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

• The report stated that the development of the automotive sector in Indonesia, Vietnam, Mexico, Thailand, as well as India is anticipated to drive the sector.

A report by Grand View Research, a US-based marketing research firm claimed that the global Lithium-ion battery market might reach USD 182.53 billion by 2030, signing up a growth of 18.9 percent. With this, the field would certainly have an 18.9 percent substance yearly growth rate (CAGR).

The scientists claimed that the main drive to the marketplace would certainly result from the boost in usage of rechargeable batteries in the consumer electronics market and the quicker fostering of electrical lorries.

"The rising sales of electrical vehicles and the increasing renewable energy market are anticipated to drive the market. In addition, the appearance of incorporated billing stations, green power-generation capability, e-Mobility suppliers, battery makers, and energy providers is anticipated to promote market development in the coming years," the report stated.

The report claimed that in 2022, the consumer electronics application segment held the biggest profits share of over 39.13%. Portable batteries are integrated right into portable tools and also consumer digital items. The applications of portable batteries consist of cellphones, laptop computers, computer systems, tablets, as well as various other wearable devices.

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

"The growing inclination toward pollution-free HEVs and EVs, together with technological growths, is anticipated to drive the lithium-ion battery need over the projection period. Consequently, China is anticipated to witness high gains because of power storage space modern technologies and also desirable government support to promote investments in the production market," the report stated.