New York, Jan. 17, 2024 (GLOBE NEWSWIRE) — The global silicon-based anode market size is projected to grow at a CAGR of over ~48% from 2024 to 2036. The market is expected to garner a revenue of USD 137 billion by the end of 2036, up from a revenue of ~USD 3 billion in the year 2023.The major factor driving the growth of the market is a surge in demand for electric vehicles. In 2022, over 9 million electric vehicles were sold all across the globe and this number is set to boost by about 34% which equates to approximately 13 million this year. Hence, with this, the silicon-based anode is projected to grow since these are considered to be next-generation batteries. A large number of organizations are working towards integrating the use of silicon-based anode batteries in their electric vehicles in order to reduce the e emission of greenhouse gasses. Graphite as cathode was the most extensive material used in EV batteries till now.
(GlobeNewsWire)