Why is the lithium market growing?

The U.S. lithium market is one of the largest consumers of lithium in North America. The market growth is attributed to positive government policies and initiatives on green energy transition, and EVs are propelling the demand for the product in the region.

What is the lithium-ion battery market report?

The Lithium-Ion Battery Market report offers qualitative and quantitative insights on lithium-ion batteries and a detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape.

What is the market share of lithium ion battery?

The Lithium Nickel Manganese Cobalt Oxide (NMC) segment is predicted to capture a significant share of the lithium-ion battery market. Currently, it holds more than 60 per cent market share followed by lithium iron phosphate (LFP) with close to 30 per cent share.

How will rising demand for lithium-ion batteries affect the battery industry?

Rising demand for substitutes, including sodium nickel chloride batteries, lithium-air flow batteries, lead acid batteries, and solid-state batteries, in electric vehicles, energy storage, and consumer electronics is expected to restrain the growth of the lithium-ion battery industry over the forecast period.

Will lithium-ion batteries drive the growth of the electric vehicles market?

The exponential growth in the electric vehicles market is estimated to provide a lucrative opportunity to the producers of lithium-ion batteries, which, in turn, is expected to drive the growth of the lithium market.

Who is driving the lithium market?

Pivot Power is leading the project, which is backed by the Government of the UK. The lithium market in North America held a global revenue share of more than 13.0% in 2023. The government's increasing focus on reducing carbon emissions in the automotive sector is expected to propel market growth in the coming years.