Lithium-Ion Battery Market will continue to grow by 2027 | BYD Company (China), LG Chem (South Korea), Contemporary Amperex Technology Co. Ltd. (CATL) (China), Samsung SDI (South Korea), Panasonic Corporation (Japan), BAK Group (China)

Lithium-Ion Battery Market with COVID-19 Impact Analysis, by Type (Li-NMC, LFP, LCO, LTO, LMO, NCA), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Power, Industrial), & Region (North America, Europe, APAC & RoW) - Global Forecast to 2030

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Key Players: BYD Company (China), LG Chem (South Korea), Contemporary Amperex Technology Co. Ltd. (CATL) (China), Samsung SDI (South Korea), Panasonic Corporation (Japan), BAK Group (China), GS Yuasa Corporation (GS Yuasa) (Japan), Hitachi (Japan), Clarios (Germany), and Toshiba Corporation (Japan), are some of the major players in lithium-ion battery market.

“The lithium-ion battery market is projected to grow at a significant rate from 2021 to 2030.”

The global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030; it is expected to grow at a CAGR of 12.3% from 2021 to 2030. The growth of the lithium-ion battery market is majorly driven by surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for plug-in vehicles, growing need for battery-operated material-handling equipment in industries due to automation, continued development of smart devices, and growing adoption of lithium-ion batteries in renewable energy sector.

In the prevailing COVID-19 situation, the expected growth of the lithium-ion battery market is expected to decline as the pandemic is restricting the supply of batteries and other components due to severe disruptions in businesses and the global economy. The current situation has impacted the supply chain of the battery industry. Key components for batteries are mainly manufactured in Asia Pacific. The COVID-19 situation has exposed the overdependency on the region for key raw materials, especially China. Battery manufacturers in the US, Germany, and Australia are highly impacted by the shutdown of operations in China and other Asia Pacific countries. It has also resulted in limited production leading to a serious decline in business inputs. The recovery depends on government assistance, as well as the level of corporate debt and how the companies and markets cope with the trimmed demand.

“Lithium Cobalt Oxide (LCO) Battery expected to hold the largest market share during the forecast period.”

The Lithium Cobalt Oxide (LCO) segment held the largest size of the market in 2020. LCO batteries have high energy density and are preferred in the consumer electronics industry, which is a major end user of the lithium-ion battery market. The Lithium Nickel Manganese Cobalt (Li-NMC) segment is expected to register the highest growth rate during the forecast period. The automotive industry accounts for a substantial portion of the overall lithium-ion battery demand. Electric vehicles require high power, which can only be provided by the NMC battery type. These batteries have a very low self-heating rate and are used in electric vehicle models such as Nissan Leaf, Chevy Volt, and BMW.

“Power segment is expected to grow at the highest CAGR during the forecast period.”

The lithium-ion battery market for the power segment is expected to grow at the highest CAGR from 2021 to 2030. The need to fulfill the requirement for peak electricity demands is the major factor contributing to the growth of the segment. The flexibility offered by these batteries to the grid in terms of energy storage helps to deal with fluctuations associated with renewable energy sources, such as solar and wind energy, is catalyzing the adoption of lithium-ion battery energy storage systems. Lithium-ion battery energy storage systems enable grid operators to save electricity when there is a surplus of renewable energy. The COVID-19 outbreak has impacted the supply chain of lithium-ion batteries and components. Besides, due to delays in projects, developers are not able to meet the deadlines for claiming tax credits and renewable incentives. However, the market for the utility sector is expected to recover between 2021 and 2022 with the start of ongoing and planned projects.

“APAC is projected to grow at the highest CAGR during the forecast period.”

Lithium-ion battery market in APAC is expected to grow at the highest CAGR during 2021−2030. China and Japan are the world’s second-and third-largest markets, respectively, for electric vehicles. Continuous developments in the consumer electronics and automotive verticals have led to an increase in the application of lithium-ion batteries as they offer various advantages, such as high power capacity, increased safety, and reduced pollution. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, forcing them to shut down. However, production has resumed in a few facilities in China, thereby initiating the manufacturing of some essentials. Several countries in the APAC region are planning off-grid electrification, especially in remote areas. Investments in energy storage systems are expected to increase substantially in the region as governments in developing economies are formulating new policies to improve the reliability and quality of power distribution facilities for the residential customers.

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The Lithium-ion battery market has been segmented into type, capacity, voltage, industry and region. The Lithium-ion battery market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).

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