Press Release Description

Increasing Production of Electronic Goods to Boost the Lithium-Air Battery Market

The Global Lithium-Air Battery Market is projected to grow at a CAGR of around 9.50% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. Lithium-air batteries are currently in the research and experimental phase and are yet to achieve widespread commercialization. Despite being in their early stages, these batteries hold immense potential, particularly for applications like electric vehicles (EVs) and portable electronics, due to their high energy density.

The global surge in environmental awareness and governmental initiatives, including incentives, tax credits, and subsidies, has fueled the rapid adoption of electric vehicles. Major automakers such as Volkswagen, Renault, Nissan, and Toyota are heavily investing in EV development, committing to transitioning a significant portion of their fleets to electric and hybrid models. For instance, in 2023, Toyota Motor plans to triple its electric vehicle production target in 2025 to 600,000 vehicles. The success of electric vehicles hinges on batteries with high energy density, which are crucial for extending the range and enhancing overall efficiency. Lithium-air batteries, renowned for their theoretical high energy density, emerge as a promising solution for automakers striving to elevate the performance of their EVs in the years to come.

Global Lithium-Air Battery Market

Furthermore, the use of a solid electrolyte in lithium-air batteries, as opposed to the conventional liquid type, could substantially enhance the battery's energy density, potentially up to four times more than that of traditional lithium-ion batteries. In 2023, the Argonne National Laboratory reported the development of a lithium-air battery with a remarkable energy density of approximately 1,200 watt-hours per kilogram, nearly four times superior to lithium-ion batteries. This advancement positions lithium-air batteries as highly competitive and appealing solutions for diverse industries, including consumer electronics and automobiles, in the forecast period, further states the research report, “Global Lithium-Air Battery Market Analysis, 2024.”

Segmentation Analysis

Automotive Industry to Account for Major Market Share

Based on the end user, the market is bifurcated into Automotive, Energy & Utility, Consumer Electronics, and others (Aerospace, Healthcare, etc.). During the forecast period, the automotive segment is poised to take center stage in the market, driven by government regulations, incentives, and the increasing consumer preference for sustainable transportation.

Numerous governments, including those of China, the US, Germany, Saudi Arabia, and others, are actively providing incentives and enacting regulations to encourage the widespread adoption of electric vehicles. For instance, in 2023, to encourage the transition to carbon-free vehicles, the government of the Sultanate of Oman has adopted a set of facilities and incentives, including exempting electric cars by around 100 % of customs tax and EV registration fees at the ROP. This policy creates a favorable landscape for substantial investments by the automotive industry in cutting-edge battery technologies, with a specific focus on advancements such as lithium-air batteries.

Furthermore, rising awareness of environmental concerns and a burgeoning preference for sustainable modes of transportation are driving the demand for electric vehicles. If lithium-air batteries can demonstrate safety, reliability, and environmental friendliness, they have the potential to emerge as a favored option in this evolving landscape. This, in turn, could significantly enhance the automotive industry's share in the Global Lithium-Air Battery Market in the coming years.

Europe to Hold Prominent Market Share

Europe is anticipated to hold a prominent share of the market, driven by stringent emission reduction targets, strategic investments, and collaborations. The region has set ambitious goals to curtail carbon emissions and address climate change concerns. Given that the transportation sector significantly contributes to emissions, there is a notable shift toward electric mobility in Europe.

In 2023, European Union (EU) lawmakers took a decisive step by reaching an agreement to prohibit the sale of new combustion engine vehicles by 2035, accelerating the transition to electric vehicles. This regulatory move is poised to stimulate electric vehicle adoption across the EU in the coming years, consequently boosting the demand for Lithium-Air Batteries. The characteristics of lithium-air batteries, including their potential for high energy density, extended range, and reduced weight, align closely with the objectives of reducing carbon footprints within the automotive sector.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including PolyPlus Battery Company, Lithium Air Industries, Toyota, IBM, Mullen Technologies Inc., and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the trends influencing the current scenario of the market?
  2. What key factors would propel and impede the industry across the globe?
  3. How would the industry evolve in terms of geography & product adoption?
  4. How would the competition shape across various regions?
  5. How would buying behavior, customer inclination, and expectations from product manufacturers evolve during 2025-30?
  6. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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