Battery manufacturers tend to be conservative in their efforts to maximize production processes and still maintain sustainable assembly costs. To overcome profitability and product development challenges during the next decade, companies need to invest in research and development, improve volumetric energy density and address supply chain issues.
Due to unprecedented demand for batteries, the next decade will witness phenomenal growth. In fact, the compound annual growth rate for the global battery market is projected to reach more than 14 percent by 2027, while the battery-electric vehicle market is forecast to exceed $300 billion during the same time period. Globally, the lithium-ion battery market, currently valued at more than $41 billion, will skyrocket to more than $116 billion by 2030.