WASHINGTON, April 19, 2023 (GLOBE NEWSWIRE) -- The Global Lithium-Air Batteries Market is valued at USD 9.8 Billion in 2022 and is projected to reach USD 18.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.5% over the forecast period 2023-2030.
Market Overview
The Lithium-Air Battery market is a rapidly growing market that is expected to experience substantial growth in the coming years. Lithium-Air Batteries are rechargeable batteries that use oxygen as a cathode and lithium as an anode, making them a promising energy storage solution for various applications. The key factors driving the growth of the Lithium-Air Battery market include the increasing demand for electric vehicles, renewable energy storage solutions, and portable electronic devices. Lithium-Air Batteries offer high energy density, a long-life span, and low cost, making them a preferred option over other battery technologies.
We forecast that the automotive and transportation in Lithium-Air Batteries market sales will account for more than 48% of total sales by 2030. This is due to the increasing demand for electric vehicles powered by high-performance batteries that can store more energy and provide longer driving ranges.
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Market Dynamics
Increasing Demand for Electric Vehicles will Increase to Support Market Expansion
With the rise of electric vehicles (EVs), a growing need exists for high-performance batteries that can store more energy and deliver a longer driving range. Lithium-Air Batteries offer high energy density, which means they can store more energy per unit of weight than conventional lithium-ion batteries. This makes them an attractive option for use in EVs, where reducing the weight of the battery pack can increase the vehicle's efficiency and driving range.
The Growing Need for Renewable Energy Storage Solutions to Drives the Market Growth
As the world shifts towards renewable energy sources like wind and solar power, there is a growing need for energy storage solutions to store excess energy produced during peak hours and release it during periods of high demand. Lithium-Air Batteries are a promising option for this purpose due to their high energy density and long cycle life. They can also be easily integrated into existing energy storage systems, making them a practical option for renewable energy applications. Additionally, Lithium-Air Batteries are environmentally friendly, as they do not contain toxic metals and can be easily recycled.
Top Players in the Global Lithium-Air Batteries Market
- Poly Plus Battery Co. (United States)
- Mullen Technologies Inc. (United States)
- Tesla Inc. (United States)
- Lithium Air Industries Inc. (United States)
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Top Trends in the Global Lithium-Air Batteries Market
- One trend that Vantage Market Research (VMR) expects to see in the Lithium-Air Batteries market industry is the focus on improving battery performance. The Lithium-Air Battery market is highly competitive, and manufacturers are constantly striving to improve the performance of their batteries. One of the key areas of focus is increasing the energy density of Lithium-Air Batteries, which would allow them to store more energy per unit of weight. This can be achieved by developing new cathode and electrolyte materials that can improve the battery's efficiency. Another area of focus is improving the battery's cycle life, which refers to the number of charge-discharge cycles a battery can undergo before its capacity degrade. This can be achieved through the development of more stable cathode and electrolyte materials, as well as the optimization of battery design and manufacturing processes.
- Another trend that VMR predicts will continue in the Lithium-Air Batteries market industry is its adoption of Lithium-Air Batteries in emerging applications. While the primary focus of the Lithium-Air Battery market has been on electric vehicles and renewable energy storage, there is increasing interest in using these batteries in other emerging applications. One such application is in the aerospace industry, where the high energy density of Lithium-Air Batteries could enable longer endurance and range for drones and other unmanned aerial vehicles. Another potential application is in portable electronic devices, where the high energy density of Lithium-Air Batteries could allow for longer battery life and reduced charging times. As these applications continue to develop, they are expected to drive further growth in the Lithium-Air Battery market.
Top Report Findings
- Based on Type, most of the Lithium-Air Batteries market's revenue is controlled by the aprotic Lithium-Air Batteries category. Aprotic Lithium-Air Batteries use a non-aqueous electrolyte, allowing for higher energy densities and better performance than aqueous Lithium-Air Batteries. These batteries have the potential to achieve energy densities that are several times higher than those of conventional lithium-ion batteries, making them an attractive option for use in electric vehicles and other applications that require high energy storage capacity.
- Based on application, the automotive and transportation category controls most of the Lithium-Air Batteries market's revenue. This is primarily due to the increasing demand for electric vehicles, which require high-performance batteries that can store energy and provide longer driving ranges. Lithium-Air Batteries offer several advantages over conventional lithium-ion batteries, including higher energy density and lighter weight. These features make them an attractive option for use in electric vehicles, where reducing the weight of the battery pack can increase the vehicle's efficiency and driving range.
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Recent Developments in the Global Lithium-Air Batteries Market
- In 2022, Researchers from MIT, Harvard University, and Cornell University revealed that they had isolated and studied lithium superoxide, an elusive molecule that may be to blame for the decomposition of important elements in Li-air batteries.
- In 2021, E-waste recycling company Attero revealed plans to invest INR 300 crore to increase its lithium-ion battery recycling capacity to 11,000 tonnes by the end of 2022.
Automotive & Transportation Category of the Application Segment Expected to Generate a Great Amount of Revenue in the Global Lithium-Air Batteries Market
For better understanding, based on the Application, the Lithium-Air Batteries Market is divided into Automotive & Transportation, Consumer Electronics, Medical Devices, and Other Applications.
The Automotive & Transportation market was the largest by application, and it is anticipated to hold the top spot during the projected period. The automotive and transportation segment will likely receive significant government support due to the growing focus on reducing carbon emissions and promoting sustainable transportation. Governments worldwide are implementing policies and incentives to encourage the adoption of electric vehicles, which is expected to drive the demand for high-performance Lithium-Air Batteries.
On the other hand, consumer electronics is anticipated to grow significantly. Lithium-Air Batteries offer several advantages over traditional lithium-ion batteries, including higher energy density, longer life, and lighter weight. These features make them an attractive option for use in portable electronics such as smartphones, tablets, and laptops, where reducing the weight and increasing the battery life is critical.
Asia Pacific Region Expected to Generate over half the Global Revenue of Lithium-Air Batteries Market
The Asia-Pacific region is anticipated to do so in the coming years. Asia Pacific is home to some of the world's largest markets for electric vehicles, including China, Japan, and South Korea. The region has been aggressively promoting the adoption of EVs to reduce air pollution and meet climate change goals. This has created a strong demand for high-performance batteries, including Lithium-Air Batteries, which provide a longer driving range and faster charging times.
The Asia Pacific region is expected to see the fastest growth in the Lithium-Air Batteries market. The region is expected to grow significantly due to several factors, including the strong demand for electric vehicles and the growing need for renewable energy storage solutions. In addition, the presence of leading battery manufacturers, such as Panasonic, LG Chem, and Samsung SDI, is expected to drive the growth of the Lithium-Air Battery market in Asia Pacific.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Lithium-Air Batteries Market Forecast Report (2023-2030).
Global Lithium-Air Batteries Market Segmentation
By Type
- Aprotic Li-Air Batteries
- Mixed Aqueous/Aprotic
- Solid-State Li-Air Batteries
- Other Types
By Application
- Automotive & Transportation
- Consumer Electronics
- Medical Devices
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 9.8 Billion |
| Revenue Forecast by 2030 | USD 18.4 Billion |
| CAGR | 9.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Poly Plus Battery Co., Mullen Technologies Inc., Tesla Inc. |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/lithiumair-batteries-market-2076/request-sample |
Key Questions Answered in the Lithium-Air Batteries Market Report are:
- What is the current market size of the Lithium-Air Batteries market, and what is its projected growth rate in the coming years?
- What are the key drivers, challenges, and trends in the Lithium-Air Batteries market?
- What are the major applications of Lithium-Air Batteries across various industries, such as automotive, electronics, and aerospace?
- Who are the leading manufacturers and suppliers of Lithium-Air Batteries, and what are their market shares?
- What are the competitive landscape and strategic developments in the Lithium-Air Batteries market, such as mergers and acquisitions, partnerships, and collaborations?
- What are the regulatory and environmental concerns associated with Lithium-Air Batteries, and what are the initiatives taken by the government and industry players to address them?
- What are the regional and global market trends and opportunities in the Lithium-Air Batteries market, and how are they expected to impact the market growth?
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