Lithium Market Size, Industry Analysis and Outlook 2024-2031

1. 1.Lithium Market Size Share Growth Analysis and Forecast 2024-2031 Market Overview Global Lithium Market reached US$ 9.3 billion in 2023 and is expected to reach US$ 38.8 million by 2031, growing with a CAGR of 19.5% during the forecast period 2024-2031. The electric vehicle is a major driver for the growth of lithium in the market. Lithium-ion batteries are essential for EVs which provide Medical and longer driving ranges. With the growing focus on sustainability and the transition towards cleaner transportation, the demand for EVs is expected to rise, thus boosting the demand for lithium. Governments in Asia-Pacific actively supporting the lithium industry and heavily investing in research and development, Infrastructure development and financial investment. China experienced significant growth in EV Automotive (EV). For instance, On 4 May 2023, China alone sold around 6.8 million EVs and marked the world's largest market for EVs for a straight eighth consecutive year. The growth has been driven because of government support, generous subsidies, tax breaks and other policy incentives aimed at both stimulating the supply of EVs and creating demand for them. Lithium is a major component of EV batteries and plays a vital role in China's EV industry. Companies in China majorly focus on the development and production of lithium-ion batteries, that include LFP batteries, which have contributed to the growth of the EV market. China's control over critical battery materials has also given it a competitive advantage in the global lithium market. Download free sample – https://www.datamintelligence.com/download-sample/lithium-market Market Dynamics Rise in Electric Vehicle (EV) Demand The escalating demand for electric vehicles (EVs) is propelling the lithium market forward. Lithium- ion batteries, known for their high energy density, enable the storage of more energy in a compact and lightweight package, surpassing other battery technologies. The characteristic results in extended driving ranges and enhanced performance for EVs. Moreover, lithium batteries exhibit notable charge-discharge capabilities, facilitating quicker charging times and ultimately reducing the overall charging requirements for electric vehicles. Segmentation Analysis Lithium-ion Batteries in Automotive Industry The lithium market in the automotive industry is experiencing significant growth and transformation in recent years, driven primarily by the rapid expansion of electric vehicles (EVs). Lithium-ion batteries are the cornerstone of EV technology, offering high energy density and rechargeable capabilities crucial for powering electric cars. As governments globally implement stricter emission regulations and promote sustainable transportation solutions, the demand for EVs continues to rise, propelling the lithium market forward. Moreover, advancements in battery technology and manufacturing processes have led to cost reductions and improved performance, making EVs increasingly competitive with traditional internal combustion engine vehicles. The growing demand

2. for lithium-ion batteries has resulted in significant investments in lithium mining and processing infrastructure to meet the needs of the automotive industry. Competitive Landscape The major global players include Albemarle, Altura Mining Limited, Avalon Advanced Materials Inc, FMC, Critical Elements Corporation, Galaxy Resources Limited, Jiangxi Ganfeng Lithium Co. Ltd, Lithium Americas, Sichuan Tianqi Lithium Industries, SQM. Industry Trending Topics About Us: DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to- end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights, and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology. Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele. Contact Us: Name: Sai K Designation: Sales & Senior Business Consultant Email: info@datamintelligence.com Phone: +1 877 441 4866 Website: https://www.datamintelligence.com