12V Lithium-Ion Battery Market report incl. global, regional, country, customer and carline/platform-specific market shares, volume forecasts and competitor landscapes for Lithium-Ion Battery, By Type (Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Nickle Cobalt Aluminum Oxide & Lithium Titanate Oxide), By Capacity (0- 3000 mAh, 3000-10000 mAh, 10000-60000 mAh, 60000 mAh & Above), By Industry (Automotive, Aerospace Consumer Electronics, Marine, Industrial, Power, Telecommunication & Medical) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
The Global 12V Lithium-Ion Battery Market size was estimated at USD 17.6 billion in 2023 and is projected to reach USD 40.3 billion in 2030 at a CAGR of 12.6% during the forecast period 2024-2030.
In comparison to their internal combustion engine counterparts, electric vehicles have demonstrated a reduced impact on the climate. This is a significant shift as both passenger and commercial electric vehicles are poised to redefine the trajectory of future transportation. In response to this trend, governments across the globe are progressively adopting greener, pollution-free mobility solutions. This transition is not only beneficial for the environment but is also expected to catalyze the growth of the lithium-ion battery industry.
These lithium-ion batteries are the power source of choice for electric vehicle manufacturers, including industry leaders like Tesla. The shift towards electric mobility is particularly noticeable in Europe, where stringent pollution standards and restrictions have been enacted. In addition, significant public transit projects focusing on electric mobility have been launched, further solidifying the continent's commitment to a greener future. This commitment to environmental sustainability and the adoption of electric vehicles is a clear indication of the direction in which global transportation trends are moving.
In the COVID-19 pandemic, the anticipated expansion of the lithium-ion battery market was experienced a downturn. This is primarily due to the pandemic's severe impact on the supply of batteries and other essential components, which has been brought about by significant disruptions in business operations and the global economy at large. The circumstances had notably affected the supply chain of the battery industry, causing a ripple effect that has further compounded the issue.
The landscape of energy generation has undergone a substantial transformation in recent years, shifting away from traditional fossil fuels and moving towards more sustainable and renewable energy sources such as solar, wind, and hydroelectric power. This shift is being embraced by various economies worldwide, as they take proactive initiatives to transition towards cleaner, more environmentally friendly energy sources.
A prime example of this is the European Union, which is rapidly accelerating the implementation of solar photovoltaic (PV) and wind energy initiatives. This proactive approach is a strategic response to the looming threat of a potential energy crisis in the foreseeable future. In the year 2022 alone, the region saw a remarkable addition of over 50 GW of renewable energy in new capacity. This represents an impressive 45% increase compared to the previous year, indicating a strong commitment to renewable energy. The introduction of ambitious policies and targets, as outlined in the REPowerEU Plan and The Green Deal Industrial Plan, are expected to act as significant catalysts. These initiatives are anticipated to attract substantial investments in renewable energy projects throughout the European Union in the years to come. This strategic approach not only addresses the immediate energy needs but also ensures a sustainable and environmentally friendly future.
Asia pacific to Dominate the Market