The global market size in terms of revenue for lithium-air batteries is expected to expand to USD 17.8 Billion by 2030 at an 8.7% CAGR over the forecast period. The rise in the automobile industry and its use in heavy and light vehicles is the major factor driving the global lithium-air battery market. The rise in the global electric vehicle market has driven the growth of the lithium-air battery market in the past few years. The lithium-air battery has heavy potential to be used in robots and drones, this brings multiple opportunities for its entire global market to surge in the upcoming years. The ten-fold energy density as compared to lithium-ion batteries is the major factor that promises a major future for the entire lithium-air battery market along with the revolutionization of the electric vehicle market.
The global lithium-air battery market is expected to grow significantly in the future due to several factors, including increased demand for electric cars and renewable energy storage. The market for electric cars and other clean energy technologies is anticipated to increase significantly as governments and individuals worldwide become more conscious of the impact of climate change along with the need to cut greenhouse gas emissions and carbon footprint. The increased use of consumer electronic products with high battery life is another major factor in the surge of the global lithium-air battery market in recent years as comparatively, these batteries are much better in terms of weight, cost, and rechargeability. Their high energy density and potential for long-range driving in electric cars, coupled with the increased R&D on the advancement of lithium-air batteries have created multiple new opportunities for the entire lithium-air battery market.
Several growth factors are driving the global lithium-ion battery industry, apart from rising demand for electric cars and energy storage are lowering battery prices, technical improvements, and government support worldwide. Furthermore, the development of new battery technologies such as solid-state lithium-air batteries is expected to promote future market expansion. The non-combustible nature of solid-state lithium-air batteries due to their precise manufacturing process makes them less prone to explosion. The use of lithium-air batteries in robots and drones has also significantly boosted the global market over the past few years. However, one major challenge facing the lithium-air battery market was the need for better materials to facilitate the chemical reactions involved in the battery's operation as degradation of the battery is unavoidable.
Impact of COVID-19
The pandemic disrupted supply chains globally, lowered demand for certain consumer electronic products and services, and increased financial market instability, all of which had an indirect impact on the global lithium-air battery businesses as well. However, the COVID-19 pandemic, on the other hand, also promoted awareness of the need for sustainable and clean energy solutions. A rising interest in energy storage technology can assist overcome the intermittent nature of renewable energy sources. This provides chances for the lithium-air battery industry to boom in the upcoming years as this technology can provide high energy density at an economical cost, making it a major option for future energy storage applications.
Segmentation
The global market for lithium-air battery can be segmented based on type, application, and region. Based on type, this market can be divided into aqueous lithium-air battery, aprotic lithium-air battery, mixed aqueous/aprotic lithium-air battery, solid-state lithium-air batteries, and others. The solid-state lithium-air battery is anticipated to dominate the type segment of the global lithium-air battery market. Based on application, the global lithium-air battery market can be segmented into automotive & transportation, consumer electronics, medical devices, and others. The automotive & transportation sector dominates the application segment of the lithium-air battery market with a 41% market share.
Regional Analysis
The North America region is anticipated to lead the global lithium-air batteries market in terms of revenue and share owing to the growth in the electronic automotive and transportation industries in the region. With the increased use of lithium-air batteries in consumer electronics such as smartphones, and laptops, the North America market is set to flourish heavily in the upcoming years.
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The Asia Pacific region is the fastest growing market for lithium-air mainly due to rising industrialization in the region. The presence of electronic vehicle manufacturers in the region is the major factor for the rapid growth in the past few years. China is the major augmenter of the Asia Pacific lithium-air battery market owing to its vast and well-developed consumer-electronics market. The market for lithium-air batteries in Europe is anticipated to grow significantly mainly due to the rising integration of renewable energy systems.
Competitive Analysis
The competitor landscape for lithium-air batteries is complex as it is a new technology and has multiple players involved in each stage of the value chain. The major companies involved in the lithium-air battery market are Mullen Technologies Inc., Tesla Inc., Poly Plus Battery Co., and Lithium Air Industries Inc. among others.
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The global lithium-air battery market is segmented as follows:
By Type (Revenue: USD Billion, 2018 – 2030)
● Aqueous Lithium-Air Battery
● Aprotic Lithium-Air Battery
● Mixed Aqueous/Aprotic Lithium-Air Battery
● Solid-State Lithium-Air Batteries
● Others
By Application (Revenue: USD Billion, 2018 – 2030)
● Automation & Transportation
● Consumer Electronics
● Medical Devices
● Others
By Region (Revenue: USD Billion, 2018 – 2030)
● North America
o U.S.
o Canada
o Mexico
● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe
● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific
● Latin America
o Brazil
o Argentina
o Rest of Latin America
● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa
Frequently Asked Questions (FAQs)
The global market for lithium-air batteries is expected to reach USD 17.8 Billion in 2030 growing at a CAGR of 8.7%.
The major players in the global lithium-air battery market are Mullen Technologies Inc., Tesla Inc., Poly Plus Battery Co., and Lithium Air Industries Inc. among others.
The global lithium-air battery market is projected to grow at a CAGR of 8.7% between 2023 and 2030.
The growing electric vehicle market coupled with coupled with government initiatives for advancement in renewable energy storage are the major driving factors for the growth of the global lithium-air battery industry. The high battery life that can be used in consumer electronics such as smartphones and laptops along with underwater robots and long-flight aerial drones is another major factor that provides lucrative opportunities for the global lithium-air battery market to flourish in the upcoming years.
North America was the leading regional segment of the global lithium-air battery market in 2022.
