The lithium-ion (Li-ion) battery market is estimated to grow to $106,493 million by 2024
NEW YORK, Nov. 4, 2019 /PRNewswire/ --
Lithium-Ion Battery Market
Advancing at a 21.8% CAGR during the forecast period, the lithium-ion (Li-ion) battery market is estimated to grow to $106,493 million by 2024. The presence of monetary and non-monetary government subsidies, falling battery prices, and flourishing electric vehicle market are driving the demand for these batteries.
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The lithium-ion battery market is expected to experience a boom in the forecast period due to recent advancements in consumer electronics technologies. Owing to the many remarkable properties of Li-ion batteries such as high energy density, consumer electronics manufacturers prefer these over other batteries. The high demand for consumer electronics is a result of the changing lifestyle, expanding middle-class population, and a shift to smart electronic devices. This, in turn, is expected to drive the demand for lithium-ion batteries.
These batteries also find application in the renewable energy sector for the stationary energy storage purpose. The demand for such batteries is set to increase as the renewable energy sector is growing owing to the increasing technological advancements in solar and wind power segments, supportive government policies, and increasing interest of investors in renewable power.
The lithium-ion battery market, based on application, is categorized into automotive, industrial, consumer electronics, medical, aerospace & defense, telecom, and others. In 2018, the largest market share was accumulated by the consumer electronics category, which correlates to the lithium-ion battery use in the manufacturing of these devices. When specific energy is considered, lithium-ion batteries have a better energy density than nickel-metal hydride (NiMH) and nickel cadmium (NiCd) batteries.
The subdivisions of the lithium-ion battery market based on type are lithium iron phosphate (LFP), lithium nickel manganese cobalt oxide (NMC), lithium manganese oxide (LMO), lithium nickel cobalt aluminum oxide (NCA), and lithium cobalt oxide (LCO) batteries. The largest market share in 2018 was held by LFP batteries, which can be ascribed to their heavy consumption in China, which is the largest market for electric vehicles and holds a significant share in the consumer electronics market as well; both industries employ LFP batteries heavily.
The NMC subdivision of the lithium-ion battery market is expected to witness the highest CAGR during the forecast period and hold the largest share by 2024 due to the longevity, high storage capacity, and thermal stability of such batteries. To make the battery cheaper, researchers and designers are focusing on reducing the cobalt content, which would ultimately contribute in this subdivision's growth.
The most significant share in the lithium-ion battery market was held by Asia-Pacific amongst all regions. The factors fueling the market growth in this region are the increasing demand for smart devices and electric vehicles and technological advancements. Further, the increasing government support in terms of subsidies and incentives has led to the price reduction of these vehicles, which has further contributed in the lithium-ion batteries' increasing demand in the region.
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