The Global Lithium-Air Battery Market is expecting around 9.5% CAGR during 2021-26, cites MarkNtel Advisors in their recent research report. Currently, lithium-air batteries are undergoing numerous research & developments. However, their demand is set to significantly rise for applications in different verticals like automotive, consumer goods, medical devices, & energy storage, among others. It attributes to the mounting requirements for energy storage systems and the increasing number of renewable energy sources.
Additionally, lithium-air batteries can provide enhanced power to aerial drones, underwater robots, & mobile robots. As a result, the growing utilization of robots, drones, etc., in many industries is another crucial aspect expected to create remunerative opportunities for the global market in the coming years, further states the research report, “Global Lithium-Air Battery Market Analysis, 2021.”
Automotive Sector Holds Promising Prospects for the Global Lithium-Air Battery Market through 2026
The mounting need to reduce dependency on fossil fuels owing to rapidly increasing Green House Gas (GHG) emissions has propelled the demand for Electric Vehicles (EVs) worldwide. As a result, the burgeoning EV sales globally is the crucial aspect expected to lead the automotive sector to hold the largest share in the Global Lithium-Air Battery Market during 2021-26.
With a considerable decline in prices & a surge in driving range, EVs are all set to achieve mass adoption globally. Since the conventional lithium-ion batteries offer less driving range on a single charge, they are considered expensive for their use in EVs. Due to this, Lithium-air batteries are witnessing new innovations & developments to achieve enhanced performance & affordability. Hence, their demand across the automotive sector is likely to be notably growing in the coming years.
With the Burgeoning EV Adoption in the US, North America to Dominate the Global Market
North America is a significant market for automobiles & electronics with a massive adoption rate. With the swiftly increasing adoption of Hybrid & Electric Vehicles, Lithium-Air batteries would experience substantial demand once they become commercially available across the region. Besides, the US government is actively promoting the adoption of battery-powered cars since they emit lower carbon than Internal Combustion Engine (ICE)-based vehicles. It, in turn, would positively influence the demand for lithium-air batteries across the US and contribute to the regional market growth in the coming years, reveals MarkNtel Advisors in their research report, "Global Lithium-Air Battery Market Analysis, 2021."
The leading players in the Global Lithium-Air Battery Market are Tesla Inc., Mullen Technologies, Poly Plus Battery Company (PPBC), and Lithium-Air Industries, Inc.
Key Questions Answered in the Research Report: