ALBANY, New York, Feb. 3, 2020 /PRNewswire/ -- The recent buoyancy in the global lithium ion battery market stems from the adoption of sustainable energy storage solutions in the consumer electronics industry. The growth potential is underpinned by the prospects of the Li-ion technology in next-generation wearable and autonomous vehicles. Rapid pace of adoption of various types of electric vehicles is imparting large opportunities for battery manufacturers to capitalize on improvements in the technology. These and similar trends propel the lithium-ion battery market to reach valuation of ~ US$41.5 bn by 2027, garnering a CAGR of ~ 9% from 2019 to 2027. End-use industries are expected to capitalize on higher energy density, low maintenance requirement, and marked self-discharging features.
Battery manufacturers have upped their ante in the lithium-ion battery market by unlocking new revenue streams in growing penetration of electrical vehicle in numerous economies. Unarguably, they will benefit from the use of automated disposal technologies, since this will improve the much- environmental footprints of these batteries, a key sustainability aspect of all secondary storage technologies, opines TMR.
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Key Findings of the Market Study
- Among end-use industries, major shares of revenues come from the automotive and consumer electronics industries.
- Among the various technologies, lithium-iron phosphate (LFP) attracts the major attention of battery manufacturers, attributed to the high safety characteristics it has.
- Among various products, energy storage systems (ESS) has offered sizable opportunities to the global lithium-ion market, as the segment has been at the forefront of established markets.
Explore 200 pages of in-depth research, granular insights, and a comprehensive country-level projections. Gain business intelligence on lithium-ion battery market by Product: Cells/ Modules, Battery Packs, and Energy Storage Systems (ESS); End-user Industry: Consumer Electronics, Automotive, and Grid Energy & Industrial) from 2019 – 2027 at https://www.transparencymarketresearch.com/lithium-ion-battery-market.html
Lithium-ion Battery Market: Key Driving Factors
According to the in-depth assessment of prospects in the lithium-ion battery market, the growth is driven increasingly by the widespread adoption of cost-effective and efficient secondary energy storage technologies in consumer electronics. The growth is further reinforced by the growing focus of governments in increasing renewable energy generation in the overall energy mix. Most prominently, the revenue potential of lithium-ion battery market is bolstered by conscious efforts of industries to transition to renewable from fossil fuels, most prominently solar and wind power in several developing and developed nations.
- Strides made in consumer electronics in various developing and developed nations are propelling a steady expansion of the market. To courtesy: the EV uptake in the U.K., Germany, and France is 2.1%, 2.0%, and 2.1%, respectively.
- Growing research and development funding on autonomous vehicles will expand the commercialization scope of lithium-ion battery substantially.
- Rise in use of the battery technology in smartphones is fueling sales in the lithium-ion market.
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Key Impediments for Lithium-ion Battery Market Players
According to the study, the key restraints impeding market growth include:
- Despite the high performance characteristics, end users face concerns of fast aging.
- Stakeholders in the lithium-ion battery market are struggling with gap in supply and demands for various raw materials such as metals and chemicals.
- Technical limitation in relation to safety may hinder their prospects in their use in the current generation of wearable devices.
Market: Region-wise Analysis
- Two of the most promising and lucrative regional markets are North America and Europe. Large appetite for secondary renewable technologies in automotive industry is sustaining rising revenues volumes over the past few years.
- Substantially growing demand for portable lithium-ion battery in consumer electronic devices is key to expansion of Asia Pacific market.
- China, Japan, and South Korea will be most lucrative markets in Asia Pacific.
Analyze lithium-ion battery market growth in 30+ countries including Chile, China, Argentina, and Australia. Request a sample of the study,
According to Transparency Market Research, manufacturers are leaning on introducing the lithium-ion battery technology with higher battery performance for consumer electronics. Numerous top players are also focusing on bringing new proprietary battery management systems and using novel materials to stay ahead of their competitors.
Key companies in the lithium-ion battery market include Hewlett-Packard Company. Dell, Inc, Panasonic Corporation, Nikon Corporation, Apple, Inc, Sony Corporation, and Samsung.
Lithium-ion Battery Market by Product
- Cells/ Modules
- Battery Packs
- Energy Storage Systems (ESS)
Lithium-ion Battery Market by End-user Industry
- Consumer Electronics
- Grid Energy & Industrial
Lithium-ion Battery Market by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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Lithium Ion Cell and Battery Pack Market - The increasing use of lithium ion batteries in barcode and RFID scanners due to their high energy density is influencing the growth of lithium ion cell and battery packs market.
Battery Management System Market - Battery Management System Market is anticipated to grow aggressively up to ~US$ 16.6 billion by 2027. Technological advancements in battery management systems will continue to bolster developments in this landscape in the coming years.
Lithium Battery Components Market - Factors such as boom in the demand for electric vehicles and rapid technological advancements are expected to fuel the demand for lithium batteries during the forecast period. This, in turn, is projected to drive the global lithium battery components market between 2019 and 2027.
Battery Analyzer Market - Key factor for the growth of global battery analyzer market is increasing adoption of battery analyzer in automotive industry. In automotive industry, battery analyzer are increasingly adopted to monitor and maintain battery of electric vehicles.
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