Global Lithium-Ion Battery Market To Touch USD 182.4 Billion by 2030: Report

A report by Grand View Research, a US-based market research firm claimed that the global Lithium-ion battery market might reach USD 182.53 billion by 2030, registering a growth of 18.9 percent. With this, the sector would have an 18.9 percent compound annual growth rate (CAGR). 

The researchers claimed that the main thrust to the market would be due to the increase in consumption of rechargeable batteries in the consumer electronics market and the faster adoption of electric vehicles. 

“The rising sales of electric vehicles and the expanding renewable energy sector are expected to drive the market. In addition, the emergence of integrated charging stations, green power-generation capability, e-Mobility providers, battery manufacturers, and energy suppliers is anticipated to stimulate market growth in the coming years,” the report said. 

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The report said that in 2022, the consumer electronics application segment held the largest revenue share of over 39.13%. Portable batteries are incorporated into portable devices and consumer electronic products. The applications of portable batteries include mobile phones, laptops, computers, tablets, and other wearable devices.

The report said that the development of the automotive industry in Indonesia, Vietnam, Mexico, Thailand, and India is expected to drive the industry. 

“The growing inclination toward pollution-free HEVs and EVs, along with technological developments, is expected to drive the lithium-ion battery demand over the forecast period. As a result, China is expected to witness high gains in light of energy storage technologies and favorable government support to promote investments in the manufacturing sector,” the report said. 

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