Lithium-ion Battery Market: Introduction
The global lithium-ion battery market is expected to expand at a CAGR of 11.8% CAGR during the forecast period of 2021 to 2031, according the analysts of a new research report published by Transparency Market Research. This study highlights that the lithium-ion battery market is expected to gather prodigious sales opportunities from various end-user industries such as automotive and consumer electronics. The newly published research report gives 360-degree analysis of many important facets such as challenges, growth avenues, trends, and drivers of the lithium-ion battery market for the forecast period. It also sheds light on various threats in the market for lithium-ion battery.
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Growth in Government Initiatives to Encourage Usage of Electric Vehicles
Lithium-ion battery comprises many components such as anode, cathode, electrolyte, and separator. The product is gathering traction across end-use industries, owing to various features it offers. High discharge power, low impact of time, and high energy density are some of the key advantages of this product making it suitable for use in electric vehicles.
In the past few years, government authorities of many countries across the globe have been taking initiatives to reduce pollution levels and carbonization. Several developing nations such as China and India experience availability of huge spaces to introduce manufacturing capacities and abundant presence of natural resources. Government bodies are utilizing these factors to shift their focus toward increasing the production of electric vehicles instead of fuel-powered vehicles. This is projected to work as key driver of the lithium-ion battery market in the next few years.
Government authorities across major parts of the globe are raising awareness pertaining to the advantages of using electric vehicles. Several key regions are increasingly focusing on promoting the use of such vehicles by offering incentives for the adoption of zero or low emission vehicles. Thus, noteworthy growth in the adoption of electric vehicles is expected to create lucrative avenues for players operating in the global lithium-ion battery market in the years ahead.
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Expansion of Lithium-ion Battery Market
The segmentation of the global lithium-ion battery market is performed on the basis of various key aspects such as product, end-use industry, and region. In terms of product, the market for lithium-ion battery has been classified into battery pack, energy storage system (ESS), and cell/module. Based on end-use industry, the lithium-ion battery market has been divided into automotive, grid energy & industrial, and consumer electronics. On the basis of region, the market for lithium-ion battery has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Players in Lithium-ion Battery Market Focus on New Product Launches and Production Expansions
A123 Systems LLC, BYD Company Limited, Samsung SDI Co. Ltd, LG Chem, Ltd., Amperex Technology Limited (ATL), Panasonic Corporation, Toshiba Corporation, Murata Manufacturing Co. Ltd., Maxell Holdings, and Clarios Power Solutions are some of the key players operating in the global lithium-ion battery market. The presence of many players is the indication of high level of competition in the market for lithium-ion battery.
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Major companies in the global lithium-ion battery market are increasing their participation in various organic and inorganic strategic moves. Several players are focused on the expansion of their production capabilities. At the same time, many companies in the lithium-ion battery market are utilizing new product launch as one of their key strategies to lead the market.
Companies in the global lithium-ion battery market are likely to focus on strengthening their logistics services. This can help them offer seamless and efficient delivery of batteries to all customers, thereby attracting more customers.
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