Middle East and Africa Lithium-ion Battery Market Size Set to Touch USD 972 Million by 2029

Published | 05 September 2023

Middle East and Africa Lithium-ion Battery market is gaining traction because of the rising demand for smartphones and consumer electronics and technological advancements in battery manufacturing.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa Lithium-ion Battery market size at USD 527.5 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa Lithium-ion Battery market size to grow at a CAGR of 9.1% reaching a value of USD 971.75 million by 2029. A spurring demand for consumer electronics and domestic manufacture of consumer goods are two major growth drivers for the Middle East and Africa Lithium-ion Battery industry. Furthermore, the Middle East and Africa Lithium-ion Battery market may gain higher traction during the forecast period, due to expanding government initiatives to support the renewable energy industry and growing environmental concerns.

Middle East and Africa Lithium-ion Battery Market – Overview

A lithium-ion battery is a type of rechargeable battery that works on the principle of lithium ions moving from the negative electrode through an electrolyte to a positive electrode and vice versa. They are extremely popular as a battery material for consumer goods and other applications due to their higher energy density, no memory effect, and low self-discharge. Therefore, lithium-ion batteries are prominently used in portable electronic and electric vehicles and often in military and aerospace applications.

Sample @ https://www.blueweaveconsulting.com/report/middle-east-and-africa-lithium-ion-battery-market/report-sample

Middle East and Africa Lithium-ion Battery Market

Segmental Information

Middle East and Africa Lithium-ion Battery Market – By Component

Based on component, the Middle East and Africa Lithium-ion Battery market is segmented into cathode, anode, electrolytic, separator, and others. The cathode segment accounts for the highest share in the Middle East and Africa Lithium-ion Battery market due to its extensive usage of it for manufacturing positive electrodes for battery cells. The Li-ion battery market is anticipated to be driven by cathodes because of their high density and increased power output. However, the market for electrolytic solutions is anticipated to register high growth since a durable electrolyte that can withstand high current voltage and temperatures is necessary for a stable and long-lasting battery.

Impact of COVID-19 on Middle East and Africa Lithium-ion Battery Market

The COVID-19 pandemic halted the growth of the Middle East and Africa Lithium-ion Battery market. The MEA region is heavily dependent on other countries including China and the United States for the import of lithium ion batteries. However, the imposition of lockdown and cross-border trade restrictions to prevent the virus spread directly impacted the supply chain of the lithium ion batteries market in the Middle East and Africa region. As a result, the Middle East and Africa lithium ion batteries experienced a sharp decline, which restrained overall market growth. The market is anticipated to expand rapidly after the region's easing of COVID-19-related regulations.

Competitive Landscape

Major players operating in Middle East and Africa Lithium-ion Battery market include Amperex Technology Limited, BYD Company Ltd, Codi Energy Ltd, Contemporary Amperex Technology Co Limited, Exide Technologies, GlobTek, Inc., GS Yuasa International Ltd, Jiangxi JingJiu Power Science & Technology Co LTD, Leclanche, LG Chem., LITHIUM WERKS, Panasonic Industry Co Ltd, Saft, SAMSUNG SDI CO, LTD, Shenzhen Grepow Battery Co Ltd, Shuangdeng Group Co Ltd, SK Inc., TOSHIBA CORPORATION, VARTA Microbattery GmbH, and Xiamen Tmax Battery Equipments Limited.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Middle East and Africa Lithium-ion Battery Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Middle East and Africa Lithium-ion Battery Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East and Africa Lithium-ion Battery Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

About Us

BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com