Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited, has completed and published the final copy of the detailed research report on the Lithium-Ion Battery Market.
The global Lithium-Ion Battery Market Size is expected to grow at 11.5% CAGR from 2023 to 2029. It is expected to reach above USD 101 billion by 2029 from USD 38 billion in 2022. Growing consumer preference for electric and hybrid vehicles will complement the demand for lithium-Ion batteries.
EVs have gained substantial momentum in recent years owing to the growing focus on sustainable transportation and zero-emission vehicles. Several governments are supporting the e-mobility movement with favorable subsidies and schemes encouraging consumers to switch to Electric vehicles. For example, in November 2022, the Netherlands, and Sweden joined the cohort of seven countries consisting of the Canada, U.S., Israel, Norway, Australia, Germany, and New Zealand to transition their government-operated fleets to zero-emission vehicles.
In February 2022, Panasonic Holdings Corporation is going to establish a production facility in Wakayama Factory in western Japan to manufacture new “4680” lithium-ion batteries for electric vehicles to expand its business globally. Productivity verification and mass production are likely to begin from the end of the fiscal year 2024.
In October 2021, LG Energy Solution, a subsidiary operated by LG Chem, entered a memorandum of understanding with Stellantis N.V. to form a joint venture to produce battery cells and modules for North America. This joint venture will help Stellantis N.V. goal to achieve a 40% market share in the US comprising electrified vehicles by 2030. The batteries produced in this plant will be supplied to assembly plants of Stellantis N.V. in the US, Canada, and Mexico for installation in next-generation electric vehicles.