April 06, 2022 07:56 ET | Source: Facts & Factors Facts & Factors
TOKYO, JAPAN, April 06, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Zinc-ion Battery Market By Type (Zinc-Mn Battery, Zinc-Chloride Battery, Zinc-Carbon Battery, Zinc-Silver Battery, Zinc-Nickel Battery, Zinc-Air Battery), By End-User (Consumer Electronics, Power Tools, Electric Vehicles, and Others), and By Region-Global and Regional Industry Outline, Market Insights, Inclusive Analysis, Statistical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand for global Zinc-ion Battery Market size & share was valued at USD 9.2 billion in 2021, and it is predicted to exceed USD 12.5 billion by 2028, at a compound annual growth rate (CAGR) of about 3.5% during the forecast period 2022 to 2028.” The research explores a number of factors and the consequences of these factors on the growth of the zinc-ion battery market.
What is Zinc-ion Battery? How big is the Zinc-ion Battery Market?
Zinc ions are used as charge carriers in a zinc-ion battery, also known as a Zn-ion battery (ZIB). ZIBs, in particular, use Zn as an anode, Zn-intercalating substances as cathodes, and a Zn-containing medium. In general, the term zinc-ion battery refers to rechargeable batteries, which are also known as rechargeable zinc metal batteries (RZMB). Thus, ZIBs differ from non-rechargeable zinc batteries such as alkaline or zinc-carbon batteries.
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Global Zinc-ion Battery Market: Growth Factors
With an increasing demand for consumer electronics such as laptops, cameras, toys, game players, and others, the global zinc-ion battery market is predicted to develop significantly. Furthermore, the growing market for electric vehicles contributes to the market's future growth. Another key element driving market expansion is the low cost of zinc-based batteries in comparison to other batteries such as lithium-ion and nickel-cadmium batteries. However, limitations such as the availability of alternatives in the market and the short shelf life of zinc-based batteries impede the market growth.
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Zinc-ion Battery Market: Segmentation Analysis
The global zinc-ion battery market is segregated on the basis of type, end-user, and region.
By type, the market is classified into a zinc-Mn battery, zinc-chloride battery, zinc-carbon battery, zinc-silver battery, zinc-nickel battery, and zinc-air battery. The zinc-air battery category contributes to a large part of the market and is expected to grow at a significant CAGR over the forecast period, owing to the increased use of zinc-air batteries in LED traffic signals, signboards, and consumer electronic items.
By end-user, the market is segmented into consumer electronics, power tools, electric vehicles, and others. The consumer electronics sector comprises the majority of the market and is expected to expand at a significant CAGR over the forecast period due to the growing adoption and usage of electronic products by people in their daily lives.
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Some of the main competitors dominating the global Zinc-ion Battery market include -
Key Insights from Primary Research:
Key questions answered in this report:
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COVID-19 Impact on Zinc-ion Battery Market:
The COVID-19 outbreak has hampered the expansion of the zinc-ion battery market. Market growth has slowed throughout the epidemic, limiting the availability of batteries and other critical components due to major disruptions in the commercial and global economies.
During the forecast period, the global zinc-ion battery market in the Asia Pacific region is expected to expand at a significant CAGR, followed by North America. High expansion in the electronics and electrical industries, as well as increased end-user knowledge of product efficiency, are important factors driving the global market. Furthermore, due to the availability of raw materials and low labor costs, large manufacturing businesses are relocating their manufacturing units to the Asia Pacific region. This has a beneficial impact on the global market's growth.
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The global zinc-ion battery market is segmented as follows:
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