North Africa Lithium-Ion Battery Market Size

North Africa Lithium-Ion Battery Market Size

North Africa Lithium-Ion Battery Market size surpassed USD 91.4 million in 2023 and is projected to grow at 13.7% CAGR from 2024 to 2032, owing to the robust demand for electronic devices and changing technological landscape across various industries. Growing need for energy efficient storage systems and safety concerns toward battery life has provided impetus to adoption of different lithium-ion chemistries. The global lithium-ion battery market is likely to cross USD 254.5 billion by 2032.

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Introduction of supportive policies to promote electric vehicles, increasing economies of scale and technological advancement in manufacturing has significantly brought down the per kWh cost of batteries. Furthermore, increasing frequency of natural disasters associated with climate change have stimulated the demand for energy storage systems globally. Shifting trend towards acceptance of renewable energy technologies coupled with growing need for efficient and affordable storage systems will further fuel the lithium-ion battery market growth.

The dominance of these technologies can be attributed to its high-energy density, which means a lithium-ion cell of a specific weight and size provides significantly higher energy when compared to other batteries of the same size or weight. Technological advancements in Li-ion batteries have enabled the design of smaller and leaner portable electronics. In addition, robust distribution channels along with declining prices have positively influenced the requirement of these products.