Lithium Ion Battery Market Projected to Cross $129.3 billion by 2027
Primarily, smart phones, tablets, and laptop/PCs are witnessing higher sales, compared to other electronic gadgets, due to their improved performance coupled with low prices. Battery back-up is considered as one of the important features consumers enquire before buying any tablet, mobile phone, or laptop/PC. As Li-ion batteries provide enhanced battery life, they are majorly preferred in smartphone manufacturing, which, in turn, is expected to enhance the product demand over the coming years.
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The global lithium-ion battery market is segmented by end-use industry into electrical & electronics, automotive, and industrial, with others which include medical, military, and textile industries. The electrical & electronics segment was the highest contributor to the market. Electrical & electronics end-use industry is further segmented into smart phones, tablet/PC, UPS, and others. The automotive segment is estimated to grow with a CAGR of 19.1% in the near future. The automotive end-use segment is further segmented into cars, buses, trucks, scooters & bikes, and trains & aircrafts, cranes & forklift, mining equipment, and smart grid & renewable energy storage.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the lithium-ion battery market during the analysis period, owing to rise in demand from consumer electronics segment and increase in number of electric vehicles (EVs) in China, Japan, and India. Lithium-ion batteries are extensively used in the automotive sector in North America and Europe. However, Asia-Pacific and LAMEA regions are expected to grow rapidly, owing to surge in adoption of these batteries in smart phones, tablets, and laptops/PCs.
Some of the key players operating in the global lithium-ion battery market include Automotive Energy Supply Corporation, Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Power (LGCPI), LITEC Co., Ltd., A123 Systems, LLC., Toshiba Corporation, Hitachi Chemical Co., Ltd., China BAK Battery Co. Ltd., and GS Yuasa International Ltd. among others.
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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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