Market Research Future (MRFR) has published on the “Global Lithium Titanate Battery Market”.
The Lithium titanate battery market is estimated to register a CAGR of 14.43% during the forecast period of 2023 to 2030.
MRFR recognizes the following companies as the key players in the global Lithium titanate battery market— Toshiba Corporation, Leclanché, Shenzhen Siqi New Energy Company Limited, Xiamen Tob New Energy Technology Co., Ltd. , and Xiamen Tmax Battery Equipments Limited among others.
The Global Lithium titanate battery Market Size was valued at USD 59.73 billion in 2022. The Lithium titanate battery Market industry is projected to grow from USD 65.27 billion in 2023 to USD 175.59 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.43% during the forecast period (2023 - 2030).
The lithium-titanate or lithium-titanium-oxide (LTO) battery is a form of rechargeable battery that has the benefit of charging faster than conventional lithium-ion batteries but has a significantly lower energy density. A lithium-titanate battery is a kind of lithium-ion battery that has the surface of its anode coated with lithium-titanate nanocrystals rather than carbon. This provides the anode with a surface area of around 100 square meters per gram, compared to 3 square meters per gram for carbon, allowing electrons to enter and exit the anode fast. Also, Li+ intercalation into titanium oxides has a higher redox potential than Li+ intercalation into graphite. Fast charging (greater charging current) is therefore considerably safer in the case of titanate than in the case of carbon, because lithium dendrites are less prone to develop in the former. Lithium-titanate batteries have a life period of 3000 to 7000 charge cycles; charging and discharging at 55 °C (131 °F) rather than the typical 25 °C (77 °F) allows for a life cycle of 1000 cycles before reaching 80% capacity.
As per MRFR analysis, the global Lithium titanate battery market has been segmented based on Type, application, and region.
The global Lithium titanate battery Market segmentation, based on type, application, and region. Based on type, the global lithium titanate battery market has been segmented into 15-1000mah, 1000-5000mah, 5000-10000mah and Others.
Based on the application, the global lithium titanate battery market has been segmented into speed charging, energy storage and others
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By Region, the study segments the Lithium titanate battery market into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The Asia-pacific Lithium titanate battery market holds the largest market share and is also anticipated to account for the largest revenue share during the forecast period.
Asia Pacific is currently one of the fastest-growing regions for lithium titanate batteries, owing to rapid industrialization and economic growth in countries such as China and India. The region offers significant potential for future growth, thus providing lucrative opportunities for players operating in this market. The increasing usage of these applications by key application sectors like transportation & logistics (trucks), renewable energy storage (solar panels), etc., are propelling the growth of the market in this region.
Key Findings of the Study