PUNE, India, Jan. 30, 2023 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Lithium Titanium Oxide (LTO) Battery Market by Type (15-1000mAh, 1000-5000mAh, 5000-10000mAh, and Others), Application (Electric Vehicle (EV), Snowmobile, Service Robot, ESS (Energy Storage System), Heavy Machinery (construction machine), Marine (electric boat), Train, Military, Aerospace, and Others), and Region: Size, Share, Trends and Opportunity Analysis, 2023-2031“, the market size was USD 1.33 Bn in 2022 and is expected to reach USD 13.94 Bn, expanding at a CAGR of 29.8% by the end of 2031. The global market growth is attributed to the increasing usage of LTO battery anodes in EVs, Energy Storage Systems (ESS), and supercapacitor applications.
Key Market Players Profiled in the Report
- TOSHIBA CORPORATION
- Yinlong Energy
- Clarios
- Microvast Holdings Inc.
- TIANJIN LISHEN BATTERY JOINT-STOCK CO., LTD
- Leclanché SA
- LiTech Power Co., Ltd.
- Log9 Materials
- AA Portable Power Corp. (Batteryspace.com)
- LTO BATTERY CO., LIMITED
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include type, application, and competitor analysis.
This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.
Highlights on the segments of the Lithium Titanium Oxide (LTO) Battery Market
On the basis of type, the Lithium Titanium Oxide (LTO) Battery Market is segmented into 15-1000mAh, 1000-5000mAh, 5000-10000mAh, and Others. The 5000-10000mAh segment holds a large share of the market as these batteries have extended life (>7000 cycles) and superior lithium batteries with fast recharge (>5C), along with a high-density capacity of 5000-10000 mAh and compact cylindrical shape “Φ40 x L120(mm)”.
Based on application, the market is segregated into Electric Vehicles (EVs), snowmobiles, service robots, ESS (Energy Storage System), Heavy Machinery (Construction Machine), Marine (Electric Boat), Train, Military, Aerospace, and others. The ESS segment is expected to hold a major key share of the market in the coming years due to the extensive use of LTO batteries for Energy Storage Systems (ESS). It holds a 20.6% market share in 2022 and is expected to expand at a CAGR of 28.9% during the forecast period.
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In terms of region, the global Lithium Titanium Oxide (LTO) Battery Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is expected to register a considerable CAGR during the forecast period owing to the rising demand for LTO batteries for various end-user industries such as aerospace, automotive, energy, and consumer electronics.
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Key Takeaways from the Study:
- EV Manufacturers across the globe are focusing on adopting LTO batteries for HEVs as these have excellent low-temperature discharge characteristics and help to improve fuel efficiency and lower pollution.
- The adoption of LTO batteries is rapidly increasing as these batteries can be recycled, and manufacturers prefer recyclable batteries to reduce carbon emissions.
- LTO batteries are widely used for various applications such as UPS, electrical power trains, solar-powered street lights, fast charge stations, and forklifts.
- The high cost of LTO batteries compared to other batteries can hamper the market growth.
- LTO batteries have a long life compared to other batteries, increasing the number of manufacturers using LTO batteries for various purposes that can create new opportunities for the global market.
Read 218 Pages Research Report with Detailed ToC on “Lithium Titanium Oxide (LTO) Battery Market by Type (15-1000mAh, 1000-5000mAh, 5000-10000mAh, and Others), Application (Electric Vehicle (EV), Snowmobile, Service Robot, ESS (Energy Storage System), Heavy Machinery (construction machine), Marine (electric boat), Train, Military, Aerospace, and Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast, 2023 – 2031″
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Key Segments Covered
Type
- 15-1000mAh
- 1000-5000mAh
- 5000-10000mAh
- Others
Application
- Electric Vehicles (EVs)
- Snowmobile
- Service Robot
- ESS (Energy Storage System)
- Heavy Machinery (Construction Machine)
- Marine (Electric Boat)
- Train
- Military
- Aerospace
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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