Top Market Drivers
The study depicts that the Global Lithium-Ion Battery Market is on the rise owing to factors such as a rise in the
purchasing power of consumers, coupled with continuous demur in the price of electric vehicles.
These would propel the market growth at a high pace in the coming years. The implementation of
stringent regulations to limit carbon emissions across the transportation sector has also positively
shown clear signals that impacted the industry growth. In the case of point, back in the year, 2019
European Union revised the Clean Vehicles Directive under which the national procurement target
for green buses was set between 24% to 45%, thus depending on the population and GDP of the
respective countries.
As COVID 19 fears are blowing up, Market Research Future finds in its study that the global lithium-
ion battery market might see a bright future and expand at a CAGR of approximately 16% during
the forecast period 2017-2023.
The study further analyses that the rising adoption of clean energy technologies along with
mounting demand for energy storage systems (ESS) also has high chances to boost the lithium-ion
battery market growth. ESS mitigates concerns toward energy security and offers a cost-effective &
sustainable solution to meet the escalating energy demand. Also, multiple countries globally have
announced targets aimed toward curbing carbon emissions and promote clean energy technologies,
which in turn, will drive product penetration.
Furthermore, the factor of recycling of Li-ion batteries is also likely to secure the supply of raw
materials, which includes lithium and cobalt, and reduce the dependence on extracting and refining
materials from mineral resources. The recycling of lithium-ion batteries that are currently being
used in electric vehicles offers brilliant prospects for companies to utilize the refined constituent
materials for manufacturing lithium-ion batteries that are to be used for Energy Storage Systems
(ESS). All these factors have motivated the global market for lithium-ion batteries at present and
would continue for the forecast period as well.
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The study also finds that penetration of lithium-ion batteries is growing in the industrial sector, on
a global scale, in support of expansion in industrial infrastructure, the rising economic viability of
energy storage deployment, and emergent need to reduce grid dependency for power supply.
Segmentation of Market: Lithium-Ion Battery
The global lithium-ion battery market has further been studied over segmentation, which includes
segments of type, power capacity, and vertical.
Among the vertical segment, the market has included aerospace and defense, automotive,
industrial, marine, consumer electronics, medical, and power. However, the consumer electronics
sub-segment might occupy a significant share of the market owing to the escalating demand for
highly efficient and portable products. Lithium-ion batteries offer better performance and higher
reliability. This ultimately helps in improving efficiency and reducing the costs of maintenance.
In terms of type segment, the market has included Lithium Iron Phosphate (LFP), Lithium Nickel
Manganese Cobalt (LI-NMC), Lithium Titanate Oxide (LTO), Lithium Cobalt Oxide (LCO), Lithium
Nickel Cobalt Aluminum Oxide (NCA) and Lithium Manganese Oxide (LMO).
In terms of power capacity segment, the market has included 0 to 3000mAh, 3000mAh to
10000mAh, 10000mAh to 60000mAh, and more than 60000mAh.
Regional Framework
The global lithium-ion battery market is studied for the main regions of Asia Pacific, North America,
Europe, and the Rest of the World. The study observed that the Asia Pacific estimated to gain more
shares or could earn the largest share of the market. The Asia Pacific market expansion is attributed
to technological advancements and improved adoption of consumer electronic products across
various industry verticals.
The region of Europe is also expected to rank second in terms of market share during the forecast
period. The region stands as the second biggest market of the lithium-ion battery, followed by North America.
The U.S. lithium-ion battery market is probable to witness growth in support of a positive outlook
toward the utilization of ESS coupled with variable trends toward the deployment of clean energy
technologies. The country is the early adopter of battery storage systems. As per EIA, by 2018,
virtually 80% of the nation’s large-scale operational battery storage capacity was provided by li-ion
technology. Escalating demand for EVs on account of changing consumer preference toward
energy-efficient vehicles will further augment the industry growth.
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Top Market Players
- Automotive Energy Supply Corporation (AESC) (Japan)
- Panasonic Sanyo (Japan)
- SAMSUNG SDI Co.Ltd. (South Korea)
- LG Chem. (South Korea)
- Toshiba (Japan)
- A123 Systems (U.S.)
- Li-Tec Battery GmbH (Germany)
- SK Energy (South Korea)
- GS Yuasa (Japan)
- Sony Corporation (Japan)
- BYD (China)
- BAK Group (China)
- Beijing Pride Power (BPP) (China)
- Johnson ControlsInc.(U.S.)
- Saft Groupe SA (France)
- Hitachi Chemical Co. Ltd.(Japan)
- TDK Corporation(Japan).
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