May 22, 2024

Sodium-Ion Battery Market Is Expected To Gain Momentum By Growing Adoption Of Electric Vehicles

Sodium-ion batteries are rechargeable batteries that utilize sodium ions as charge carriers. These batteries are safer and cheaper alternatives to lithium-ion batteries used widely in consumer electronics and electric vehicles. Sodium is more abundant and cheaper than lithium, giving sodium-ion batteries an advantage in terms of material cost and supply. Sodium-ion batteries find applications in portable devices, grid energy storage, emergency power backup systems, and electric vehicles (EVs). Increasing adoption of EVs around the world is expected to drive the demand for advanced battery technologies like sodium-ion batteries.

The global Sodium-Ion Battery Market is estimated to be valued at US$ 354.78 Billion in 2023 and is expected to exhibit a CAGR Of 5.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growing adoption of electric vehicles is expected to be a major driver for the sodium-ion battery market during the forecast period. According to the International Energy Agency, the global electric car fleet is estimated to reach 145 million by 2030. EVs require large batteries to power the vehicles for longer ranges, creating significant opportunities for sodium-ion batteries which are considered safer and more economical alternatives to lithium-ion batteries. Furthermore, sodium is more abundant in the earth’s crust than lithium and the raw materials required for sodium-ion batteries are present in greater supply, giving these batteries an advantage in terms of raw material availability and supply security. The widespread availability of sodium salts is expected to reduce manufacturing costs of sodium-ion batteries in the long run, further fueling innovations in battery technologies and accelerating the adoption of sodium-ion batteries in EVs and other applications.

Segment Analysis

The sodium-ion battery market is segmented into grid energy storage, electric vehicles, and consumer electronics. The electric vehicles segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. This is due to the increasing adoption of electric vehicles across the world. EVs require high-density batteries to provide longer driving range to the customers and sodium-ion batteries can fulfill this need due to their high energy density.

PEST Analysis

Political: Governments across the world are promoting the adoption of electric vehicles through providing subsidies and tax rebates. This is positively impacting the sodium-ion battery market.

Economic: Rising disposable income levels in developing nations are increasing consumer spending on electronics. Additionally, sodium-ion batteries having a lower cost of production compared to lithium-ion batteries will drive their adoption in cost-sensitive applications.

Social: Increasing environmental concerns are encouraging people to switch from gasoline vehicles to electric vehicles. Growing awareness about sustainability is also boosting the demand for sustainable battery technologies like sodium-ion batteries.

Technological: Continuous research and development activities are improving the performance of sodium-ion batteries in terms of energy density and safety. Companies are working to commercialize these batteries and various prototype batteries have entered field testing.

Key Takeaways

The Global Sodium-Ion Battery Market Demand is expected to witness high growth. The global sodium-ion battery market is estimated to be valued at US$ 354.78 billion in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

Regional analysis The Asia Pacific region dominates the global market and is expected to maintain its leading position during the forecast period. This is ascribed to the presence of emerging economies like China and India which are major markets for electronics and electric vehicles. China is the largest producer and consumer of EVs globally.

Key players related content comprises Key players operating in the sodium-ion battery market are Masimo Corporation, Dr├Ągerwerk AG & Co. KgaA, Advanced Brain Monitoring Inc., Medtronic plc, Compumedics Limited, Siemens Healthcare GmbH, Koninklijke Philips N.V, Nihon Kohden Corporation, Natus Medical Incorporated, and General Electric Company (GE Healthcare).

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it