UNITED KINGDOM, 29 May 2023: Global Lithium-Ion Battery Market Valued at USD108bn in 2022, Projected to Grow at 14.8% CAGR by 2033.
According to Visiongain’s recent report, titled “Lithium-Ion Battery 2023-2033,” the global lithium-ion battery market reached a valuation of USD 108bn in 2022 and is anticipated to exhibit a compound annual growth rate (CAGR) of 14.8% during the forecast period of 2023 to 2033. The report provides a comprehensive analysis, including market segment breakdowns by value, volume, voltage, end-use, material, and type, along with insights on COVID-19 impact and recovery pattern analysis.
The Rising Focus on Sustainability and Responsible Sourcing Drives Changes in the Lithium-Ion Battery Market
Governments worldwide are actively encouraging the adoption of electric vehicles (EVs) and renewable energy sources, both of which heavily rely on lithium-ion batteries. For example, the Norwegian government has set a target for all new car sales to be zero-emission vehicles by 2025, leading to significant growth in Norway’s EV market, where EV sales now account for over half of all new car sales. Moreover, regulations have been implemented to promote the construction of home charging stations and the expansion of charging infrastructure nationwide.
In the United States, the federal government has introduced tax rebates for EV purchases and allocated funds for charging infrastructure development. Several states, such as California and New York, have also enacted their own laws to incentivize the use of EVs and renewable energy sources.
Governments worldwide are enacting legislation to encourage the adoption of EVs and the utilization of renewable energy sources like solar and wind power, which require energy storage systems powered by lithium-ion batteries. The Chinese government, for instance, is actively promoting the development of energy storage systems and has established capacity goals for renewable energy sources.
These government policies aimed at fostering the adoption of EVs and renewable energy sources are driving the expansion of the lithium-ion battery industry. By creating a favorable market environment and increasing demand for lithium-ion batteries, these regulations benefit market participants. Additionally, they encourage economies of scale and investments in research and development, leading to potential reductions in the price of lithium-ion batteries.
The global lithium-ion battery market is poised for substantial growth, driven by the increasing emphasis on sustainability and responsible sourcing practices. Governments’ support for EVs and renewable energy sources plays a pivotal role in shaping the market landscape, promoting market participants’ interests, and fostering advancements in battery technology and affordability.