{"id":600466,"date":"2022-05-18T05:34:01","date_gmt":"2022-05-18T05:34:01","guid":{"rendered":"https:\/\/www.abnewswire.com\/pressreleases\/?p=600466"},"modified":"2022-05-18T05:34:01","modified_gmt":"2022-05-18T05:34:01","slug":"lithiumion-battery-market-to-raise-at-rapid-pace-with-181-cagr-till-2030-due-to-rising-adoption-and-increasing-sales-of-electric-vehicles-globally-grand-view-research-inc","status":"publish","type":"post","link":"https:\/\/www.abnewswire.com\/pressreleases\/lithiumion-battery-market-to-raise-at-rapid-pace-with-181-cagr-till-2030-due-to-rising-adoption-and-increasing-sales-of-electric-vehicles-globally-grand-view-research-inc_600466.html","title":{"rendered":"Lithium-ion Battery Market To Raise At Rapid Pace With 18.1% CAGR Till 2030, Due To Rising Adoption And Increasing Sales Of Electric Vehicles Globally | Grand View Research, Inc."},"content":{"rendered":"
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\"Lithium-ion<\/a><\/div>\n
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Grand View Research, Inc. \u2013 Market Research And Consulting<\/div>\n<\/div>\n<\/div>\n
According to new report available with Grand View Research, the Lithium-ion Battery market is expected to witness significant growth over the forecast period on account of the increasing consumption of rechargeable batteries in consumer electronics and a rise in the adoption of electric vehicles.<\/div>\n

Lithium-ion Battery Industry Overview<\/strong><\/p>\n

The global lithium-ion battery market size was valued at USD 41.97 billion in 2021 and is expected to reach USD 182.53 billion by 2030, at a CAGR of 18.1% from 2022 to 2030.<\/p>\n

The automobile sector is expected to witness significant growth owing to the rising adoption of electric vehicles. The worldwide registration of electric vehicles is anticipated to increase significantly over the forecast period. The U.S. emerged as the largest market in North America with a revenue share of over 75.0% in 2021. Increasing sales of electric vehicles in the U.S. owing to supportive federal policies, coupled with the presence of market players in the country, are expected to drive the demand for lithium-ion batteries in the U.S. over the forecast period.<\/p>\n

Gather more insights about the market drivers, restrains and growth of the<\/strong> Global <\/strong>Lithium-ion Battery Market<\/strong><\/a><\/p>\n

The federal policies include the American Recovery and Reinvestment Act of 2009, which offer tax credits to consumers for purchasing electric vehicles. The new Corporate Average Fuel Economy standards (CAFE) mandate the fuel economy of passenger cars and light commercial vehicles plying on roads in the U.S., resulting in the surged adoption of electric vehicles in the country. Increasing demand for lithium-ion batteries in smartphones owing to their extended shelf life and enhanced efficiency is expected to drive the market. In addition, increasing demand for electric vehicles<\/strong><\/a> owing to growing consumer awareness regarding reducing global carbon emissions is expected to fuel market growth.<\/p>\n

                           \"U.S.<\/p>\n

In addition, the decline in demand for lead-acid batteries owing to EPA regulations on lead contamination and resulting environmental hazards, coupled with the regulations on lead-acid battery<\/strong><\/a> storage, disposal, and recycling, has led to an increase in the demand for lithium-ion batteries in automobiles.  Mexico has been the primary focus of the global automobile industry as companies worldwide are eyeing to invest in the country. It is the fourth-largest exporter in the automobile industry, after Germany, Japan, and South Korea. Growing automobile production in the country is anticipated to drive the demand for lithium-ion batteries.<\/p>\n

COVID-19 has been a major restraint to the market growth owing to several factors including reducing operational costs by end-users, coupled with disruption in the availability of spare parts due to sluggish manufacturing activities and logistics issues. Battery providers have taken subsequent steps to ensure their services to end-users who have signed long-term contracts with them. Vendors are opting for digital tools and are following prescribed preventative measures including social distancing norms and the use of protective kits in case of on-site inspection and repair services required by end-users on a case-to-case basis.<\/p>\n

Lithium-ion Battery Market Segmentation<\/strong><\/p>\n

Based on the Product Insights, the market is segmented into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate and Lithium Nickel Manganese Cobalt (LMC).<\/strong><\/p>\n