The Battery Electrolyte Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Battery Electrolyte Global Market Report 2024, The battery electrolyte market size has grown rapidly in recent years. It will grow from $7.07 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to consumer electronics boom, government incentives, portable electronics evolution, growth in telecommunications, enhanced safety standards..
The battery electrolyte market size is expected to see rapid growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to emergence of solid-state batteries, focus on sustainable materials, increasing e-waste concerns, medical device advancements, global renewable energy initiatives.. Major trends in the forecast period include advancements in lithium-ion batteries, solid-state electrolytes development, partnerships and collaborations, demand for fast-charging batteries..
The increase in demand for electric vehicles is expected to propel the growth of the battery electrolyte market going forward. Electric vehicles refer to vehicles that run on electricity instead of an internal combustion engine, which produces power by burning fuel and gases. Electrolytes such as lithium-ion are used in the manufacture of batteries, which are widely used in electric cars. These electrolytes, with the help of the positive and negative electrodes, generate an electric current that helps to drive the vehicle’s battery and gives motion to its wheels that helps to move. For instance, in May 2022, according to International Energy Agency, a France-based autonomous intergovernmental organization, in 2021, the number of electric vehicle sales doubled from the previous year to reach a new high of 6.6 million. Also, with 2 million electric vehicle sales in the first quarter of 2022, a 75% increase over the same time in 2021, the market for electric vehicles has continued to grow rapidly. Therefore, increasing demand for electric vehicles is driving the growth of the battery electrolyte market.
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The battery electrolyte market covered in this report is segmented –
1) By Electrolyte Type: Liquid Electrolyte, Solid Electrolyte, Gel Electrolyte, Vanadium, Zinc Bromide, Other Electrolyte Types
2) By Battery Type: Lead-Acid, Lithium-Ion, Nickel Metal, Other Battery Types
3) By End-User: Industrial, Transportation, Energy Storage, Consumer Electronics,, Electric Vehicle Battery, Residential, Other End-Users
Technological innovation is the key trend gaining popularity in the battery electrolyte market. Major companies operating in the market are introducing new technologies to sustain their position in the market. For instance, in April 2021, Hitachi Ltd., a Japanese-based company operating in the battery electrolytes market, developed a long-life lithium-ion battery prototype using an organic solid electrolyte with lower volatility and chemical toughness. When compared to lithium-ion batteries using a traditional organic electrolyte it helps to lower volatility and chemical toughness by using analysis techniques and MI technology. In order to create a decarbonized society, Hitachi aims to support the application of this technology to achieve electrification of various modes of transportation, such as cars and trains, and to stabilize power grid systems connected to renewable energy.
The battery electrolyte market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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