Lithium-ion Battery Market To Witness Huge Demands Due To Continuous Usage Of These Batteries In Several Electronic Devices | Grand View Research, Inc.

Lithium-ion Battery Market To Witness Huge Demands Due To Continuous Usage Of These Batteries In Several Electronic Devices | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a report published by Grand View Research, the growth of the market is attributed to the growing demand for lithium-ion batteries in electric vehicles (EVs), growing acceptance of these batteries in equipment used in the medical sector along with usage in several electronic devices.

The global lithium-ion battery market size is expected to reach USD 87.5 billion by 2027. Rising sales of Electric Vehicles (EVs) and variation in consumer preferences is expected to drive the market. Improved usage of li-ion batteries in EVs, grid storage, and portable consumer electronics systems owed to its high safety level with high energy density is projected to drive market growth. These batteries are used in applications that can provide a high-energy-density solution and are lightweight. Thus, these batteries offer maximum energy density per weight and are frequently used in smartphones, computers, and HEVs.

Lithium-ion batteries are found in electronic devices such as smartphones, power tools, and digital cameras. As a result, the need for batteries in railways, industrial, and solar industries is expected to grow with a growing need for storage and electricity backup. The key factor favoring the demand for lithium-ion batteries include its characteristics such as long-life span, lower costs, and high density.

Increasing sales of electric vehicles in China are expected to boost the demand for lithium-ion batteries in the coming years due to the government incentives and purchases of non-electric vehicles in major cities. In addition, the presence of major electric vehicle firms such as Nissan, BMW, Tesla, Chevrolet, Ford, Toyota, and Fiat is projected to fuel the demand growth primarily in the United States, the United Kingdom, Germany, and China.

The U.S. lithium-ion battery market size, by product, 2016 - 2027 (USD Billion)

Lithium-ion Battery Market Report Highlights

  1. On the basis of product, Lithium Cobalt Oxide (LCO) segment dominated the market and contributed 18.2% of the global market share in 2019. The increasing adoption of Lithium Nickel Manganese Cobalt (NMC) in electric bikes, power tools, and other electrical power trains, due to their lower cost, longer life cycle, and higher energy density, is expected to fuel its demand over the forecast period.

  2. On the basis of application, the consumer electronics segment held the largest market share of 26.2% in 2019. The growth of the segment is attributed to the growing use of lithium-ion batteries in portable consumer electronic devices due to high energy density and safety levels.

  3. The industrial segment is expected to dominate the lithium-ion battery market and is likely to value USD 24.8 billion by 2027.

  4. Region basis, the Asia Pacific region accounted for the highest sales share of more than 33% in 2019. The region is projected to stay dominant over the forecast period.

North America is likely to observe a substantial growth rate over the estimated period due to the growing consumer electronics and automotive sales across countries like the United States and Mexico.

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Lithium-ion Battery Market Segmentation

Grand View Research has segmented the global lithium-ion battery market on the basis of product, application, and region:

Lithium-ion Battery Product Outlook (Revenue, USD Billion, 2016 – 2027)

  • Lithium cobalt oxide (LCO)

  • Lithium iron phosphate (LFP)

  • Lithium Nickel Cobalt Aluminum Oxide (NCA)

  • Lithium Manganese Oxide (LMO)

  • Lithium Titanate (LTO)

  • Lithium Nickel Manganese Cobalt (LNMC)

Lithium-ion Battery Application Outlook (Revenue, USD Billion, 2016 – 2027)

  • Consumer Electronics

  • Automotive

  • Energy storage system

  • Industrial

Lithium-ion Battery Regional Outlook (Revenue, USD Billion, 2016 – 2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • The U.K.

    • France

    • Russia

    • Spain

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Australia

  • Central and South America

    • Brazil

    • Colombia

    • Paraguay

  • The Middle East and Africa

    • Saudi Arabia

    • UAE

    • South Africa

    • Egypt

List of Key Players of Lithium-ion Battery Market

  • GS Yuasa International Ltd.

  • BYD Company Ltd.

  • A123 Systems LLC

  • Hitachi Chemical Co., Ltd.

  • Shenzhen Huayu New Energy Technology Co., Ltd.

  • Johnson Controls

  • NEC Corporation, Panasonic Corporation

  • Samsung SDI Co., Ltd.

  • Toshiba Corporation

  • LG Chem Ltd.

  • Saft

  • Sony Corporation

  • Narada Power Source Co., Ltd.

  • Contemporary Amperex Technology Co.

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