February 24, 2024
Sodium-Ion Battery Market

Sodium-Ion Battery Market is expected to be Flourished by Increasing Adoption of Electric Vehicles

The global Sodium-Ion Battery Market encompasses batteries that uses sodium ions as charge carriers instead of lithium ions. Sodium-ion batteries have a relatively low cost of production compared to lithium-ion batteries as sodium is more abundant and widely available in the Earth’s crust. These batteries can be used for applications such as power tools, electric vehicles, backup power system etc.

The global Sodium-Ion Battery Market is estimated to be valued at US$ 408.71 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

The global Sodium-Ion Battery Market is driven by increasing adoption of electric vehicles across the globe. Many leading automotive companies are focusing on developing affordable electric vehicles which is expected to boost the demand for low-cost sodium-ion batteries during the forecast period. Additionally, the deployment of sodium-ion batteries for energy storage applications owing to their low operational cost compared to lithium-ion batteries is also estimated to fuel the market growth.

Market Dynamics:
One of the primary drivers for the Sodium-Ion Battery Market as mentioned in the heading is increasing adoption of electric vehicles. The growing environmental concerns regarding vehicular emissions and rising fuel prices have prompted leading automakers to focus on electric mobility. Sodium-ion batteries provide a lower-cost alternative to lithium-ion batteries for electric vehicles. Furthermore, governments across regions are supporting the electric vehicles industry through subsidies and incentives for manufacturing facilities as well as purchase of electric vehicles which is positively impacting the adoption.
Another key driver for this market is the widespread availability and lower cost of sodium than lithium. Sodium is obtained from seawater which makes it abundantly available on earth’s crust. This reduces the production cost of sodium-ion batteries compared to lithium-ion batteries. The low production cost makes sodium-ion batteries cost effective for mass market applications.

Segment Analysis
The global sodium-ion battery market is dominated by the consumer electronics segment which holds around 45% share of the overall market. Sodium-ion batteries are increasingly being used in various consumer electronic devices such as smartphones, laptops, tablets due to their higher energy density and lower costs compared to lithium-ion batteries. Within consumer electronics, smartphones represent the largest sub-segment accounting for over 30% share due to the growing demand for higher battery capacity smartphones with improved functionalities.

PEST Analysis
Political: No noteworthy political factors are affecting the sodium-ion battery market currently.

Economic: The market is witnessing strong growth due to the increasing demand for cost-effective energy storage solutions from various end-use industries. The lower costs of raw materials for sodium-ion batteries compared to lithium-ion batteries is a major economic growth driver.

Social: The rising adoption of electronic devices among the population globally is driving the need for improved and affordable battery technologies. The social trend of growing mobile connectivity is positively impacting the market.

Technological: Continuous R&D in battery technologies has enabled the development of sodium-ion batteries with higher energy densities and safety features. Improved manufacturing technologies are also helping lower the production costs.

Key Takeaways
The Global Sodium-Ion Battery Market Size is projected to grow significantly during the forecast period of 2024 to 2030, supported by the rising adoption of consumer electronics and EVs globally. The consumer electronics segment dominates currently owing to the massive demand for higher capacity smartphone and laptop batteries at affordable prices.

Regionally, Asia Pacific accounts for around 40% market share and is expected to maintain its lead. Countries like China, South Korea, and Japan are major manufacturing hubs for electronic devices as well as battery components, driving higher sodium-ion battery adoption.

Key players operating in the sodium-ion battery market include 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). These companies are focusing on improving the battery properties through ongoing R&D.

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