Lithium-Ion Battery Market Is Projected To Grow At A CAGR Of 26.04% Until 2026 | TechSci Research

According to TechSci Research, Global Lithium-Ion Battery market stood at USD42.30 billion in 2020 and is forecast to grow at a CAGR of 26.04% until 2026 on account of growing sales of electric vehicles and consumer electronics. The adoption of lithium-ion battery in consumer electronics, electronics, energy storage, telecom towers etc. is rapidly increasing in comparison to other batteries, which is also driving the growth of the global Lithium-Ion Battery market.

Lithium-Ion Battery is an enhanced battery technology that utilizes lithium ions as a key element of its electrochemistry. The battery offers high energy density, low maintenance, more charge cycles, lightweight and is compact due to which it finds application in microelectronics devices to electric vehicles and energy storage systems.

Automotive Industry is Driving the Market Growth

Globally automotive industry is actively driving the growth of the lithium-ion battery market in the upcoming five years. The demand for lithium-ion battery in all types of vehicles like two wheelers, passenger cars, light commercial vehicle and heavy commercial vehicle is further supporting the growth of the global lithium-ion battery market in the next five years. All the automakers are increasing the production volumes of electric vehicles. The sales of electric vehicle are also increasing, and government is also focusing on bringing policies that favors electric vehicle market. Besides that, the availability of publicly accessible charging booths has also increased the popularity of these vehicles, particularly in China, Japan, Europe and North America. These factors will enhance the growth of the lithium battery market in the forecast period.

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Declining Prices of Lithium Battery is Supporting Market Growth

Lithium battery prices are declining due to continuous research and development of low-cost lithium batteries which is increasing lithium battery growth rate in comparison to other battery alternatives and leading to the growth of lithium-ion battery market. Lithium-ion battery pack prices, which were above USD1,100 per kilowatt-hour in 2010, have fallen 85%-89% in to USD120/kWh – USD140/kWh in 2020 and are expected to decline more in future. This is due to the strong price competition of batteries among top players in order to improve processes to reduce the production cost aiding its end users to choose lithium battery over other battery alternatives in vehicles, electronics, energy storage systems etc.

Rising Environmental Concern Aiding Market Growth

Increased carbon emission in the transportation sector due to excessive use of fossil fuels has raised environmental concerns related to carbon emissions and pollution levels which has increased the research & development for use of lithium ion batteries to be used in electric vehicles. Many countries or states are planning to ban the petrol-based or diesel-based vehicle by 2030 or sooner and use eco-friendly electric vehicle which is substantiating the growth of the global Lithium-Ion Battery market in the future five years. Further, governments are offering incentives and subsidies to in order to encourage the use of electric vehicles that have considerably brought down their price.

Market Segmentation

The global lithium-ion battery market is segmented on the basis of type, shape, application, competitional landscape, and regional distribution. Based on type, the market is further fragmented into lithium cobalt oxide, lithium nickel manganese cobalt oxide, lithium manganese oxide and lithium iron phosphate and others. Based on shape, the market is segmented into cylindrical cell, pouch cell, prismatic cell and button cell. Based on application, the market is segmented into consumer electronics, medical devices, utilities & ESS, telecom towers, manufacturing and automotive & traction. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Asia-Pacific region, European region, North American region, South American region, and Middle East & African region. The global lithium-ion battery market is anticipated to grow at a CAGR of 26.04% to reach USD160.2 billion by 2026 and United states lithium-ion market will reach USD25.69 billion at a CAGR of 25.88% by 2026. Increasing sales of electric vehicles, declining prices of battery packs, and usage in energy storage are contributing to the market growth through 2026.

Company Profiles

LG Chem Ltd., Contemporary Amperex Technology Co. Limited (CATL), Samsung SDI Co Ltd., Panasonic Corporation. BYD Co. Ltd., SK Innovation Co., Ltd., Envision AESC Group Ltd., A123 Systems LLC, Toshiba Corporation, Vehicle Energy Japan Inc., are among the major market players in the global platform that lead the market growth of the global Lithium-Ion Battery market.

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Report Scope:

In this report, global Lithium-Ion Battery market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Lithium-Ion Battery Market, By Type:
  • Lithium Nickel Manganese Cobalt Oxide
  • Lithium Iron Phosphate
  • Lithium Cobalt Oxide
  • Lithium Manganese Oxide
  • Others
• Lithium-Ion Battery Market, By Shape:
  • Pouch Cell
  • Cylindrical Cell
  • Prismatic cell
  • Button Cell
• Lithium-Ion Battery Market, By Application:
  • Automotive & Traction
  • Consumer Electronics
  • Utilities & ESS
  • Medical Devices
  • Telecom Towers
  • Manufacturing
  • Others
• Lithium-Ion Battery Market, By Region:
  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • New Zealand
    • Singapore
    • Vietnam
  • Europe
    • Germany
    • United Kingdom
    • France
    • Norway
    • Netherlands
    • Sweden
    • Italy
    • Spain
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Chile
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global Lithium-Ion Battery market.

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