Global Lithium-Ion (Li-ion) Batteries Market to Reach $82.5 Billion by 2026

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Mar 28, 2022, 11:35 ET

SAN FRANCISCO, March 28, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Lithium-Ion (Li-ion) Batteries - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Global Lithium-Ion (Li-ion) Batteries Market to Reach $82.5 Billion by 2026

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Edition: 7; Released: March 2022
Executive Pool: 6171
Companies: 245 - Players covered include Coslight India Telecom Pvt. Ltd.; Electrovaya, Inc.; EnerDel, Inc.; GS Yuasa Corporation; Highpower International, Inc.; Hitachi Chemical Co., Ltd.; HYB Battery Co., Ltd.; Johnson Controls, Inc.; Kokam Co., Ltd.; LG Chem; Li-Tec Battery GmbH; MINAMOTO Battery (HK) Ltd.; Panasonic Corporation; Samsung SDI Co., Ltd; SK Innovation Co., Ltd.; Sony Corporation; Sunwoda Electronic Co., Ltd.; Tianjin Lishen Battery Joint-Stock Co., Ltd.; Toshiba Corporation; A123 Systems LLC; Automotive Energy Supply Corporation (AESC); Blue Energy Canada, Inc.; BYD Co., Ltd.; Cell-Con, Inc.; CNEBIKES Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Chemistry (Lithium Nickel Manganese Cobalt (NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Nickel Cobalt Aluminum Oxide (NCA), Other Chemistries); End-Use (Consumer Electronics, Automotive, Aerospace & Defense, Marine, Healthcare, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

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ABSTRACT-

Global Lithium-Ion (Li-ion) Batteries Market to Reach US$82.5 Billion by the Year 2026
Lithium-ion batteries (Li-ion batteries or LiB) are increasingly becoming the rage due to its potential for use in a wide range of products and applications ranging from smartphones and smartwatches to electric vehicles (EVs) and energy storage systems. Since being launched commercially in 1991, Li-ion batteries have witnessed significant improvements in performance and capabilities, thus making them indispensable for a range of products. Consumer demand for batteries with novel features such as high-energy density, long life, lighter weight and eco-friendly features is contributing to the growing use of Li-ion batteries. Lithium-ion batteries have also emerged as the preferred option for the rapidly expanding market for Electric Vehicles (EVs), Hybrid Electric Vehicles (HEVs), and plug-in hybrid vehicles (PHEVs), along with energy storage applications. Li-ion batteries are considered to be good replacement for NiMH batteries, as they produce double the amount of energy for the same weight and afford enhanced output and greater mileage. Lithium-ion battery is also positioned as the energy storage of the future, driven by advances in the areas of nanotechnology and development of advanced chemistries in the electrode design. Li-ion battery market is also poised to benefit from the escalating need for automation and the rising use of battery-operated material handling equipment in various industries. With strict emission regulations being implemented, a growing number of material handling equipment makers are transitioning towards electric variants, thus fueling demand for Li-ion batteries used in such equipment.

Amid the COVID-19 crisis, the global market for Lithium-Ion (Li-ion) Batteries estimated at US$48.9 Billion in the year 2022, is projected to reach a revised size of US$82.5 Billion by 2026, growing at a CAGR of 13.3% over the analysis period. Lithium Nickel Manganese Cobalt (NMC), one of the segments analyzed in the report, is projected to grow at a 16% CAGR to reach US$46.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Iron Phosphate (LFP) segment is readjusted to a revised 11.5% CAGR for the next 7-year period. This segment currently accounts for a 26.6% share of the global Lithium-Ion (Li-ion) Batteries market. The market for Lithium Nickel Manganese Cobalt (NMC) batteries is forecast to grow the fastest over the analysis period. The key advantage of NMC batteries is its high energy density, while good stability is ensured owing to the optimum ration of Nickel, manganese and cobalt. Another advantage is that the NMC batteries have good charge and discharge cycle. All of these features are contributing to the growing use of NMC in automobiles, electrical storage devices, portable devices and power tools. NMC technology is expected to be used as a replacement material for NCA and LCO batteries in mobile phones, tablets and notebooks, due to its lighter weight and slimmer form. In electric vehicles, NMC ensures high level of safety. The LFP battery segment is estimated to account for a decent revenue share over the coming years. Scoring high in terms of safety and life span, these batteries are anticipated to benefit from increasing use in portable and stationary devices due to their superior load currents along with enhanced durability.

The U.S. Market is Estimated at $7.5 Billion in 2022, While China is Forecast Reach $16.5 Billion by 2026
The Lithium-Ion (Li-ion) Batteries market in the U.S. is estimated at US$7.5 Billion in the year 2022. The country currently accounts for a 15.3% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$16.5 Billion in the year 2026 trailing a CAGR of 16.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.2% and 12% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.3% CAGR while Rest of European market (as defined in the study) will reach US$5 Billion by the end of the analysis period. With Asia-Pacific home to some of the leading electronics companies, the Li-ion batteries market is poised for growth. Driven mainly by the growing sales of consumer electronics and EVs and increasing emphasis on renewable energy systems, especially in China and India, the Li-ion battery market is witnessing strong growth in the Asia-Pacific region. European market for Li-ion batteries is being driven by the growing adoption of EVs and the rising sales of portable electronic devices. The increased focus on energy storage systems, specifically for renewable energy technologies, is presenting growth opportunities for the market. The US market for Li-ion battery will be driven by the rising emphasis on use of energy storage systems and the growing importance of clean energy technologies.

Lithium Cobalt Oxide (LCO) Segment to Reach $5.8 Billion by 2026
LCO battery technology claims a healthy revenue share and is gaining from high uptake of lithium nickel manganese cobalt batteries in power tools, electric bikes and electric-powered trains due to their superior energy density, extended service life and low costs. The LCO battery segment is predicted to gain from compelling benefits of these solutions, including enhanced performance, high power and superior capacity. In the global Lithium Cobalt Oxide (LCO) segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.3 Billion will reach a projected size of US$4.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$854.8 Million by the year 2026, while Latin America will expand at a 4.9% CAGR through the analysis period. More

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