Sodium-ion Battery Market Size, Share, Growth Analysis, By Technology Type(Sodium-Salt Battery, Sodium-Sulfur Battery, Sodium-Air Battery, Others), By Battery Component(Cathode Material, Anode Material, Others), By Application(Consumer Electronics, Energy Storage Systems (ESS), Automotive, Aerospace & Defense), By Capacity(Low-Capacity Batteries (0-1000 mAh), Medium-Capacity Batteries (1000-5000 mAh)), By Region - Industry Forecast 2024-2031

Sodium-ion Battery market Driver

• Rising industrial use to propel market growth

The rising demand for electric vehicles is anticipated to drive sodium-ion battery market. EV sales are estimated to reach 15 million in 2025 and over 25 million vehicles in 2030, representing respectively 10% and 15% of all road vehicle sales. While lithium-ion batteries are in high demand, sodium-ion batteries are rapidly gaining popularity as their benefits over lithium-ion batteries become more apparent. The Nagoya Institute of Technology discovered that sodium-ion batteries are extremely advantageous to sustainability for a variety of reasons. For example, sodium is a readily available material since it is abundant in the earth's crust and seawater. This would provide consistent supply of the element with minimal price swings, providing it a considerable edge over lithium, which is not widely available. As a result, the cost of lithium is projected to skyrocket in the near future, as demand for the element is expected to increase by 1500% by 2030, exceeding supply, according to Bloomberg NEF forecasts. Finally, sodium-ion batteries charge faster than lithium-ion batteries, making them an excellent replacement.

Sodium-ion Battery market Challenge

• Production capacity

Low production capacity is a challenge in sodium-ion battery market. As many companies transition from the start-up phase to production, volumes remain constrained.