Lithium-ion Battery Market is Projected to reach USD 1,85,040.3 Million by 2027 | CAGR: 20.5%: Astute Analytica
NEW DELHI, Feb. 1, 2022 /PRNewswire/ -- The study conducted by Astute Analytica foresees a tremendous growth in revenue of the Global Lithium-ion Battery Market from US$ 60,385.6 Mn in 2021 to US$ 1,85,040.3 Mn by 2027. The market is expected to register a CAGR of 20.5% during the forecast period 2022-2027. The market is majorly driven by factors such as increasing demand for electric vehicles and rising adoption of consumer electronics. Apart from consumer electronics stream, lithium-ion battery has major applications in integration of renewable energy with grid technology, telecommunication and even in aerospace. The increasing adoption of lithium-ion battery is observed due to its capacity to hold maximum power generating capacity in small size and lighter weight. However, lithium-ion batteries have a risk of being outcompeted by other advanced technologies such as zinc batteries, flow batteries, and high temperature batteries among others.
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Additionally, rapid increase in adoption of electric vehicles and electronic gadgets equipped with lithium-ion battery is observed and is projected to rise in the forecast period, thus, leading to the need of recycling of Li-ion batteries. Scarcity of metals and materials used in the manufacturing of Li-ion is also a crucial reason for driving the trend of recycling the Li-ion batteries. Moreover, to decrease the dependence on future imports of key raw metals and to escape health and environmental hazards recycling of lithium-ion batteries is essential.
Lithium Nickel Magnesium Cobalt (Li-NMC) battery type dominates the market
Lithium Nickel Magnesium Cobalt (Li-NMC) batteries dominated the market in 2021 owing to high specific energy which make these batteries more common for use in power tools or electric vehicles. Li-NMC is one of the most successful cathode combinations. Also, this battery is the preferred candidate for the electric vehicles such as Nissan Leaf, Chevy Volt and BMW owing to its property of lowest self-heating rate.
Automotive is the highest shareholder of the Global Lithium-ion Battery market
In terms of application, automotive is the most lucrative segment in the Global Lithium-ion Battery Market. The majority share of automotive segment in the market is owed to the rising adoption of electric vehicles due to environmental concerns. The rise in environmental concerns regarding carbon emission in the transportation sector has resulted in an increase in research & development for electric vehicles. Additionally, the government's strict regulations on emission standards to protect the environment and decrease the degradation-based possibilities are likely to play a critical role in influencing the market for lithium-ion batteries. Besides, the availability of publicly accessible charging booths has also increased the popularity of these vehicles, particularly in Europe and North America. In addition, the existence of major electric vehicle companies, such as Nissan, BMW, Tesla, Chevrolet, Ford, Toyota, and Fiat mainly in the United States, United Kingdom, Germany, and China is anticipated to propel the market growth.
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Cylindrical design of lithium-ion batteries holds majority of the market share
Cylindrical design of lithium-ion batteries holds nearly 45% of market share in 2021 owing to ease in manufacturing and good mechanical stability. The design supports the battery to withstand high internal pressures without deforming. Due to its various advantages, major players like Tesla, LG Chem and others are involved in the production of batteries of cylindrical design. In 2018, Tesla plant produced high performance cylindrical 2,170 cell used in its new model 3 electric vehicles and energy storage system.
Asia Pacific dominates the Global Lithium-ion Battery Market
Asia Pacific region is expected to continue its dominance over the forecast period. China is one of the leading global automotive manufacturing hubs and therefore has significant impact on regional lithium-ion battery market. Also, the presence of several electronic manufacturers such as Panasonic (Japan), Sony Corp. (Japan), Samsung SDI (South Korea), and LG Electronics (South Korea) in the region drives the market for lithium-ion batteries. Furthermore, rising demand for tablets and smartphones across countries such as India, Japan, Thailand, and China are expected to enhance industry expansion over the estimated period.
Competitive Insight
- BYD Lithium Battery Co. Ltd. is a part of BYD company, which is based in Shenzhen, China. The company controls about 7% of the world's lithium mines and is the only company in the world that is linked from mines to batteries and further to electric vehicles.
- LG Chem was founded in 1947 with its headquarters in Seoul, Korea. Company's businesses are categorized into basic materials & chemicals, life sciences, energy solutions, advanced materials, and IT & electronics materials.
- Panasonic Corporation was formerly known as Matsushita Electric Industrial co., Ltd. It is a Japan-based company which operates under four major business segments - appliance segment, eco solutions segment, connected solutions segment and automotive and industrial systems segment.
- Samsung SDI is a manufacturer of the rechargeable batteries for IT industry, automobiles, and energy storage systems (ESS), as well as cutting-edge materials used to produce semiconductors, displays, and solar panels.
- Hitachi Corporation was founded in 1962 and headquartered in Tokyo. The company provides business under system integration, system operation, monitoring, maintenance business, network service business and sale and development of information-related equipment and software.
- Sony Corporation is a Japanese multinational corporation headquartered in Tokyo. The company operates as one of the world's largest manufacturers of consumer and professional electronic products, video game console company, video game publisher, record company, as well as one of the most comprehensive media companies
Segmentation Overview of Global Lithium-ion Battery Market
Global Lithium-ion Battery Market is segmented based on type, power capacity, application, form/design, and region. These segments are further sub-divided to get a holist picture of the market.
Following are the different segments of the global lithium-ion battery market:
- Type Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:
- Lithium Nickel Magnesium Cobalt (LI-NMC)
- Lithium Ferro Phosphate (LFP)
- Lithium Cobalt Oxide (LCO)
- Lithium Titanate Oxide (LTO)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Power Capacity Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:
- 0-300 mAH
- 3,000-10,000 mAH
- 10,000-60,000 mAH
- More than 60,000 mAH
- Application Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:
- Consumer Electronics OEMs
- Smartphones
- Laptops
- UPS Systems
- Smart Cameras
- Smart Watches
- Smart Glasses
- Smart Textiles
- Others
- Automotive OEMs
- Hybrid Electric Vehicles (HEVs)
- Battery Electric Vehicles (BEVs)
- Others (Service Stations/Dealers)
- Energy Storage
- Commercial
- Industrial
- Residential
- Utilities
- Industrial OEMs
- Military
- Industrial Equipment
- Medical
- Marine
- Telecommunication
- Mining
- Forklifts
- Others
- Other OEMs
- Aftermarket
- Form/Design Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:
- Pouch
- Cylindrical
- Elliptical
- Prismatic
- Custom Design
- Region Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The UK
- Germany
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia & New Zealand
- Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South Americas
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About Astute Analytica
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