Technavio Forecasts Worldwide Lithium-ion Battery Market to Reach USD 58.05 billion between 2020 to 2025

The companies are adopting inorganic growth solutions such as M&A and partnerships as key strategies along with effective product launches. Wearable device adoption has increased in both developed and developing countries as the cost of these gadgets has decreased significantly.

Key Biodegradable Medical Plastics Market Report Highlights:

1. Market growth 2020-2025: USD 58.05 million
2. Growth momentum & CAGR: Accelerate at a CAGR of 36.65%
3. YoY growth (%): 27.73%
4.  Performing market contribution: APAC at 48%
5. Key consumer countries: China, US, Norway, Germany, and Japan

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Regional Market Analysis
With 48% of the growth originating from APAC, this region will record a fast growth rate during 2021-2025. China and Japan are the key markets for lithium-ion batteries in APAC.

The expansion of the lithium-ion battery market in APAC will be aided by the increasing penetration of renewable energy, electric vehicles, and consumer electronics over the forecast period. One of the primary drivers driving lithium-ion battery market growth in APAC is increased demand from the consumer electronics market as a result of increased consumer spending.

The other key reasons for the increasing lithium-ion battery market's growth in APAC are:

• Consumers are spending more on luxury items as their disposable incomes rise, boosting the market for smartphones, smart wearables, laptops, and portable speakers. This development can also be linked to the rapid technological advancements in cellphones and the increasing use of the Internet. The rapid expansion of the consumer electronics market will drive up demand for lithium-ion batteries in this market. As a result, the increased use of lithium-ion battery technology in ESS projects and the rise of the consumer electronics industry in APAC will both contribute to the lithium-ion battery market's growth over the forecast period.

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Key Vendors and Vendor Strategies
A123 Systems LLC, Amperex Technology Ltd., BYD Co. Ltd., Hitachi Ltd., LG Chem Ltd. are a few of the key vendors in the lithium-ion battery market.

The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.

For instance:

• A123 Systems LLC, the company offers lithium-ion battery systems such as 12V Starter Battery and 48V Battery.
• Amperex Technology Ltd., the company offers fast charge cells, which is an essential requirement in many consumer electronic devices used every day. ATL recently introduced the 5C super-fast charge cell.
• BYD Co. Ltd, the company owns the complete supply chain layout from mineral battery cells to battery packs.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the Lithium-ion Battery market.

• Augmented demand from the consumer electronics market due to enhanced consumer spending:
• The rise in disposable earnings has been attributed to urbanization and an increase in the number of persons earning in a family. Consumer expenditure is an essential economic indicator since it indicates a country's total consumer confidence. As a result, a high degree of consumer confidence infers higher levels of consumer spending in the market. Higher disposable incomes in Pacific Rim countries like Malaysia, Indonesia, and Vietnam are likely to fuel even further market expansion. Developing economies with large populations and open economies, such as China and India, also offer a profitable market. The introduction of new technology and features in consumer electronic items attracts consumers, fueling demand for lithium-ion batteries.
• Legislative support for battery recycling
• Concerns about the environment and rising GHG emissions have forced governments to reconsider their usage of fossil fuels in transportation. Electric automobiles are the only viable alternatives to fossil-fuel vehicles. Several governments are enacting targets and guidelines to encourage the automobile sector to transition from diesel and gasoline vehicles to electric vehicles. By 2040, 2040, and 2030, France, the United Kingdom, and the Netherlands all aim to ban the sale of diesel automobiles and replace them with electric vehicles.

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SOURCE Technavio