Lithium-ion batteries are the most dominant rechargeable battery technology.
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| Tesla Charging station. Image: Collected |
The global demand for battery power is expected to grow from 185 gigawatt hours (GWh) in 2020 to 2,035 GWh by 2030, a whopping 11-fold increase. Nearly 90% of this growth will come from the transportation sector, driven by the rapid adoption of electric vehicles (EVs).
According to market information, Lithium-ion batteries are the most dominant rechargeable battery technology, accounting for just over 40% of the global revenue share in 2022. This dominance is due to their high energy density, long lifespan, and low self-discharge rate.
Lead-acid batteries are the second-largest type of rechargeable battery by revenue, with a share of about 30%. These batteries are less expensive and more widely available than lithium-ion batteries, making them a good choice for applications where cost and availability are more important than energy density.
The recent trend says, Lithium-titanate oxide (LTO) batteries are the fastest-growing type of rechargeable battery, with an expected compound annual growth rate (CAGR) of 35% from 2022 to 2030. This rapid growth is due to the unique properties of LTO batteries, which include long cycle life, high power density, and the ability to be charged and discharged very quickly.
The lithium-ion battery market is estimated to be $54.4 billion in 2023, and with an expected CAGR of 20.3%, it is expected to reach total revenues of $182.5 billion in 2030. This growth will be driven by the increasing demand for EVs, as well as the adoption of lithium-ion batteries in other applications, such as energy storage and consumer electronics.
The future use of battery power is expected to grow dramatically in the coming years, driven by the adoption of EVs and other applications. Lithium-ion batteries are the dominant technology, but LTO batteries are the fastest-growing. The battery market is expected to reach $182.5 billion by 2030.