Lithium Ion Battery Market is expected to experience an impressive CAGR growth 18.0% through 2020-2027

Increasing demand for electric, hybrid electric, and plug-in hybrid vehicles, stringent government measures to control air pollution, and growing demand for smartphones, tablets, and other devices drive the growth of the global lithium-ion battery market. However, high price of lithium-ion batteries and risk of fire in electronic devices hamper the market growth. On the contrary, higher energy requirements of new consumer gadgets are expected to create lucrative opportunities for the market players in the coming years.

Based on component, the cathode segment held nearly two-fifths of the total market share in 2019, and is expected to dominate in terms of revenue by 2027. However, the electrolytic solution would grow at the highest CAGR of 19.5% from 2020 to 2027. The report also analyzes segments including anode and others.

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The automotive segment constituted more than half of the market revenue in 2017, as electric & hybrid vehicles are the major consumers of lithium-ion batteries. This segment would grow at the fastest CAGR of 17.4% during the study period, as rapid technological advancements has fueled the demand for these batteries by 2025. The report analyzes other prominent segments including electronics, industrial, and others.

The lithium-ion battery market in Asia-Pacific contributed about 40% of the total market share in 2017. It is expected to maintain its dominance throughout the forecast period, owing to the growing sales of automobiles in developing economies such as India and China. However, North America region would register the fastest CAGR of 17.7% during the study period, owing to surge in product consumption in the automotive sector in the region. The other regions analyzed in the report are Europe and Latin America, Middle East and Africa (LAMEA).

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The key players analyzed in the report include Automotive Energy Supply Corporation, Samsung SDI Co. Ltd., LITEC Co., Toshiba Corporation, China BAK Battery Co. Ltd., Panasonic Corporation, LG Chem Power (LGCPI), A123 Systems, Hitachi Chemical Co., Ltd., and GS Yuasa International Ltd.

Covid-19 Scenario:

There has been decline in demand of lithium-ion batteries during the Covid-19 pandemic due to reduced demand for electric vehicles.

Major players across the globe, especially from India and China, have announced disruptions in shipments, production, project development, and research and development activities.

Some of the manufacturers have put a halt to projects and revising investment plans.

The report offers a detailed segmentation of the global lithium-ion battery market based on component, end-use industry, and geography.

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