Lithium Mining Market Segmentation:
Application Segment Analysis
The batteries segment is estimated to gain the largest market share in the year 2035, attributed to the growing production of battery-powered devices smartphones, laptops, tablets, and digital cameras, as well as increasing demand for battery-powered vehicles that need to be powered lithium-ion batteries. According to research, over 71% of the total global lithium demand & utilization contributes manufacturing of rechargeable batteries for electronics, electric vehicles, and grid storage. The growing production of rechargeable, as well as, non-rechargeable batteries that are used in energy storage, smart wearables, consumer electronics, EVs, and others are anticipated to boost the segment growth.
End-user Segment Analysis
The electronics segment is expected to garner a significant share in the year 2035, driven by the rising demand for portable electronics as well as the growing demand for wearable which generally use lithium-based batteries as they have high round-trip efficiency, high energy, and power density, and a low self-discharge rate. The growing global population as well as the rising construction of smart homes is responsible for the demand for consumer electronics, which is indirectly expected to boost the segment growth. As per projections, the global consumer electronics sector is expected earn a revenue of USD 723 billion in 2023, marking a 31.9% annual increase.
Our in-depth analysis of the global market includes the following segments:
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