleaner source of energy around the planet. This tendency has been particularly noticeable in the electric vehicle market, where, despite the global epidemic, EV sales have shown exponential growth in market share.

Makreo Research has published a study on Sodium-ion market, the report titled "Global Sodium-ion Battery Market and Future Outlook to 2027- Demand and Opportunity Assessment" is a comprehensive report that study Sodium-ion battery market performance in present and expected demand outlook by studying market by technology, and in detail Lithium-ion battery demand by industries.

To know more about Makreo Research or to enquire about the publication, please refer to the link: -

Global Sodium-ion Battery Market and Future Outlook to 2027- Demand and Opportunity Assessment (https://www.makreo.com/report/global-sodium-ion-battery-m...)

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