Lithium-ion Battery Market Is Expected To Reach a Revenue Of USD 470.5 Bn By 2033, At 21.0% CAGR: Dimension Market Research
Projections suggest a substantial surge, within the global lithium-ion battery market as it is expected to show noteworthy growth by reaching USD 470.5 billion by 2033
Hamilton Square, April 16, 2024 (GLOBE NEWSWIRE) -- Overview
The size is expected to reach USD 84.3 billion by 2024 and is further anticipated to reach USD 470.5 billion by 2033 at a CAGR of 21.0%.
The market of the global lithium-ion battery is spectacularly spread across the industrial sectors all over the globe beginning from consumer electronics, to the automotive industry, and energy storage systems. Asia Pacific is the top performer in this regard due to its advanced industrial base, supported by the automotive and electronics sectors. By contrast, North America and Europe will experience an increase in growth at an incredible speed because of the launch of official programs and environmental regulations. Sustainable growth is driven by technology, exploration, and research that together accelerate the adoption of EVs and renewable energy.
Important Insights
Market Size: The global lithium-ion battery market is expected to show noteworthy growth by reaching USD 470.5 billion by 2033 at a CAGR of 21.0%, commencing from its 2024 market value of USD 84.3 billion.
Product Segment Analysis: Lithium Cobalt Oxide (LCO) leads the lithium-ion battery market with a 32.7% share in 2024, due to its high energy density and excellent life cycle, ideal for compact electronic devices.
Component Segment Analysis: The cathode segment commands over half of the lithium-ion battery market share, crucial for energy conversion and overall battery performance.
Power Capacity Segment Analysis:Lithium-ion batteries ranging from 3,000 to 10,000 mAh are anticipated to dominate the market, balancing size and power for various consumer electronics, meeting modern device needs while emphasizing portability and prolonged usage.
Application Segment Analysis: Consumer electronic products are projected to lead the lithium-ion battery market with a 33.2%share in 2024, driven by the proliferation of portable devices like smartphones and wearables, where lithium-ion batteries offer long-lasting performance and versatility.
Regional Analysis: Asia Pacific dominates the lithium-ion battery market with a 48.5%share in 2024, driven by robust production facilitated by skilled workers and advanced technology, led by major players China, Japan, and South Korea.
Take a look at our sample PDF report @
https://dimensionmarketresearch.com/report/lithium-ion-battery-market/request-sample/
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