Rising demand for long-range electric vehicles to boost lithium-ion battery market size over 2026
Selbyville, Delaware, United States, September 11 2020 (Wiredrelease) Global Market Insights, Inc –:The lithium-ion battery market is projected to record exponential growth on account of rapid developments across the electric mobility sector. Consumers are gradually shifting towards electric vehicles owing to rising environmental concerns and offered government concessions. Deteriorating environmental conditions has compelled governing bodies to promote the use of renewable energy over fossil fuels. Countries are relentlessly working on expanding their renewable energy portfolio to curb carbon footprint.
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Lithium ion batteries are used in numerous electronic appliances such as smartphones, watches, laptops, and UPS systems. Burgeoning demand for consumer electronic appliances would drive the demand for lithium ion batteries. Additionally, factors like longer shelf life and high energy density could play a crucial part in boosting product adoption over its counterparts.
Based on components, the lithium ion battery market is classified into anode, cathode, electrolytes, separators, copper foil, and aluminum foil. Out of these, anode-based batteries are projected to observe steady growth owing to their corrosive resistance and superior thermal conductivity in artificial graphite type anode. Anode active components include natural and artificial graphite, mesophase & amorphous carbon, and tin & silicon oxides. These compounds offer superior thermal conductivity, which makes them more reliable than other materials.
According to the regional landscape, Europe has emerged as a promising market for the lithium ion battery as the region diligently adopts electric vehicles. Multiple government across the region have revealed targets to curb their carbon footprint across major sectors like transportation and power generation. This could massively benefit the regional lithium ion industry landscape.
Moreover, increasing imposition of supportive norms to promote the adoption of green energy would play an integral role in driving product demand. Taking May 2020 for instance, The French government decided to roll out an €8 billion plan of which a considerable portion would be used to boost the electric vehicle sector. The country intends to become Europe’s biggest manufacturer of green energy vehicles by ramping up output to over 1 million hybrid and electric cars per year over the coming five years.
Companies operating in the lithium ion battery market are constantly focusing on implementing various business strategies like product innovation, strategic collaboration or mergers to develop their consumer base as well as geographic presence. Some of them are venturing with other prominent companies from different sectors like automobiles or electronics to expand their production capacity.
Highlighting an instance, renowned electric car manufacturer, Tesla, Inc. collaborated with Panasonic to create the world’s largest li-ion battery factory, dubbed Gigafactory 1 and develop batteries for its new Model 3 variant.
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