SAN FRANCISCO, Aug. 11, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Li-ion Battery - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 6; Released: May 2021
Executive Pool: 6171
Companies: 98 - Players covered include Coslight India Telecom Pvt. Ltd.; Electrovaya, Inc.; EnerDel, Inc.; GS Yuasa Corporation; Highpower International, Inc.; Hitachi Chemical Co., Ltd.; HYB Battery Co., Ltd.; Johnson Controls, Inc.; Kokam Co., Ltd.; LG Chem; Li-Tec Battery GmbH; MINAMOTO Battery (HK) Ltd.; Panasonic Corporation; Samsung SDI Co., Ltd; SK Innovation Co., Ltd.; Sony Corporation; Sunwoda Electronic Co., Ltd.; Tianjin Lishen Battery Joint-Stock Co., Ltd.; Toshiba Corporation; A123 Systems LLC; Automotive Energy Supply Corporation (AESC); Blue Energy Canada, Inc.; BYD Co., Ltd.; Cell-Con, Inc.; CNEBIKES Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Chemistry [Lithium Nickel Manganese Cobalt (NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Nickel Cobalt Aluminum Oxide (NCA), and Other Chemistries]; and End-Use (Consumer Electronics, Automotive, Aerospace & Defense, Marine, Healthcare, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Li-ion Battery Market to Reach $80.5 Billion by 2024
Lithium-ion batteries (Li-ion batteries or LiB) are increasingly becoming the rage due to its potential for use in a wide range of products and applications ranging from smartphones and smartwatches to electric vehicles (EVs) and energy storage systems. Since being launched commercially in 1991, Li-ion batteries have witnessed significant improvements in performance and capabilities, thus making them indispensable for a range of products. Amid the COVID-19 crisis, the global market for Li-ion Battery is projected to reach US$80.5 Billion by 2024, registering a compounded annual growth rate (CAGR) of 15.2% over the analysis period. Europe represents the largest regional market for Li-ion Battery, accounting for an estimated 32.4% share of the global total. The market is projected to reach US$32.8 Billion by the close of the analysis period. Europe is forecast to emerge as the fastest growing regional market with a CAGR of 17.0% over the analysis period.
Consumer demand for batteries with novel features such as high-energy density, long life, lighter weight and eco-friendly features is contributing to the growing use of Li-ion batteries. Lithium-ion batteries have also emerged as the preferred option for the rapidly expanding market for Electric Vehicles (EVs), Hybrid Electric Vehicles (HEVs), and plug-in hybrid vehicles (PHEVs), along with energy storage applications. Li-ion batteries are considered to be good replacement for NiMH batteries, as they produce double the amount of energy for the same weight and afford enhanced output and greater mileage. Lithium-ion battery is also positioned as the energy storage of the future, driven by advances in the areas of nanotechnology and development of advanced chemistries in the electrode design. Li-ion battery market is also poised to benefit from the escalating need for automation and the rising use of battery-operated material handling equipment in various industries. With Asia-Pacific home to some of the leading electronics companies, the Li-ion batteries market is poised for growth. Driven mainly by the growing sales of consumer electronics and EVs and increasing emphasis on renewable energy systems, especially in China and India, the Li-ion battery market is witnessing strong growth in the Asia-Pacific region.
The market for Lithium Nickel Manganese Cobalt (NMC) batteries is forecast to grow the fastest over the analysis period. The key advantage of NMC batteries is its high energy density, while good stability is ensured owing to the optimum ration of Nickel, manganese and cobalt. Another advantage is that the NMC batteries have good charge and discharge cycle. All of these features are contributing to the growing use of NMC in automobiles, electrical storage devices, portable devices and power tools. NMC technology is expected to be used as a replacement material for NCA and LCO batteries in mobile phones, tablets and notebooks, due to its lighter weight and slimmer form. In electric vehicles, NMC ensures high level of safety. More
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