Li-Ion Battery Market and Demand Forecast Report 2030
The size of the lithium-ion battery market was valued at USD 49.6 billion in 2022, and it will grow at a CAGR of 16.3% in the years to come, to reach USD 165.6 billion by 2030, as per P&S Intelligence.
The U.S. had a higher revenue share, about 90%, in the recent past, in North America. The high prerequisite for these kind of batteries in the nation is credited to the extensive use of consumer electronics and electric vehicles. The increasing sales of EVs in the nation are largely driven by supportive government policies and strict targets for plummeting GHG emissions.
Furthermore, the nation’s consumer electronics industry is matured and captures a noticeable share of revenue. Moreover, cutting-edge technologies, including IoT and home automation, will similarly thrive the requirement for Li-ion batteries in the U.S.
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Increasing changing lifestyle preference, middle-class population, inclination toward the use of smart electronic devices are the key factors supporting the high requirement for lithium-ion batteries for electronic consumer products.
Moreover, governments globally are increasingly supporting digitalization, promoting the use of numerous electronic devices. Moreover, telecom companies are working on 5G for improved connectivity.
It is because of the increasing requirement for renewable energy, the demand of the lithium-ion batteries will grow significantly all over the world.
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