UK Lithium-Ion Battery Market to Witness Rapid Expansion at 15% CAGR by 2026 |
The UK Lithium-Ion Battery Market size is expected to grow at a CAGR of around 15% during 2021-26. The rising demand for Plug-in Hybrid Electric Vehicles (PHEVs) and the burgeoning adoption of battery-operated equipment in industries to achieve automation are the major factors driving the Lithium-Ion Battery Market growth in the UK. Besides, the surging adoption of EVs, coupled with decreasing prices of lithium-ion batteries, is also augmenting the market growth through 2026. The rising initiatives by the UK government toward promoting the adoption of EVs in order to reduce Green House Gas (GHG) emissions are also contributing to the mounting demand for Lithium-Ion batteries in the country. In addition, the increasing demand for Lithium-Ion batteries from the consumer electronic industry is projected to fuel the overall market growth during 2021-26. Lithium-Ion batteries pose various benefits like a long life span and the support for high current applications. As a result, multiple end-users, owing to the mounting demand for high-quality & cost-effective products, are increasingly purchasing these batteries, i.e., creating lucrative growth opportunities for the leading players in the market. However, despite all the benefits of Lithium-Ion batteries, there are certain shortcomings like difficulty in their transportation & storage, which might hinder the growth of the market in the coming years, further states the research report, “UK Lithium-Ion Battery Market Analysis, 2021.” “In case you missed it, we are currently revising our reports. Click on the below to get the most latest research data with forecasts for years 2024 to 2030, including market size, industry trends, and competitive analysis. It wouldn’t take long for the team to deliver the most recent version of the report.” Download Sample PDF Copy of this Report: – https://www.marknteladvisors.com/query/request-sample/uk-lithium-ion-battery-market.html UK Lithium-Ion Battery Market Segmentation Analysis:
Automotive Industry Captures the Largest Share of the UK Lithium-Ion Battery MarketThe rising initiatives by the UK government to reduce GHG emissions from the transportation sector are fueling the sales of electric vehicles in the country, which, in turn, are infusing the sales of Lithium-Ion batteries and driving the market around the automotive sector. In addition, the rapid expansion in the country’s EV charging infrastructure is another crucial aspect expected to propel EV sales in the future, which, in turn, would fuel the lithium-ion battery market growth during 2021-26. Moreover, with the rising trend of automation in the industrial sector, the adoption of battery-based industrial equipment is rapidly increasing. This surging demand for battery-operated equipment is fueling the demand for Lithium-Ion batteries from the industrial sector. On the other hand, the Consumer Electronics sector acquired a considerable market share. Lithium-Ion batteries have better energy densities than other previous technologies, including Nickel-Metal-Hydride (Ni-MH) and Nickel-Cadmium (Ni-Cd). It fuels the adoption of Lithium-Ion batteries for consumer electronics. In addition, Lithium-Ion batteries have a long life span, which makes them ideal for portable electronics. The demand for electronic products like smartphones, tablets, & laptops is increasing at a rapid pace owing to the launch of new & unique features in them, which is another crucial aspect contributing to the market growth around the consumer electronics sector. With the Increasing Focus on Electrifying the Transportation Sector, England to Dominate the Lithium-Ion Battery Market during 2021-26Geographically, England acquires the largest share in the UK Lithium-Ion Battery Market. The burgeoning focus on electrifying the transportation sector due to rapid climatic changes in the country to build a clean-energy economy is the prime factor projected to drive the Lithium-Ion Market in England during 2021-26. Moreover, the establishment of a large manufacturing unit for Lithium-Ion batteries in Blyth, England, to support the increasing demand for electric vehicles is another crucial aspect expected to contribute to the market growth in England, reveals MarkNtel Advisors in their research report, "UK Lithium-Ion Battery Market Analysis, 2021.” Explore the Full Report with Charts, Table of Contents, and List of Figures – https://www.marknteladvisors.com/research-library/uk-lithium-ion-battery-market.html Competitive LandscapeAccording to MarkNtel Advisors, the leading players in the UK Lithium-Ion Battery Market are Murata Electronics, Samsung SDI Co. Ltd., Panasonic Industry Europe GmbH, Envision AESC Group Ltd., BYD Co. Ltd., Exide Technologies, GS Yuasa Battery Europe Ltd., Johnson Matthey Battery Systems, LG Chem Europe GmbH, Saft Groupe S.A., etc. Key questions answered in the study
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