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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 USD129.3 billion by 2027, at a CAGR of 18.0% from 2020 to 2027.
View Full Report: https://reports.valuates.com/market-reports/ALLI-Manu-1G27/lithium-ion-battery
The boom in demand for smartphones and other electronics products, as well as the rise in electric vehicles, are some of the main factors driving the lithium-ion battery market size. Furthermore, the implementation of strict government regulations to regulate rising pollution levels is expected to boost the demand for Lithium-Ion as the alternative solution to ICE vehicles.
TRENDS INFLUENCE THE GROWTH OF LITHIUM ION BATTERY MARKET SIZE
One of the main applications of lithium-ion batteries is in the automotive industry. Lithium-ion batteries are used extensively in battery-powered vehicles such as electric vehicles, hybrid vehicles, e-bikes, and automated guided vehicles. The demand for these vehicles is expected to expand due to rising EV adoption and understanding, which is fueled in part by the implementation of various environmental standards and pollution regulations. As a result, the market for Li-ion batteries has increased. Furthermore, the growth of lithium-ion battery market size is propelled by falling battery costs, making the total cost of ownership for a passenger EV reach parity with internal-combustion-engine (ICE) vehicles.
Continuous technological advancements have aided the growth of the lithium-ion battery market size in consumer electronics. Li-ion batteries are in high demand for consumer electronics because they have a higher density, are more durable, take less time to recharge, and store more energy than other batteries.
Increasing adoption of Li-ion batteries in smart grid and energy storage system is expected to increase the growth of the Lithium-ion market size. The power industry is working to produce renewable energy and store it for future use. Low cost, minimal installation space, and a low self-discharge rate are some of the factors driving the adoption of lithium-ion batteries in smart grid and renewable energy storage systems. Furthermore, these batteries are more resistant to high temperatures, making them ideal for use in remote areas and for thermal control applications.
The implementation of strict government regulations to regulate rising pollution levels is expected to boost the growth of the Lithium-ion market size. The government is increasingly using regulatory policies combined with incentives for switching to renewables to encourage consumers to make the change to EVS.
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KEY SEGMENTATION
By Component
Cathode
Anode
Electrolytic Solution
Others
By End-use Industry
Electrical & Electronics
Smartphones &Tablet/PC
UPS
Others
Automotive
Cars, Buses, &Trucks
Scooters & Bikes
Trains & Aircraft
Industrial
Cranes & Forklift
Mining Equipment
Smart Grid & Renewable Energy Storage
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
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