In terms of revenue, the Global Lithium-Air Batteries Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 9.5% from 2023 to 2030.
Lithium-Air Batteries, also referred to as lithium-oxygen batteries, are a form of rechargeable battery that uses lithium for the anode and oxygen for the cathode. In comparison to conventional lithium-ion batteries, they have the potential to offer substantially better energy densities, which could enable longer battery life and increased driving range for electric vehicles.
In the upcoming years, the market for Lithium-Air Batteries is anticipated to witness surge due to the rising popularity of electric vehicles and the requirement for high-energy-density batteries for many other uses, including portable electronics and aircraft. Considerable technological challenges still need to be solved before Lithium-Air Batteries can be considered a practical commercial solution.
Key Highlights from the Report
● Based on Type, given its high theoretical air density and small size, the solid state lithium air battery is projected to dominate the market. It also has a lower risk of a fire explosion.
● By End-Use Industry, the automotive sector is likely to dominate the market as there is an increased demand for electric vehicles in the market due to the increased awareness of environmental friendly vehicles.
● In terms of Region, Lithium-Air Batteries held the major market share in 2021 and is likely to be the most gainful market in the future. The market is expanding in the North American area due to a booming automotive sector, rising automobile production and sales, increasing demand for hybrid and electric vehicles, and rising investments in Lithium-air battery research and development.
The market for Lithium-Air Batteries has identified the increased demand for these batteries in consumer electronics goods as its main growth driver. These batteries could be used in a wide range of consumer electronic items, such as cell phones, laptops, and tablets, which need high performance batteries for prolonged operation. This issue is addressed by these batteries since they guarantee a comparatively higher amount of energy storage. Over the next few years, the market for Lithium-Air Batteries is projected to grow as consumer electronics demand continues to climb.
The increased need to minimise emissions and imported oil, which has led to the development of electric cars, is one of the key factors fuelling market demand (EVs). This factor has contributed to the widespread use of these batteries, requiring price drops and longer battery life. Since electric vehicles are significantly more environmentally friendly than vehicles powered by petrol or diesel, many European and North American countries are placing a strong emphasis on their sales of electric vehicles.
The growing demand for these batteries from sophisticated nations, especially the US and European countries, has been identified as one of the lithium air battery market's major growth possibilities. Advanced nations have rigorous environmental standards and are environmentally concerned.
The high cost of these batteries has been recognised as the main barrier to the market for lithium air batteries. The market for grid size batteries is being severely constrained by the fledgling and expensive production technology of these batteries, which is driving up the entire cost of manufacture of these batteries.
The Global Lithium-Air Batteries Market is Segmented as follows
- Aprotic Li-Air Batteries
- Aqueous Li-Air Batteries
- Mixed Aqueous/Aprotic
- Solid-State Li-Air Batteries
- Other Types
- Automotive & Transportation
- Consumer Electronics
- Medical Devices
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Lithium-Air Batteries Market is
Poly Plus Battery Co. (U.S.), Mullen Technologies Inc. (U.S.), Tesla Inc. (U.S.)
The Global Lithium-Air Batteries Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|