According to the International Energy Agency, electric vehicle sales had fallen 15% throughout the globe which had certainly impacted the zinc-based battery market. The supply chain disruption had created problems for the supply of raw materials as well as finalized products. The COVID-19 pandemic has impacted all industries and the zinc-based battery market is also not left untouched. Impact of COVID-19 Pandemic on Global Zinc-based Battery Market Additionally, it is safer and lasts longer as compared to lithium batteries. The zinc-ion batteries had been studied to be 50% economical than standard lithium-ion batteries by Salient Energy, Inc. Zinc-based batteries are an alternative to lithium batteries which are rapidly gaining popularity. It is challenging to use lithium batteries for stationary applications. However, factors such as the presence of alternatives in the market and the low shelf life of zinc-based batteries hinder the growth of the market. In addition, the increasing market of electric vehicles further augments the growth of the market in the future.Īnother major factor driving the growth of the market includes the low cost of zinc-based batteries as compared to other batteries such as lithium-ion batteries and nickel-cadmium batteries. The market for the zinc-based battery is expected to show significant growth due to increasing demand for consumer electronics such as cameras, laptops, game players, toys, and others. The main element used in these batteries is zinc which is the fourth most abundant element and is much cheaper as compared to other materials used in lithium-ion or nickel-metal hydride batteries. It powers various applications such as electric vehicles, toys, drones, cameras, flashlights, and so on. A zinc-based battery is a rechargeable battery using zinc as an anode. The global zinc-based battery market is anticipated to grow at a significant CAGR of 5.8% during the forecast period. 05, 2023 (GLOBE NEWSWIRE) - The "Global Zinc-based Battery Market Research and Forecast, 2022-2028" report has been added to 's offering.
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