Lithium Ion Battery Market to See Incredible Growth During 2024 - 2031 | Sony, LLC, Automotive Energy Supply Corporation (AESC)

Market Overview:

Lithium ion batteries are rechargeable batteries commonly used for portable electronics and electric vehicles. They provide high energy density, low self-discharge, and no memory effect as compared to other rechargeable batteries.

Market Dynamics:

The lithium ion battery market is expected to grow at a significant rate owing to rising demand for electric vehicles globally. According to the report, electric vehicle sales increased by 41% from 2020 to 2021 led by China, Europe, and the United States. Several automakers are planning heavy investments to drive electric vehicle adoption further. For instance, Tesla aims to produce 20 million electric vehicles per year by 2030. Additionally, transition toward clean energy is prompting investments in energy storage to support renewable power generation. Both automotive and energy storage applications require large lithium ion batteries, thereby propelling the market growth during the forecast period. Furthermore, rapid adoption of consumer electronics and increasing demand for power banks and laptops will also contribute to the lithium ion battery market expansion.

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Lithium Ion Battery Market Drivers

Growing Demand for Consumer Electronics is Driving the Growth of Lithium Ion Battery Market

The demand for lithium ion batteries is growing exponentially due to the rising adoption of consumer electronics such as smartphones, laptops, tablets, wearable devices and other smart electronic gadgets. Lithium ion batteries are the primary choice for powering all these devices due to their high energy density, lack of memory effect and low self-discharge. According to market reports, the yearly sales of smartphones reached over 1.5 billion units in 2019 and this number is projected to grow even further in coming years. As new smartphone models are released every year with better features and functionalities, consumers upgrading to new phones is also contributing to the battery demand. Other portable consumer devices such as tablets, laptops, smartwatches and wireless headphones are also fueling the need for high-capacity, lightweight lithium ion batteries.

Growing Electrification of Transportation is Driving the Lithium Ion Battery Adoption

For addressing the issues of environment pollution, energy security and sustainability, electric vehicles (EVs) have emerged as one of the most viable solutions. This has created a massive demand for high-performance lithium ion batteries in EV applications. From hybrid electric vehicles to fully electric vehicles, the usage of lithium ion battery packs has grown exponentially in the automotive sector. Countries have also started pushing for electrification of public transportation with electric buses and electric rickshaws gaining popularity. The declining battery costs and advancing battery technologies are further accelerating the EV adoption. As per estimates, global EV sales are projected to rise from over 2 million units in 2018 to over 20 million units annually by 2030. This growing electrification of transportation will majorly drive the lithium ion battery market.

Lithium Ion Battery Market Opportunity

Growing Demand for Energy Storage Applications Presents Lucrative Opportunities

With the increasing integration of renewable energy resources, the need for large-scale energy storage solutions has risen significantly. Lithium ion batteries, with their high energy and power density, are emerging as a preferred energy storage technology capable of storing power from renewable sources such as solar and wind for usage during non-peak hours or for backup purposes. Both utility-scale and behind-the-meter storage applications are presenting major business opportunities. Sectors like residential and commercial building energy management are progressively adopting lithium ion batteries for storing solar power and optimizing energy consumption. The demand for battery storage is further expected to surge with the increase in rooftop solar installations and smart grids roll out across regions. Mobile batteries are also augmenting energy access in remote and off-grid areas. The energy storage segment currently constitutes around 10% of the total lithium ion battery market but is anticipated to witness highest gains in the coming years.

Top Companies Featured in This Report:

★ Sony LLC
★ Automotive Energy Supply Corporation (AESC)
★ China BAK Battery
★ Inc
★ GS Yuasa Corporation
★ Hitachi Chemical Co. Ltd.
★ Johnson Controls Inc.
★ LG Chem Power Inc.
★ Panasonic Corporation
★ Samsung SDI Co. Ltd.
★ Toshiba Corporation

Market Segmentation:

By Product Type:

★ By Type: Cathode, Anode, Electrolytic solution, Others (Separator, binder, etc)

By Applications:

★ By Application: Automotive, Industrial, Consumer electronics and products, Others (Energy, Medical and Military)

Key Regions/Countries are Classified as Follows:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
South America (Brazil, Argentina, Rest of SA)
Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Reasons to Obtain Our Comprehensive Market Report:

• Conduct an extensive analysis of various aspects of the Lithium Ion Battery Market utilizing Porter's Five Forces framework.

• Gain insights into the growth rate and market shares of different product types and applications/end-users within the Lithium Ion Battery Market.

• Explore the Lithium Ion Battery Market dynamics across different regions through comprehensive regional analysis.

• Assess the impact of Covid-19 on the Lithium Ion Battery Market with a meticulous research approach.

• Stay updated on the latest developments, market shares, and strategies of key market players within the Lithium Ion Battery Market.

• Delve into a thorough evaluation of the market strategies, geographical presence, and business segments of the top players in the Lithium Ion Battery Market.

• Anticipate key challenges, product advancements, and solutions that may influence the market's progression and threats.

Key Questions Answered:

• What was the size of the Lithium Ion Battery Market in 2021, and what will it be worth by 2030?
• What is the current global scenario for the Lithium Ion Battery Market?
• What are the optimal business strategies for maximizing growth potential?
• What are the recent trends in the Lithium Ion Battery Market?
• What is the market share in terms of revenue, sales, and size in specific geographical regions?
• Who are the key industry players in the Lithium Ion Battery Market?
• Which segments of the Lithium Ion Battery Market are in high demand?

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