Lithium-ion Battery Market to Expand at CAGR of 11.8% During Forecast Period, Observes TMR Study
- Growing popularity of electric vehicles, such as electric bikes and energy storage systems, is estimated to drive the demand for lithium-ion batteries
- Chinese manufacturers are investing heavily in the deployment of electric buses in Europe and Latin America
ALBANY, N.Y., Feb. 27, 2022 /PRNewswire/ -- The global lithium-ion battery market was valued at US$ 19.98 Bn in 2020. The market is likely to rise at a CAGR of 11.8% during the forecast period, from 2021 to 2031. The global market is predicted to reach US$ 64.83 Bn by 2031. As the rising disposable waste of lithium-ion batteries becomes a serious environmental concern, stakeholders in the global lithium-ion battery market are investing more in material recycling research to reduce their environmental impact. Lithium-ion battery makers are benefiting from the growing popularity of hybrid and electric vehicles. Companies are boosting their output capabilities in battery packs as well as energy storage systems at simultaneously to diversify their revenue sources. Lithium-nickel-manganese-cobalt (NMC) and lithium-nickel-cobalt-aluminum (NCA) are two of the most common lithium-ion batteries utilized in the automobile industry.
The simultaneous search for mobility as well as prolonged operating life in consumer gadgets is currently spearheaded by lithium-ion batteries. In the near future, a lithium-ion battery is likely to be used to encapsulate huge quantity of energy into a very less space and weight, such as a wearable's tiny pocket. Furthermore, due to the increasing demand for consumer electronics, lithium-ion batteries are projected to witness substantial adoption. Lithium-ion batteries for consumer electronic gadgets are estimated to be responsible for half of global sales in the years to come. The global lithium-ion battery market, on the other hand, is expected to experience demand from the automobile industry in the near future.
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Lithium-ion batteries have a high discharge power, high energy density, and minimal time impact, all of which are important in electric vehicles. Furthermore, higher government spending is likely to be a key driver for electric vehicle uptake. Leading electric mobility markets, such as Europe and the U.S., are using a variety of measures, such as fuel economy regulations and rewards for zero or low-emission cars, as economic tools to encourage the usage of electric vehicles (EVs).
Key Findings of Market Report
- Technological advancements have resulted in the recycling of lithium-ion batteries, which is expected to develop as a common practice in the industry. Isolation of different elements has become simpler as a result of automation meeting recycling procedures. Besides, producers can benefit from lower overhead costs and lower raw material needs in this regard.
- In order to improve battery sales, companies are using various online shopping apps and eCommerce to generate revenue. Lithium-ion battery makers are responding to on-demand supply of products and services to satisfy individual client requirements. Due to raw material, supply chain, and various other product interruptions created by China, stakeholders are likely to depend on local manufacturing abilities to maintain continuity of operations.
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- Governments in major regions of the world are increasing public knowledge about the benefits of utilizing electric vehicles. Many regions are significantly emphasizing the usage of zero- or low-emission automobiles by providing incentives for their adoption. As a result, significant rise in the uptake of electric vehicles is likely to open up attractive opportunities for companies in the global lithium-ion battery market.
- As the demand for smartphones rises throughout the world, the need for lithium-ion batteries will also rise. Lithium-ion battery consumption in consumer electronic items such as laptops, smartphones, and other digital devices is predicted to increase from 26 GWh in 2015 to 37 GWh in 2020, and then to 74 GWh in 2031. The continuous drop in lithium-ion battery prices is a pattern in the global lithium-ion battery market.
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Global Lithium-ion Battery Market: Growth Drivers
- Manufacturers are focusing on the lowered cost of lithium-ion batteries, as they rebuild EVs and customize battery size, laying the groundwork for lithium-ion batteries to be integrated into autonomous vehicles (AVs)
- As electric vehicles become industry standard, automakers who have traditionally relied on fossil fuels are forging alliances with lithium-ion battery producers. They are forming joint ventures with companies in China's lithium-ion battery industry for electric vehicles.
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Global Lithium-ion Battery Market: Key Players
Some of the key market players are
- Murata Manufacturing Co. Ltd.
- BYD Company Limited
- Amperex Technology Limited (ATL)
- Samsung SDI Co. Ltd
- Clarios Power Solutions
- Toshiba Corporation
Global Lithium-ion Battery Market: Segmentation
Product Type
- Cell/Module
- Battery Pack
- Energy Storage System (ESS)
End Use Industry
- Consumer Electronics
- Automotive
- Grid Energy & Industrial
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