The cobalt free batteries global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Cobalt Free Batteries Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The cobalt-free batteries market size has grown rapidly in recent years. It will grow from $1.16 billion in 2023 to $1.32 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to rising environmental concerns, growing adoption of electric vehicles, reduction in cobalt prices, regulatory pressure to reduce environmental impact, increasing consumer awareness about ethical sourcing, and investment in new battery technologies.
The cobalt-free batteries market size is expected to see rapid growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to greater demand for energy storage capacity in grid systems, advancement in solid-state battery technology, government incentives for green technology, rising energy storage needs for renewable energy sources, and increasing focus on reducing carbon footprints. Major trends in the forecast period include emergence of new battery chemistries, growth in government-backed research and development initiatives, increasing consumer preference for eco-friendly products, development of efficient recycling methods, and integration with smart grid technologies.
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Scope Of Cobalt Free Batteries Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Cobalt Free Batteries Market Overview
Market Drivers –
The increasing adoption of electric vehicles (EVs) is expected to propel the growth of the cobalt-free battery market going forward. Electric vehicles (EVs) are vehicles powered by electric motors using rechargeable batteries instead of traditional internal combustion engines. The adoption of EVs is rising due to environmental awareness, government incentives, advancements in battery technology, and the expansion of charging infrastructure. Cobalt-free batteries utilize alternative chemistries to minimize reliance on cobalt and tackle ethical sourcing issues, which helps lower EV production costs. These innovations improve sustainability and performance, making electric vehicles more affordable and attractive to environmentally conscious consumers. For instance, in January 2024, according to a report published by Kelley Blue Book, a US-based vehicle valuation and automotive research company, in 2023, a record 1.2 million car buyers in the United States chose electric vehicles, which accounted for 7.6% of the entire U.S. vehicle market, up from 5.9% in 2022. Therefore, the increasing adoption of electric vehicles (EVs) is driving the growth of the cobalt-free battery market.
Market Trends –
Major companies operating in the cobalt-free batteries market are developing advanced products such as high-power performance cobalt-free batteries, to address environmental concerns associated with traditional battery technologies. High-power performance cobalt-free batteries are advanced energy storage systems that offer high power output without cobalt in their chemistry. For instance, in November 2023, Toshiba Corporation, a Japan-based electronics company, launched a new cobalt-free lithium-ion battery. It is equipped with a cobalt-free, 5V-class high-potential cathode that contains low nickel levels, addressing supply chain and cost issues. It delivers over 3V, enabling impressive power performance and rapid charging to 80% in only 5 minutes. This battery operates efficiently at high temperatures such as up to 60 °C and successfully reduces gas generation through advanced surface modifications of the cathode. Furthermore, it offers improved durability and less battery swelling.
The cobalt free batteries market covered in this report is segmented –
- By Type: Lithium Iron Phosphate Batteries, Lithium Manganese Oxide Batteries
- By Application: Transportation, Solar-Powered Lighting Systems, Other Applications
- By End-Use: Electronic Vehicles, Energy Storage
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Regional Insights –
North America was the largest region in the cobalt-free batteries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cobalt free batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the cobalt free batteries market are Stellantis NV, BYD Company Ltd., Panasonic Corporation, SK Innovation Co. Ltd., Contemporary Amperex Technology Co. Ltd., Toshiba Corporation, LG Energy Solution, Samsung SDI Co. Ltd., Murata Manufacturing Co. Ltd., EVE Energy Co. Ltd., Northvolt AB, QuantumScape Battery Inc., Sila Nanotechnologies Inc., China Aviation Lithium Battery Co. Ltd., Solid Power Inc., Bharat Power Solutions, Tianjin Lishen Battery Joint-Stock Co. Ltd., Conamix Inc., Anda-Olsen AS, Ufine Battery, Karacus Energy Pvt. Ltd
Table of Contents
- Executive Summary
- Cobalt Free Batteries Market Report Structure
- Cobalt Free Batteries Market Trends And Strategies
- Cobalt Free Batteries Market – Macro Economic Scenario
- Cobalt Free Batteries Market Size And Growth
….. - Cobalt Free Batteries Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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