The growing global market for batteries
The global lithium-ion battery market is expected to reach $100 billion by 2025, registering a CAGR of 17%. The growth of the battery industry is largely due to the growing demand for electric vehicles, with some estimates predicting that there will be140 million electric cars on roads by 2030.
In addition, the development of new applications for batteries, higher energy requirements for consumer electronics, and decreasing prices for the raw materials for manufacturing, especially in Asian countries, has further aided the battery industry.
Lithium-ion battery manufacturing capacity is primarily located in China, Japan, and Korea. Together, these countries account for 85% of global lithium-ion battery production capacity for all end-use applications.
China, Japan, and Korea also control the majority of automotive lithium-ion battery production, accounting for 79% of the total production. As you can see, Asia-Pacific is expected to be the fastest growing region during the forecast period, followed by North America and Europe.
Because most of the batteries we use are manufactured overseas, we've seen a growing number of manufacturers use Crux Systems to track their shipments to North America. These companies provide batteries and energy solutions to a variety of industries, including automotive, marine, farm, and mobile devices - touching nearly every aspect of our daily lives.
Whether you're importing a few containers or a few thousand, see how you can get better visibility into your supply chain by tracking your ocean cargo on the Crux Systems platform.