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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The global lithium-ion battery market is expected to reach the value of US$ 64.83 Bn by the end of 2031
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.
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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.
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.
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Recycling of Lithium-ion Batteries Holds Potentials to Reduce Disposal Problems
The lithium-ion battery market does encounter a deadlock when it comes to environmental sustainability. With the exponentially rising need to integrate lithium-ion batteries in EVs, serious disposal concerns and their detrimental effects on the environment have inspired automakers to give a second thought to adopting them.
With polymer separators and plastic cases being used to manufacture lithium-ion batteries, the shift to electric energy from fossil-based energy for EVs makes only a marginal difference. This has challenged manufacturers to rethink their products. However, innovation in the technological range engendered the recycling of lithium-ion batteries, which is likely to become a trend of the industry. With automation meeting recycling processes, the separation of different components have been easier, and, in that perspective, manufacturers can capitalize on the reduced overhead costs with low raw material requirements.
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Lithium-ion Battery Market: Overview
- The lithium-ion battery market is expected to grow over 2x between 2021 and 2031. Unsurprisingly, consumer electronics will be at the forefront. As EV penetration grows rapidly, and the automotive industry looks to reduce its dependence on fossils, lithium-ion battery manufacturers will unlock access to opportunities that were unthinkable of a decade ago.
- Across the globe, rise in the sales of electric vehicles (EVs) is driving the demand for lithium-ion batteries. Apart from developed countries, even in developing countries such as China, governments have mandated car makers to ensure that EV sales account for at least 30% of their sales by 2030.
- A lithium-ion battery consists of a cathode, anode, separator, and electrolyte. In the value chain analysis of the global lithium-ion battery market, the main players are raw material suppliers, separator suppliers, anode suppliers, cathode suppliers, electrolyte suppliers, lithium-ion battery manufacturers, and end users.
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