Chicago, May 19, 2023 (GLOBE NEWSWIRE) — According to a research report UK Lithium-ion Battery Market by Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO)), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Aerospace) – Global Forecast to 2031″ , published by MarketsandMarkets, UK Lithium-ion Battery Industry to Grow at a CAGR 11.7% from 2022 to 2031
The UK is witnessing notable growth in the lithium-ion battery market.
A lithium-ion or Li-ion battery is a rechargeable battery that utilizes lithium-ion as its primary component. It is made up of three major components, namely anode, cathode, and electrolyte. In the Li-ion battery, the ions flow from the negative electrode to the positive during discharging and reverse while charging. These batteries are majorly used in electronic devices such as laptops, smartphones, and electric vehicles, as these batteries have a high energy density, are lightweight, and can recharge multiple times. Besides, these batteries are more efficient, have a longer lifespan, and have high energy densities compared to other types of batteries.
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The lithium-ion battery industry in Europe is expected to grow by more than USD 40.0 billion in 2031. The Association of European Automotive Industrial Battery Manufacturers and PRBA, among other active industry associations, are encouraging the use of lithium-ion batteries for different applications through their set standards and certifications. The key factors boosting sustainable battery market growth in the region are the increasing usage of li-ion batteries in electric vehicles, which require high-performance and reliable batteries to power their electric motors.
As per International Energy Agency (IEA), sales of electric vehicles in Europe have increased by 65% in 2021 compared to the previous year. The European automobile sector has the leanest production process and focuses on optimum water and energy use. Besides, the region is witnessing developments in the residential sector, for instance, rural electrification, in which lithium-ion batteries are used in battery energy storage systems. Furthermore, the growing advancements in electronic devices have also resulted in the higher adoption of lithium-ion batteries in the region. Hence, the lithium-ion battery market is flourishing in Europe.
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According to the MarketsandMarkets Analysis, the UK is a notably growing country in the lithium-ion battery market and holds a share of 22% of the European lithium-ion battery market. The market growth in the UK is attributed to the increasing demand for electric vehicles (EVs) and renewable energy storage systems. The government of the UK has come up with the Plug-In Van Grant scheme that ensures a grant of up to USD 24,795 against the purchase of an electric truck above 3.5 tons.
It has also invested USD 124 million in connected and autonomous vehicles. Additionally, the UK government has created an Automotive Transformation Fund funding program to support large-scale industrialization. The fund’s objective is to assist UK’s shift towards electric vehicles (EVs) by providing up to Euro 1 billion over four years to aid automotive companies in transitioning to zero-emission vehicles. The funding is intended to support the development and production of EV batteries.
Top Key Market Players in Lithium-ion Battery companies
- LG Chem (South Korea),
- SAMSUNG SDI CO. LTD. (South Korea),
- Contemporary Amperex Technology Co., Limited. (China),
- BYD Company Ltd. (China),
- Panasonic Holding Corporation (Japan).
See Also :
Japan Lithium-ion Battery Industry to Grow at a CAGR 13.8% from 2022 to 2031