Sodium-ion batteries are rechargeable batteries that use sodium ions as charge carriers instead of lithium ions or lead. Sodium is more abundant and less expensive than lithium, making sodium-ion batteries a lower-cost alternative for energy storage applications. Sodium-ion batteries have a larger operating voltage than lithium-ion batteries, delivering higher energy densities. They can be charged and discharged faster and have a longer cycle life compared to lead-acid batteries commonly used in grid energy storage. Sodium-ion batteries are ideally suited for electric vehicles (EVs), consumer electronics, and grid-scale energy storage applications.
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.
Market key trends:
One of the key trends in the sodium-ion battery market is the growing adoption in electric vehicles. Automakers are focusing their efforts on developing affordable EVs to drive mass adoption. Sodium-ion batteries provide a lower-cost alternative to lithium-ion batteries, making EVs more affordable. Several automakers have partnered with sodium-ion battery makers to develop sodium-ion batteries specifically for EVs. For example, Chinese EV maker Qiantu Motor partnered with hiNa Battery Technology to develop sodium-ion battery packs for its electric sedan. Similarly, Renault partnered with battery startup Theion to develop sodium-ion batteries for commercial vehicles. As EV sales continue to grow rapidly driven by government policies and consumer demand for greener transportation, sodium-ion batteries are expected to gain more traction in the automotive sector over the forecast period.
Threat of new entrants: High capital requirements and economies of scale give incumbents an advantage over new players.
Bargaining power of buyers: Buyers have low bargaining power as sodium-ion battery technology is still developing with limited alternatives.
Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power as R&D is centralized among key players.
Threat of new substitutes: Alternatives like lithium-ion pose a threat but sodium-ion batteries have advantages for specific applications.
Competitive rivalry: Competition is intense as key players invest in R&D to drive down costs and expand applications.
The Global Sodium-Ion Battery Market Size is expected to witness high growth.
Regional analysis: Asia Pacific accounts for the largest market share primarily due to government initiatives and presence of leading battery manufacturers in China, Japan and South Korea. Growing adoption of electric vehicles and focus on renewable energy also drive regional demand. North America and Europe are other major markets driven by stringent emission norms.
Key players operating in the Sodium-ion Battery market are Masimo Corporation, DrÃ¤gerwerk 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). Key players are investing heavily in developing low-cost sodium-ion batteries with high energy density for consumer electronics, electric vehicles and energy storage applications. Partnerships with automakers will help expand commercialization.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it