Lithium Ion Battery Market will Surpass by $129.3 Billion, with at 18.0% Growth Rate Globally

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.

A Li-ion or lithium ion battery can be termed as a rechargeable battery that utilizes lithium ions as the vital or indispensable components of its electrochemistry. In the last decade, Li-ion batteries have become a great buzz in the electronics industry, as they have found their wide application in smart phones, laptops, and several personal digital assistant devices. Especially, as technology tends to progress at a fast pace, emphasizing on mobility and speed, the significance of consistent portable power has turned out to be huge indeed. Rechargeable Li-Ion batteries have also become popular as a reliable power source for several household equipment such as cleaning tools too.

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Rise in demand for tablets, smart phones, and other electronic devices along with advent of electrical, hybrid electric, and plug-in hybrid vehicles propel the growth of the global lithium ion battery market. However, high price of the batteries restrains market the growth to certain extent. However, requirements for high energy efficiency in advanced consumer gadgets would offer multiple opportunities in the industry.

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.

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.

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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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