The lithium-air battery market size is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand of sustainable energy and growth of sustainable energy source. Lithium-air batteries are the advanced light-weight batteries. They are metal-air batteries which form an electrochemical cell and work on redox reaction; oxidation of the lithium metal followed by reduction of oxygen produces the current flow. These batteries are used in the medical, automotive, electronics, defense and military, and marine industries and in power backup systems is fueling the growth of the market. Various batteries are used as per their application requirements. Manufacturers are conducting extensive research in order to develop batteries that have longevity, low weight, density, high-power and low cost of production, without compromising on the performance of the end product. Creating eco-friendly products is boosting the global batteries market. Batteries are essential equipment in households as well as in industries; thus, the demand for batteries is everlasting. Technological advancements ensure the continuous development of new equipment and gadgets that require batteries; this is estimated to create high demand for battery materials in coming years.
The Covid-19 pandemic had an adverse impact on the lithium-air battery market. The production and supply in the market has been on halt owing to lockdown; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Market Trends, Drivers, Restraints, and Opportunities
- Growing demand of lithium-air battery in the automotive industry, especially in the hybrid and electric vehicles is expected to drive the market.
- Characteristics such as low weight and compact size are estimated to propel the market during the forecast period.
- Rise in demand for electric vehicles and improvement in manufacturing processes are the key factors propelling lithium-air batteries market
- Rising application of lithium-air battery in electronic, electrical, industrial equipment are projected to spur the market
- R&D investment and technological advancement in lithium-air battery market are expected to offer lucrative opportunities for the market players.
Scope of the Report
The report on lithium-air battery market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Lithium-Air Battery Market –Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-User (Automotive, Consumer Electronics, Energy Storage, and Other Applications)
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Regions
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mullen Technologies, Inc, Tesla, Inc., and Poly Plus Battery Co
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Market Segment insights
The automotive segment is projected to constitute a large market share
Based on end user, the lithium-air battery market is segregated into automotive, consumer electronics, energy storage, and other applications. The automotive segment is expected to account for a key share of the market during the forecast period owing to the rising demand from electric vehicles. The standard lithium-ion batteries provide a driving range of approximately 100 miles on a single charging cycle. They are, therefore, considered to be expensive in the manufacturing of an electric vehicle. Therefore, the innovative and new lithium-air batteries have been gaining traction in the automotive industry on account of high-performance features provided at a cheaper cost.
North America is expected to dominate the market
In terms of regions, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a robust CAGR during the forecast period. The developing automotive industry in the regions wherein lithium-air batteries are predominantly used in electric and hybrid cars is expected to drive the market growth in near future. Furthermore, adoption of electric vehicles in countries such as the U.S., Germany, Denmark, the Netherlands, France, and Finland is projected to create high demand for lithium-air batteries.
Segments
Segments Covered in the Report
The lithium-air battery market has been segmented on the basis of:-
End-User
- Automotive
- Consumer Electronics
- Energy Storage
- Other Applications
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Companies
- Mullen Technologies, Inc
- Tesla, Inc.
- Poly Plus Battery Co
Competitive Landscape
Key players competing in the lithium-air battery market include Mullen Technologies, Inc, Tesla, Inc., and Poly Plus Battery Co.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
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