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Lithium Ion Battery Market Forecast to 2027
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Industry Insight
As COVID 19 fears are blowing up, Market Research Future finds in its study that the global lithium-ion battery market might see a bright future and expand at a CAGR of approximately 16% during the forecast period 2017-2023.
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Top Market Drivers
The study depicts that the global market is on the rise owing to factors such as a rise in the purchasing power of consumers, coupled with continuous demur in the price of electric vehicles. These would propel the market growth at a high pace in the coming years. The implementation of stringent regulations to limit carbon emissions across the transportation sector has also positively shown clear signals that impacted the industry growth. In the case of point, back in the year, 2019 European Union revised the Clean Vehicles Directive under which the national procurement target for green buses was set between 24% to 45%, thus depending on the population and GDP of the respective countries.
The study further analyses that the rising adoption of clean energy technologies along with mounting demand for energy storage systems (ESS) also has high chances to boost the lithium-ion battery market growth. ESS mitigates concerns toward energy security and offers a cost-effective & sustainable solution to meet the escalating energy demand. Also, multiple countries globally have announced targets aimed toward curbing carbon emissions and promote clean energy technologies, which in turn, will drive product penetration.
Furthermore, the factor of recycling of Li-ion batteries is also likely to secure the supply of raw materials, which includes lithium and cobalt, and reduce the dependence on extracting and refining materials from mineral resources. The recycling of lithium-ion batteries that are currently being used in electric vehicles offers brilliant prospects for companies to utilize the refined constituent materials for manufacturing lithium-ion batteries that are to be used for Energy Storage Systems (ESS). All these factors have motivated the global market for lithium-ion batteries at present and would continue for the forecast period as well.
The study also finds that penetration of lithium-ion batteries is growing in the industrial sector, on a global scale, in support of expansion in industrial infrastructure, the rising economic viability of energy storage deployment, and emergent need to reduce grid dependency for power supply.
Segmentation of Market: Lithium-Ion Battery
The global lithium-ion battery market has further been studied over segmentation, which includes segments of type, power capacity, and vertical.
Among the vertical segment, the market has included aerospace and defense, automotive, industrial, marine, consumer electronics, medical, and power. However, the consumer electronics sub-segment might occupy a significant share of the market owing to the escalating demand for highly efficient and portable products. Lithium-ion batteries offer better performance and higher reliability. This ultimately helps in improving efficiency and reducing the costs of maintenance.
In terms of type segment, the market has included Lithium Iron Phosphate (LFP), Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Titanate Oxide (LTO), Lithium Cobalt Oxide (LCO), Lithium Nickel Cobalt Aluminum Oxide (NCA) and Lithium Manganese Oxide (LMO).
In terms of power capacity segment, the market has included 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh.
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Regional Framework
The global lithium-ion battery market is studied for the main regions of Asia Pacific, North America, Europe, and the Rest of the World. The study observed that the Asia Pacific estimated to gain more shares or could earn the largest share of the market. The Asia Pacific market expansion is attributed to technological advancements and improved adoption of consumer electronic products across various industry verticals.
The region of Europe is also expected to rank second in terms of market share during the forecast period. The region stands as the second biggest market of the lithium-ion battery, followed by North America.
The U.S. lithium-ion battery market is probable to witness growth in support of a positive outlook toward the utilization of ESS coupled with variable trends toward the deployment of clean energy technologies. The country is the early adopter of battery storage systems. As per EIA, by 2018, virtually 80% of the nation’s large-scale operational battery storage capacity was provided by li-ion technology. Escalating demand for EVs on account of changing consumer preference toward energy-efficient vehicles will further augment the industry growth.
Top Market Players
Automotive Energy Supply Corporation (AESC) (Japan), Panasonic Sanyo (Japan), SAMSUNG SDI Co., Ltd. (South Korea), LG Chem. (South Korea), Toshiba (Japan), A123 Systems (U.S.), Li-Tec Battery GmbH (Germany), SK Energy (South Korea), GS Yuasa (Japan), Sony Corporation (Japan), BYD (China), BAK Group (China), Beijing Pride Power (BPP) (China), Johnson Controls, Inc.(U.S.), Saft Groupe SA (France), Hitachi Chemical Co. Ltd.(Japan), and TDK Corporation(Japan).
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