NEW YORK, Jan. 6, 2021 /PRNewswire/ -- The global lithium-ion battery market size is expected to reach USD 83.36 billion by 2027. according to a new study conducted by Polaris Market Research the market is anticipated to register a CAGR: 12.6% from 2020 to 2027. Emergence and increasing popularity for Electric Vehicles (EV) is expected to drive the demand for lithium-ion battery in automotive industry. The automotive industry has been witnessing a palpable shift from using nickel metal batteries to lithium-ion batteries in plug-in vehicles and EVs. Beneficial physical characteristics such as small size and lightweight have bolstered the demand for li-ion (lithium-ion) batteries across the automotive industry.
Increasing demand for consumer electronics across the regions has led to the rising demand for lithium-ion batteries. Long battery life along improved performance offered by the product to consumer electronics such as smartphones, tablets, etc. is expected to drive its demand in consumer electronics segment over the forecast period.
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Key Trends and Major Developments in Lithium-Ion Battery Market
- Based on product type, Lithium Iron Phosphate (LFP) emerged as the prominent segment and accounted for the largest market share. These batteries come with excellent safety and long-life span makes them preferable over others. Increasing demand for LFP battering in portable devices due to its durability and high load currents capacity fuels the segmental growth.
- In terms of application, the consumer electronics segment is dominating the market with the contribution of a major revenue share. Increased use of lithium-ion batteries in stationary and portable electronic consumers owing to high energy density and longer life for the product.
- Increased demand for electric vehicles resulted in rapid registration for them in major Asian countries such as China is estimated to drive significant market growth for lithium-ion batteries. The rise in demand attributed to the availability of cost-effective vehicle options and government subsidies.
- The COVID-19 pandemic has hampered the production of lithium to some extent due to lockdown restrictions in lithium mining countries. The mines are working with a reduced capacity which is resulted in a reduced supply of key material. However, post-COVID-19 the market is predicted to bounce back to its normal operations.
Regional Outlook & Growth Analysis
Asia Pacific region is anticipated to grow at a faster rate owing to increased adoption of lithium-ion batteries in order to control pollution levels in major developed and developing cities. Increased demand for electric vehicles complemented by favorable government policies will further drive the market growth in the region. A rise in consumer demand for Smartphone and tablets in India, China, and Japan is likely to boost industry expansion in the region. North America region is predicted to witness substantial growth during the forecast period on account of increasing automotive and consumer electronic sales.
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Market Participants Driving the Market Growth
The global market for the lithium-ion market is highly competitive due to the strong base of leading global companies and a large number of domestic players that occupy the majority of market share. Some of the leading market players include Akku Tronics New Energy Technology Co., Roofer Technology Co. Ltd, Samsung SDI, GS Yuasa, BAK Group, Exide Technologies, EaglePicher Technologies, LLC, BYD Company, Saft Groupe, Energus Power Solutions, Ltd., Panasonic LG Chem, Farasis Energy, Lithium Werks, Sila Nanotechnologies, Saft Batteries, and A123 Systems.
- Supply Side: Manufacturer, distributor and supplier of lithium-ion batteries
- Demand Side: Consumer Electronics, Mining Operations, Automotive Industry
- Regulatory Side: Pipeline and Hazardous Materials Safety Administration (PHMSA)
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Polaris Market Research has segmented the lithium-ion battery market report on the basis of product type, battery capacity, end-use, and region
Li-Ion Battery Market by Product Type Outlook (Revenue – USD Million, 2016 – 2027)
- Lithium Cobalt Oxide
- Lithium Magnesium Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Nickel Cobalt Aluminium Oxide
- Lithium Titanate
Li-Ion Battery Market by By Cell Type Outlook (Revenue – USD Million, 2016 – 2027)
Li-Ion Battery Market by Battery Capacity Outlook (Revenue – USD Million, 2016 – 2027)
- 0 to 3,000 mAH
- 3,000 to 10,000 mAH
- 10,000 to 60,000 mAH
- Over 60,000 mAH
Li-Ion Battery Market by End-Use Outlook (Revenue – USD Million, 2016 – 2027)
- Consumer Electronics
- Medical Devices
- Industrial & Grid Energy
Li-Ion Battery Market by Regional Outlook (Revenue – USD Million, 2016 – 2027)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Taiwan. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- MEA (Saudi Arabia, UAE, Israel, South Africa)
List of Key Players of Li-Ion Battery Market
- BYD Company
- Exide Technologies
- Saft Batteries
- EaglePicher Technologies, LLC
- Energus Power Solutions, Ltd.
- Lithium Werks
- Roofer Technology Co. Ltd
- VARTA Storage
- Farasis Energy
- Ding Tai Battery Company Ltd
Find more research reports on Electronics and Semiconductors by PMR
Automotive Lightweight Material Market Share, Size, Trends, Industry Analysis Report, By Material Type (Metal, Polymers, Composites, Elastomers); By Vehicle Type; By Application; By Region; Segment Forecast, 2020 – 2027
Lithium-Ion Battery Cathode Market Share, Size, Trends, Industry Analysis Report, By Chemical Composition (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Cobalt Aluminum Oxide); By Cell Type; By End Use; By Regions; Segment Forecast, 2020 – 2027
About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
SOURCE Polaris Market Research