Market Research Future (MRFR) has published a cooked research report on the “Global Lithium-Ion Battery Market” that contains the information from 2018 to 2027.
The lithium-ion battery market is expected to register a CAGR of 14.5% during the forecast period.
MRFR recognizes the following companies as the key players in the global lithium-ion battery market— Hitachi, Ltd (Japan), Johnson Controls (Europe), Lithium Werks (Europe), Panasonic Corporation (Japan), LG Chem (South Korea), Samsung SDI Co Ltd (South Korea), Toshiba Corporation (Japan), GS Yuasa Lithium Power (Japan), BYD CO LTD (China), Sony Corporation (Japan), A123 Systems LLC (US), AESC (Automotive, Energy Supply Corporation) (Japan), Beijing Pride Power (BPP) (Japan), BAK Group (China), and Li-Tec Battery GmbH (Germany).
The global lithium-ion battery market is expected to register a CAGR of 14.5% during the forecast period and is expected to hit USD 101.26 billion by 2027.
The lithium-ion battery market is expected to grow at a CAGR of 14.5% during the forecast period 2021-2027. Lithium-Ion Battery refers to a kind of rechargeable battery which is used in various industries for various purposes. These batteries consist of great life cycle with the high energy density. From the last decade, Lithium-Ion Battery market has seen tremendous growth due to the high demand from the consumer electronics and automotive sectors. As new devices are coming in market and runs on portable power source, Lithium-Ion Battery has become a great option.
The global lithium-ion battery market is mainly segmented into type, power capacity, voltage, and end user. On the basis of type, the lithium-ion battery market has been sub-segmented into lithium nickel manganese cobalt, lithium cobalt oxide, lithium titanate oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide. On the basis of power capacity, the lithium-ion battery market has been segmented into Up to 3,000 MAH, 3,000 MAH-10,000 MAH, 10,000 MAH-60,000 MAH, and above 60,000 MAH. On the basis of voltage, the lithium-ion battery market has been segmented into Up to 12V, 12V-36V, and above 36V. On the basis of end user, the lithium-ion battery market has been segmented into aerospace, mobility / recreational, marine, power tools, lawn and garden, e-bikes/scooters, small ev’s (golf carts, forklifts, delivery vehicles), energy storage, motorcycles, and drone.
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The global lithium-ion battery market has been segmented on the basis of region into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North American market is further divided into the US, Canada, and Mexico. The European vmarket has been segmented into Germany, France, the UK, Italy, Spain, and the rest of Europe. The lithium-ion battery market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Middle East & Africa lithium-ion battery market includes the UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa. The South America lithium-ion battery market includes Brazil, Argentina, and Rest of South America.
The North American lithium-ion battery market reached a value of USD 9.78 Billion in 2020 and the market is expected to grow at a CAGR of around 14.5% during 2021-2027. The region is experiencing escalating demand for electric and hybrid vehicles that use lithium-ion batteries. Moreover, the rising sales of consumer electronics in the US and Canada have also accelerated the demand for these batteries. Apart from this, the demand for lithium-ion batteries is stimulated due to excess power storage capacity, which is advantageous during peak hours of electricity demand. Among the North American countries, the U.S. holds maximum market share and is expected to retain dominance over the forecast period.
Lithium-Ion Battery market in the Asia Pacific region is projected to grow at the highest CAGR of 15% over the period 2021−2027. Asian countries such as China and Japan are among the major markets for electric vehicles. In addition, continuous developments in the consumer electronics and automotive industry have led to an increase in the demand of lithium-ion batteries as they offer several advantages. Moreover, several countries in the region are planning off-grid electrification, especially in remote areas
Key Findings of the Study