Lithium-Ion Battery Market 2021: Major Factors that can Increase the Global Demand

According to Allied Market Research, the lithium-ion battery market is expected to cite a significant CAGR from 2019 to 2027. In the last few years, there’s been a steep increase in the demand for smart phones and other micro electronics maneuvers, which has driven the market in more than one way. Also, surge in the usage of electric vehicles in the last decade has supplemented the growth yet more. On the other hand, the high price associated with these batteries and incorporation of strict government regulations to keep a tab on the growing pollution level are projected to curb the growth to some extent. However, higher requirements in terms of energy efficiency in hi-tech consumer tools & implements have almost mellowed down the impeding aspects and paved the way for an array of opportunities in the near future.

Here, it’s worth mentioning that the outbreak of covid-19 posed a mixed impact on the global lithium-ion battery market. The stay-at-home drift made most people spend more time on smart phones and other digital devices. This, in turn, increased the demand for lithium-ion batteries, a major component used in iPods, laptops, and cell phones. On the other hand, lack of skilled workforce, scarcity of raw materials, disrupted supply chain, and transportation ban across the world gave way to distorted manufacturing activities. However, the global situation is getting better at a slow and steady pace, and the market is anticipated to revive soon.

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Based on end-use industry, the electrical & electronics segment accounted for nearly half of the total revenue of the global lithium-ion battery market in 2019, and is expected to maintain its dominance during the forecast period. However, the automotive segment would maintain the fastest CAGR of 19.1% during the forecast period. The research also discusses the industrial segment.

The cathode segment was the largest contributor to the market, accounting about one-third of the total market revenue and is expected to continue its dominance throughout the forecast period. However, the electrolytic solution segment is estimated to register the fastest CAGR of 17% from 2018 to 2025. The anode segment would grow at a steady rate during the forecast period.

Based on region, Asia-Pacific contributed the highest share in 2019, accounting for nearly two-fifths of the global lithium-ion battery market, and is estimated to maintain its lead position by 2027. On the other hand, North America is estimated to witness the highest CAGR of 18.7% during the forecast period.

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Leading players of the global lithium-ion battery market analyzed in the research include Automotive Energy Supply Corporation, Samsung SDI Co. Ltd., Panasonic Corporation, LITEC Co., Ltd., LG Chem Power (LGCPI), Toshiba Corporation, A123 Systems, LLC, China BAK Battery Co. Ltd., Hitachi Chemical Co., Ltd., and GS Yuasa International Ltd.

Key Findings Of The Study

North America lithium-ion battery market is projected to grow at a rapid CAGR of nearly 18.7% during the projected period.

Asia-Pacific is anticipated to dominate the global lithium-ion battery market during the entire forecast period.

Asia-Pacific and North America collectively accounted for around 72.8% lithium-ion battery market share in 2019, with the former constituting around 39.9% share.

Mexico and the U.S. are expected to witness considerable CAGRs of 19.9% and 18.5%, respectively, during the forecast period.

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