The lithium-ion battery is an essential aspect of the contemporary economic system and is predicted to control the bulk of the market for batteries, especially for uses like electric vehicles and smartphones. Due to its remarkable characteristics and great energy density, it has gained a monopolistic position and is the product of choice across numerous industries. With these benefits, lithium-ion batteries are anticipated to keep a sizable market presence and be essential for the following five to ten years, securing their place as one of the most significant batteries in the current market environment.

While there are many businesses and start-ups committed to creating new, cutting-edge batteries, many of these technologies are still in the research and development or partial commercialization stages. Their commercial presence is sometimes constrained by technical difficulties and inadequate standards that frequently prevent their general acceptance. Although a few of these batteries have theoretical promise, much more study and development is needed before they can be used in widespread applications. New battery technologies frequently have restricted applications and are not frequently used in gadgets like phones or electric vehicles, even when they are commercialised. Despite their shortcomings, lithium-ion batteries currently hold the top spot. They are anticipated to maintain their market dominance and may hold a sizable proportion for the foreseeable future.

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The success of lithium-ion batteries can be credited, in addition to reliable technical standards, to the strong logistics infrastructure set up by industries along the whole supply chain, including mining, shipping, production, battery manufacturing, and machine development. The commercialization of novel battery technology is greatly facilitated by this infrastructure, especially for important applications like smartphones and electric vehicles. The majority of battery demand is driven by these applications, hence it is crucial for battery manufacturing businesses to invest in creating a strong logistics infrastructure that is comparable to that of lithium-ion batteries. Any new battery technology that wants to rule the market must provide solutions specifically designed for smartphones and electric vehicles since equipment and production techniques are optimised for these particular applications.

According to recent data from the United States Geological Survey (USGS), global lithium production is expected to rise significantly, hitting 100,000 tonnes in 2021 as opposed to 82,500 tonnes the year before. This increase in output can be ascribed to the high demand for lithium batteries, which is being pushed by a variety of end uses. An effort is being undertaken to investigate more lithium reserves in order to meet the growing demand. Surprisingly, Mexico has found huge lithium deposits worth over USD 602 billion, while China has just discovered lithium reserves in the Himalayas, totaling about 1 million tonnes of lithium oxide resources. These findings demonstrate how the world is concentrating on protecting and developing its lithium resource base to meet the rising demand for lithium batteries.

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The graphs show that over a major period of 5 to 10 years, the existing lithium-ion production levels and reserves are anticipated to supply the demand for lithium-ion batteries across a variety of applications. This demonstrates how well-built the supply chain for lithium-ion batteries is at satisfying the demands of the market. Any new battery technology would need to match or outperform existing ones in terms of raw material availability and production capacity if it were to become the market leader for batteries. Any new battery technology hoping to challenge the supremacy of lithium-ion batteries must be viable and competitive, which requires sufficient production capacity and a steady supply of raw materials.

High (above 36V) segment dominated the lithium-ion market in 2021

The market for lithium-ion batteries saw the high voltage segment (over 36V) emerge as the industry leader in 2021. Applications for high voltage lithium-ion batteries include power systems, military hardware, electric vehicles, marine vessels, heavy machinery, and communications infrastructure. Additionally, because to these batteries' small weight, which helps reduce the overall weight of aircraft, they are useful for powering electrical equipment in some aerospace applications. Due to its adaptability and effectiveness across numerous industries and sectors, the high voltage lithium-ion market continues to prosper.

Automotive industry dominated the lithium-ion battery market in 2021

The automobile sector became the market leader for lithium-ion batteries in 2021. The automobile industry, with a concentration on battery-powered cars like hybrid electric vehicles and plug-in hybrid electric vehicles, was the main force behind the widespread adoption of lithium-ion batteries. The demand for lithium-ion batteries has increased, particularly in areas like Europe and the Asia Pacific, as a result of the rising awareness and acceptance of these environmentally friendly automobiles. The increase of the market for lithium-ion batteries is particularly fueled by the UK's proactive initiatives to encourage the growth of the electric car industry. The enormous contribution of the automobile sector to the uptake of lithium-ion batteries highlights this sector's market dominance.

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