Lithium-ion (Li-ion) batteries are rechargeable batteries with high energy density, high discharge power, and long operational life are majorly used in portable equipment. Increasing the adoption of electric vehicles (EVs) across the globe along with decreasing lithium-ion battery cost is anticipated to augment industry size over the forecast period. In addition, ongoing R & D investments aimed at reducing the material costs and negative environmental impact of these batteries will support the industry growth.
In addition, the trend of renewable energy generation was driven by increasing concerns about climate change, favorable government incentives, decreasing the price of solar photovoltaic cells, and declining the cost of batteries. The rising number of New Wind Energy Projects is anticipated to stimulate market growth over the forecast period. Rising off-grid installations in China, U.S., Germany, and India along with growing demand for energy storage systems (ESS) will boost lithium-ion battery market growth. ESS mitigates concerns toward energy security and provides a cost-effective & sustainable solution to meet the increasing energy demand.
“Global Lithium Ion Battery Market was Valued at US$ 33.8 Bn in 2018 and it is Expected to Reach More than US$ 135.7 Bn by 2027, Likely to Grow with the CAGR of 16.7% During the Forecast Period”
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Lithium nickel manganese cobalt (Li-NMC) was the largest product segment, accounting for over 25% of the global share in 2018 and this trend is expected to continue over the forecast period. Increasing adoption of NMC in power tools, e-bikes, medical equipment and other electric powertrains on account of its higher energy density, lower cost, and the longer cycle life will fuel its demand over the forecast period. NMC offers overall performance and excels on specific energy and possess the high capacity and high power. In addition, the NMC cell is growing in its range as the three components involved are easy to blend and be made useful for a wide range of applications from the automotive industry to ESS.
The Asia-Pacific region is projected to register a highest growth in the lithium ion battery market during the forecast period. The Asia Pacific accounted for over xx% of global revenue share in 2018 and is expected to be the fastest-growing region with register a CAGR of over 17.5% over the forecast period. Increasing demand for mobiles and tablets along with other portable devices in various countries including India, China, Japan, and Thailand is expected to augment industry expansion over the forecast period.
China accounts for above 50 % of the total Asia Pacific lithium-ion battery market owing to the adoption of the EV automobiles, growing consumer electronics market and large production of wind energy. For instance, China is the world’s leading producer of wind energy and is expected to witness significant growth in the production of wind energy over the forecast period. Wind capacity output is likely to cross 200 GW by 2020 and will drive the demand for energy storage systems in the country, which is expected to augment battery demand.
Some of the key players in the global Lithium Ion Battery market are BYD Company, LG Chem, Panasonic, Samsung SDI, BAK Group Automotive Energy Supply Corporation, Panasonic Corporation, Samsung SDI Co. Ltd., LITEC Co., Ltd., A123 Systems,LLC. Toshiba Corporation, Hitachi Chemical Co., Ltd., China BAK Battery Co. Ltd., and GS Yuasa International Ltd. The other players in the market include Tesla, Johnson Controls International Plc., and Saft Batteries.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
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e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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