Lithium-ion Battery Market Is Projected To Hit Usd129.3 Billion By 2027 At A Cagr Of 18.0% - Valuates Reports
The global lithium-ion battery market was valued at USD 36.7 billion in 2019 and is projected to hit USD 129.3 billion by 2027, at a CAGR of 18% from 2020 to 2027.
Major factors driving the growth of lithium-ion battery market size are growing R&D initiatives, increasing consumer electronics adoption, increasing demand for plug-in vehicles, rising need for automation, and battery-operated material-handling equipment in industries.
Advocacy for public and private investment in hybrid cars and electric vehicles has resulted in an increase in research and development (R&D) aimed at producing more efficient and cost-effective lithium-ion batteries. This high level of interest has also led to a rapid expansion of the battery production capacity and has resulted in overcapacity and fragmentation in the Lithium-ion battery market.
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TRENDS INFLUENCING THE LITHIUM-ION BATTERY MARKET SIZE
The recycling initiative that has been started is expected to increase the lithium-ion battery market size. Recycled Li-ion batteries are expected to protect the supply of raw materials, such as lithium and cobalt, and to reduce the dependency on mining and processing materials from natural resources. The recycling of lithium-ion batteries currently used in electric vehicles offers an excellent opportunity for companies to use the refined constituent materials to manufacture lithium-ion batteries to be used in energy storage systems (ESS).
Li-ion batteries can be recharged hundreds of times and are more stable. They seem to have a higher energy density, voltage power and lower self-discharge rates than other rechargeable batteries. This increases power efficiency as a single cell has more charge retention than other forms of batteries. These features are, in turn, expected to fuel the growth of the Li-ion battery market size.
Electrical Vehicles, Large-scale energy storage and stationary standby applications such as UPS and switchgear & control are expected to drive Lithium-ion battery market size.
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LITHIUM-ION BATTERY MARKET SHARE ANALYSIS
Asia-Pacific region is expected to hold the largest Lithium-ion battery market share. This dominance of the Asia Pacific region is an attribute to the growing technological changes and increasing government emphasis on reducing greenhouse gas emissions. The area also has a well-established infrastructure that allows for faster adoption of advanced technologies. In addition, the increasing number of manufacturers supplying lithium-ion batteries at relatively lower prices is another major driver of the growth of the lithium-ion battery market in the region.
North America is expected to see considerable growth over the projected period due to increasing consumer electronics and automobile sales across countries such as the United States and Mexico. The rising demand for lithium-ion batteries in cell phones due to improved performance and extended battery life is expected to drive the Lithium-ion market size in the North American region. Europe and North America are major consumer segments due to a high degree of recognition of the need for energy-efficient batteries.
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By End-use Industry
Electrical & Electronics
Cars, Buses, & Trucks
Scooters & Bikes
Trains & Aircraft
Cranes & Forklift
Smart Grid & Renewable Energy Storage
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
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