Lithium-Ion Battery Market Growth Set to Surge Significantly during 2021–2027
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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Rise in demand for tablets, smartphones, 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.
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.
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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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