What is the global market size of lithium-ion batteries in 2024

According to reports, a report recently released by the research organization Global Market Insights indicated that by 2024, the global market for lithium-ion batteries will exceed US$60 billion.

This survey report tracks the application and deployment of various lithium-ion batteries, and points out that compared with other existing battery products, lithium-ion batteries have larger capacity and longer life. Longer and more efficient.

Bloomberg New Energy Finance (BNEF) Energy Storage Supervisor Logan Goldie-Scot said that due to the faster-than-expected price decline, the agency raised its review of the lithium-ion battery market in November last year. Forecast of scale. According to estimates, between 2017 and 2024, the world will invest 61 billion U.S. dollars in the production and deployment of lithium-ion batteries.

According to the survey report of Global Market Insights, lithium-ion batteries are widely used due to their ease of use, high battery energy density, and long discharge cycles. The report pointed out that in addition to the rapid growth of the electric vehicle and energy storage industries, there will be some changes in the US market due to the increasing adoption of smart devices and the digital transformation of the industrial and healthcare industries.

Goldie-Scot said that Bloomberg New Energy Finance (BNEF) estimates that the investment in 2024 is about 13 billion U.S. dollars, double the investment of about 5 billion U.S. dollars in 2018 many.

The report pointed out that the application of lithium-ion batteries in electric vehicles is surpassing energy storage systems, thanks to the adoption of electric vehicles and government initiatives to promote sustainable energy use.

David Hart, a senior researcher at the US Information Technology and Innovation Foundation, pointed out that “the mass production of electric vehicles is driving the cost reduction of lithium-ion batteries, making them more suitable for large-scale applications. Some industry experts said that lithium-ion batteries may have some limitations in reducing costs, and lithium-ion batteries are rarely used for long-term energy storage applications.'

Although some people think that lithium-ion batteries are used Ion batteries can meet short- and long-term niche market needs, but it is expected that the energy storage time of this technology will not exceed one day at the longest.

'We are considering launching policies to promote the development of battery technology.' He said.

Global Market Insights' report predicts that the application of lithium-ion batteries in the energy storage system and automotive markets will more than double from 2016 to 2024.

Hart pointed out that China has formulated a market demand policy for electric vehicles and is expected to be a global leader in lithium-ion production. He said: 'In terms of battery product supply, China will undoubtedly become the main source of production capacity.'

He pointed out that the lithium-ion battery market may embark on solar panels. The road to the market, but unlike solar panels, lithium-ion batteries already have a huge internal application market.