Global lithium-ion battery market was valued $36.7 billion in 2019, and is projected to reach $129.3 billion by 2027, at a CAGR of 18.0% from 2020 to 2027. Lithium-ion (Lithium-ion) batteries are rechargeable batteries with high energy density and are majorly used in portable equipment. The market for these batteries is expected to witness a significant growth during the forecast period, owing to their increase in use in smartphones, tablets/PCs, digital cameras, and power tools. Moreover, the demand for Lithium-ion batteries in the automobile industry is expected to increase with rise in demand for electric vehicles.
These batteries have gained popularity among the automobile manufacturers, as they offer an alternative to nickel–metal batteries used in electric vehicles, due to their small size and lightweight. Thus, surge in demand for electrical vehicle (EV), hybrid electric vehicle (HEV), and plug-in hybrid vehicle (PHV) is anticipated to foster the adoption of Lithium-ion batteries, thereby driving the growth of the global market. Furthermore, upsurge in penetration of smartphones, tablet, and other sleeker portable electronic devices is expected to fuel the demand for these batteries. However, longer charging times of these batteries used in EV/PHV vehicles and their high price are the key factors that restrict the market growth.
On the contrary, increase in energy requirements by consumer gadgets is expected to create numerous growth opportunities for the players operating in the market. With technological advancements, prominent market players are manufacturing various lithium-ion batteries with higher capacity to cater to the increasing demands of battery users. For instance, AES Corporation announced to launch the world’s largest lithium-ion battery capable of providing 400 MW of power. This battery is likely to replace batteries of old gas plants, which were used for power generation.
Moreover, Tesla announced to build a battery plant known as GigaFactory in Nevada, U.S., which is expected to start lithium-ion cell production by 2017. This project is anticipated to reduce the price of Lithium-ion batteries owing to mass production.
The global Lithium-ion battery market is segmented into component, end-use industry, and region. On the basis of component, the market is divided into cathode, anode, electrolytic solution, and others (foils, binders, and separators). By end-use industry, it is categorized into electrical & electronics, automotive, industrial, and others (medical, military, and textile).
Region wise, the lithium-ion battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Some of the key players operating in this market include Automotive Energy Supply Corporation, Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Power (LGCPI), LITEC Co., Ltd., A123 Systems, LLC, Toshiba Corporation, Hitachi Chemical Co., Ltd., China BAK Battery Co. Ltd., and GS Yuasa International Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides extensive qualitative and quantitative analyses of the current trends and future estimations of the global lithium ion battery market from 2019 to 2027 to determine the prevailing opportunities
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided
- Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume
- Profiles of leading players operating in the global lithium ion battery market has been provided, and this helps can be useful for understanding the competitive scenario globally
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth
KEY MARKET SEGMENTS
- By Component
_ Electrolytic Solution
- By End-Use Industry
_ Electrical & Electronics
- ·Smartphones, Tablet/PC
- ·Cars, Buses, Trucks
- ·Scooters & Bikes
- ·Trains & Aircrafts
- ·Cranes & Forklift
- ·Mining Equipment
- ·Smart Grid & Renewable Energy Storage
- By Region
_ North America
- ·Rest of Europe
- ·South Korea
- ·Rest of Asia-Pacific
- ·Saudi Arabia
- ·South Africa
- ·Rest of LAMEA