Press release
Lithium Ion Battery Market Expected to Flourish at CAGR of 16.2% during 2019-2027 by Advancement in Electronic Industry & Key Players Samsung SDI, Toshiba, Tesla, Panasonic, eCobalt solutions, LG Chem, BYD, CATL, Jhonson Controls, Sanyo
The global Lithium Ion Battery market is segmented by material type into lithium manganese oxide, lithium iron phosphate, graphite, tin/cobalt alloy; by shapes into small cylindrical, large cylindrical, pouch, plastic cases with embedded threads; by application into portable devices, power tools and electric vehicles; by end-user industries into automotive, electronics, heavy industries, military and others and by regions.
The global Lithium Ion Battery market is observing vibrant growth owing to increasing demand vitally in automotive industry and electronic industry across the globe. Advancement in electronic industry in the past few years and growing technological explorations for e-vehicles in automotive industry are projected to drive lithium ion battery market substantially. It has wide range of functions in an immense range of products such as electronic portable devices like smartphones, laptops, etc. and e-bikes, e-rickshaws and more e-vehicles in automotive industry which are rapidly growing and are estimated to contribute considerably in the Lithium Ion Battery Market growth during the forecast period.
As per Statistics Finland, the new electronics device connection in the year 2018 accounted for television by 22%, mobile phones by 24%, smart phones by 20%, tablet by 14% and computer by 20% share in household equipment which is projected to aid in the growth of lithium ion battery market in electronics sector during the forecast period. Lithium Ion Battery Market is expected to record a CAGR of 16.2% during the forecast period i.e. 2019-2027. North America is expected to lead the market for Lithium Ion Battery. China is expected to display propelled demands for Lithium Ion Battery in the Asia Pacific region as per last few years’ statistics from China for increased requirement for e-vehicles making it a regional hotspots for the lithium-ion battery market followed by South Korea, and Japan.
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Steady Application in Automotive Industry
Lithium Ion Battery is used in rechargeable e-vehicles. These automotive e-vehicles easily get charged and they are cost effective as well as offer zero maintenance along with long self-lives. Lithium Ion Battery has great impacts in this sector because they are designed to give power over sustained periods of time. The market has flourished with the benefits of these advances both on performance and energy basis. The batteries can be discharged and recharged every day. In terms of costs, the price of electricity to run an e-vehicle is a small fraction of the cost of fuel used reflecting higher energy efficiency.
Japanese and European Union officials are in talks to excel in this sector and thus want to jointly develop advanced rechargeable batteries for electric cars to help the world reduce greenhouse gas emissions.
However, electric cars are more expensive to initially purchase, but economical to run. The extraction of Lithium and its processing is not eco-friendly which is a hindrance to the market growth further over the forecast period. Although Lithium has not yet been addressed as one of the hazardous chemicals.
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The report titled “Global Lithium Ion Battery Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global Lithium Ion Battery market in terms of market segmentation by material type ,by shapes ,by end-user industries, by application and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Lithium Ion Battery Market which includes company profiling of Samsung SDI, Toshiba, Tesla, Panasonic, eCobalt solutions, LG Chem, BYD, CATL, Jhonson Controls, Sanyo and other market players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Lithium Ion Battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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