Li-Ion Battery Market Share, Growing Demand, and Top Key Players

NOIDA, India - Oct. 3, 2024 - PRLog -- The Li-ion battery market generated revenue of USD 54.2 billion in 2023, which is expected to witness a CAGR of 15.5% during 2024–2030, to reach USD 147.3 billion by 2030. Lithium-ion batteries are used mostly in hybrids and electric cars, as well as computers and cell phones.

They have various advantages including low weight, and high energy density to make batteries work more efficiently, and as they can be recharged, they have been used for multiple applications.

Applications of these batteries go far beyond those components such as phones, power tools, electric cars, and even aerospace parts. On the contrary, while disposal batteries work with metallic lithium as the electrode, a lithium-ion battery is made of an intercalated lithium compound electrode.

The rising activities around the manufacturing arena are beginning to attract a greater need for Li-ion cells and battery packs. The main players in the market, like planners, regulators, policymakers, and investors will shift to the demand through the increase of electric mobility and lithium usage, which will make the goods more affordable and will change the market.

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Innovation is a key element regarding cost-cutting for Li-ion batteries. Innovations in electrolyte and anode materials are already evident with new ones such as battery recycling coming to light. A high energy density, long life, and fast charging currents require Li-ion batteries to be made of sturdy materials.