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Global Lithium Ion Battery Market was Valued at US$ 39.4 Bn in 2019 and it is Expected to Reach More than US$ 158.3 Bn by 2028, Likely to Grow with the CAGR of 16.7% During the Forecast Period.
Lithium-ion (Li-ion) batteries are rechargeable batteries with high energy density, high discharge power, and long operational life are majorly used in portable equipment. Increasing the adoption of electric vehicles (EVs) across the globe along with decreasing lithium-ion battery cost is anticipated to augment industry size over the forecast period. In addition, ongoing R & D investments aimed at reducing the material costs and negative environmental impact of these batteries will support the industry growth.
The lithium-ion batteries are commonly used in electronic devices such as mobile phones, digital cameras, and power tools. The growing need for power backup and storage is expected to drive the market.
In addition, the trend of renewable energy generation was driven by increasing concerns about climate change, favorable government incentives, decreasing the price of solar photovoltaic cells, and declining the cost of batteries. The rising number of New Wind Energy Projects is anticipated to stimulate market growth over the forecast period. Rising off-grid installations in China, U.S., Germany, and India along with growing demand for energy storage systems (ESS) will boost lithium-ion battery market growth. ESS mitigates concerns toward energy security and provides a cost-effective & sustainable solution to meet the increasing energy demand.
The Lithium Nickel Manganese cobalt (Li-NMC) Segment Expected to Dominate the Lithium Ion Battery Market during the Forecast Period
Lithium nickel manganese cobalt (Li-NMC) was the largest product segment, accounting for over 25% of the global share in 2019 and this trend is expected to continue over the forecast period. Increasing adoption of NMC in power tools, e-bikes, medical equipment and other electric powertrains on account of its higher energy density, lower cost, and the longer cycle life will fuel its demand over the forecast period. NMC offers overall performance and excels on specific energy and possess the high capacity and high power. In addition, the NMC cell is growing in its range as the three components involved are easy to blend and be made useful for a wide range of applications from the automotive industry to ESS.
By End-Use Industry, the Automotive Segment is Expected to Witness Highest Growth in the Global Lithium Ion Battery Market across the Globe
The automotive segment is estimated to be the largest application of the Lithium-Ion Battery market. The automotive segment is projected to grow at the highest rate of over 17% in the Lithium-Ion Battery market during the forecast period.
The growing focus toward zero-emission vehicles coupled with the introduction of extensive subsidy schemes & incentives toward EV adoption. Ongoing technological advancements toward enhancing the battery life & optimizing performance along with increasing demand for personal mobility will boost the product penetration. In addition, increasing investments towards the development of EV charging infrastructure will further enhance the industry growth.
The Asia-Pacific Region Is Projected to Register a Highest Growth in the Lithium Ion Battery Market during the Forecast Period
The Asia Pacific accounted for over xx% of global revenue share in 2019 and is expected to be the fastest-growing region with register a CAGR of over 17.5% over the forecast period. Increasing demand for mobiles and tablets along with other portable devices in various countries including India, China, Japan, and Thailand is expected to augment industry expansion over the forecast period.
China accounts for above 50 % of the total Asia Pacific lithium-ion battery market owing to the adoption of the EV automobiles, growing consumer electronics market and large production of wind energy. For instance, China is the world’s leading producer of wind energy and is expected to witness significant growth in the production of wind energy over the forecast period. Wind capacity output is likely to cross 200 GW by 2020 and will drive the demand for energy storage systems in the country, which is expected to augment battery demand.
The Market in North America Expected to Hold a Significant Share in Lithium Ion Battery Market over the Forecast Period
North America is anticipated to hold above xx% over the forecast period and is expected to witness significant growth over the forecast period owing to the growing electric vehicle and consumer electronics sales in countries including U.S. and Mexico.
The U.S. lithium-ion battery market is anticipated to witness growth on account of positive outlook toward utilization of ESS coupled with shifting trends toward the deployment of clean energy technologies. The country is one of the early adopters of battery storage systems and as per EIA, by 2019, nearly 80% of the nation's large-scale operational battery storage capacity was provided by li-ion technology.
Some of the key players in the global Lithium Ion Battery market are BYD Company, LG Chem, Panasonic, Samsung SDI, BAK Group Automotive Energy Supply Corporation, Panasonic Corporation, Samsung SDI Co. Ltd., LITEC Co., Ltd., A123 Systems, LLC. Toshiba Corporation, Hitachi Chemical Co., Ltd., China BAK Battery Co. Ltd., and GS Yuasa International Ltd. The other players in the market include Tesla, Johnson Controls International Plc., and Saft Batteries.
Lithium Ion Battery Market Key Segments:
Lithium Ion Battery Market, By Type
- Lithium Nickel Manganese Cobalt (LI-NMC)
- Lithium Iron Phosphate (LFP)
- Lithium Cobalt Oxide (LCO)
- Lithium Titanate Oxide (LTO)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
Lithium Ion Battery Market, By Power Capacity
- 0 to 3000 mAH
- 3000 to 10000 mAh
- 10000 to 60000 mAh
- More Than 60000 mAH
Lithium Ion Battery Market, By End-use Industry
- Electrical & Electronics
- Smartphone & Tablet/PC
- Car, Bus, & Truck
- Scooter & Bike
- Train & Aircraft
- Crane & Forklift
- Mining Equipment
- Smart Grid & Renewable Energy Storage
- Aerospace and Defense
Lithium Ion Battery Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America