The global lithium-ion battery market
is witnessing robust demand by increasing innovations related to their
productivity and longer life. Additionally, growing demand for clean
energy in the automobile sector is boosting the market growth. Moreover,
the invention of a wide range of smart gadgets and growing acceptance
of digital way of life are expected to further drive the global
lithium-ion market. Based on these drivers, the market is predicted to
expand at a CAGR of 11.6% during 2016 – 2024. The global lithium-ion
battery market is expected to reach US$77.42 bn valuation by 2024 end.
Other important factors driving growth are mentioned below:
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Growing use of smartphones and increasing innovations in the market are expected to drive up the sales of 5– 25 Wh lithium-ion battery.
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Increasing prominence of lithium-ion batteries in solar grids is also expected to drive demand. The use of these grids is expanding across industries and in households as well.
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On Feb 18, 2019, the U.S. government announced its plans to recycle lithium-ion batteries from various sources. The move is expected to smoothen shortfalls in supply and bring price stability in the lithium-ion battery market.
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The lithium-ion battery market faces challenge as high costs of procuring batteries is expected to pose a challenge to emerging regions. For example, the Indian government had announced its decision to support electric vehicle makers. It plans on replacing its current fossil-fueled cars with electric vehicles by 2030 end. However, high costs associated with lithium-ion batteries are posing a challenge to the move toward greener cars. Rising innovations in the industry and expected economies of scale in Europe and North America are expected to bring down the price of lithium-ion batteries in the near future.
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