Lithium–Ion Battery Market to Reach $106,493 Million by 2024

Advancing at a 21.8% CAGR during the forecast period, the lithium-ion battery market is estimated to grow to $106,493 million by 2024. 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 boom in the forecast period due to recent advancements in consumer technologies. Owing to their many remarkable properties, such as high energy density, the consumer electronics manufacturers prefer these batteries over other battery types. High demand for consumer electronic products is a result of changing lifestyle preferences, expanding middle-class population, and growing inclination toward smart electronic devices. This, in turn is expected to drive the demand for lithium-ion batteries.

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The lithium-ion battery market, based on application, is categorized into automotive, industrial, consumer electronics, medical, aerospace & defense, medical, telecom, and others. In 2018, the largest market share was accumulated by the consumer electronics category. This can be correlated to the lithium-ion battery use in manufacturing these devices. When specific energy is considered, the lithium-ion batteries have better energy density when compared to nickel metal hydride (NiMH) and nickel cadmium (NiCd) battery technologies.

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 increasing demand for smart devices, technological advancements, and growing demand for electric vehicles. Further, increasing government support in terms of subsidies and incentives have led to price reduction of these vehicles, which have further contributed in the lithium-ion batteries demand in the region.

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LITHIUM–ION BATTERY MARKET SEGMENTATION

Market Segmentation by Type

• Lithium nickel manganese cobalt oxide (NMC)
• Lithium iron phosphate (LFP)
• Lithium cobalt oxide (LCO)
• Lithium manganese oxide (LMO)
• Lithium nickel cobalt aluminum oxide (NCA)

Market Segmentation by Application

• Consumer Electronics
o Smartphones
o Uninterruptible power supply (UPS) systems
o Laptops
o Tablets
o Others
• Automotive
o Battery electric vehicles
o Plug-in hybrid electric vehicles
o Hybrid electric vehicles
• Aerospace and Defense
• Telecom
• Medical
• Industrial
• Others

Market Segmentation by Geography

• North America Lithium–Ion Battery Market

o By type
o By application
o By country – U.S. and Canada
• Europe Lithium–Ion Battery Market
o By type
o By application
o By country – U.K., Germany, France, Netherlands, Norway, Sweden, and rest of Europe

• Asia-Pacific (APAC) Lithium–Ion Battery Market

o By type
o By application
o By country – China, Japan, India, South Korea, Australia, and rest of APAC

• Latin America (LATAM) Lithium–Ion Battery Market

o By type
o By application
o By country – Brazil, Mexico, and rest of LATAM

• Middle East and Africa (MEA) Lithium–Ion Battery Market

o By type
o By application
o By country – Saudi Arabia, South Africa, and rest of MEA

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This release was published on openPR.