Global Lithium-Ion Battery Market is expected to grow at a robust CAGR
Global Lithium-Ion
Battery Market is expected to grow owing to increasing product demand for
smartphones owing to their extended shelf life and enhanced efficiency throughout
the forecast period.
According to
TechSci Research report, “Lithium-Ion
Battery Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2018-2028”, the Global Lithium-Ion Battery Market is expected to
register robust growth during the forecast period. The growing future
applications of lithium-ion batteries across various industries, such as
electric vehicles, consumer electronics, and renewable energy storage, have
paved the way for significant advancements in energy storage technology. The
increasing demand for environmentally friendly and reliable energy sources is
driven by rapid innovation and improvement in these sectors. The automotive sector
has witnessed a surge in the adoption of electric vehicles (EVs) due to
government initiatives aimed at phasing out fuel-based vehicles. The ambitious
"zero carbon" targets set by governing bodies worldwide have further
accelerated the demand for EVs, consequently increasing the demand for
lithium-ion batteries as a crucial component in electric vehicle power systems.
Additionally, the widespread use of consumer electronics in daily life has
created a significant need for high-performance rechargeable batteries.
Lithium-ion batteries have found applications in a wide range of devices,
including smartphones, laptops, tablets, and wearable technology.
Renewable energy
integration serves as a key catalyst for energy storage solutions, with
lithium-ion batteries leading the way. The coupling of energy storage systems
with solar and wind installations enhances grid stability and facilitates the
efficient utilization of intermittent renewable energy sources.
Lithium-ion
batteries continue to experience steady demand from the consumer electronics
market. Ongoing innovations in smartphones, laptops, wearables, and other
portable devices drive the necessity for batteries with increased energy
densities and extended runtimes.
The proliferation
of grid-scale energy storage projects is on the rise, propelled by the
imperative for grid stability and the seamless integration of renewable energy
sources. Lithium-ion batteries assume a critical role in these initiatives by
effectively storing surplus energy during periods of low demand.
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market data Figures spread through XX Pages and an in-depth TOC on the "Global Lithium-Ion Battery Market."
Based on product, the Lithium Cobalt Oxide segment
is expected to dominate the market during the forecast period. The primary
application of LiCoO2 batteries lies in consumer electronics, encompassing
smartphones, laptops, digital cameras, and portable gaming devices. These
batteries serve as the power source for devices that demand high energy output
and rapid recharging capabilities. Recycling initiatives are gaining momentum
due to the valuable materials present in LiCoO2 batteries, aiming to recover
cobalt, lithium, and other valuable metals to minimize resource waste. In the
realm of consumer electronics, safety takes precedence. Manufacturers are
actively developing LiCoO2 batteries with advanced safety features, including
thermal management systems and protection circuits, to mitigate the risks of overheating
and overcharging. As emerging markets witness economic growth, there is a
corresponding surge in consumer spending on consumer electronics, subsequently
driving the demand for LiCoO2 batteries. In summary, the Lithium Cobalt Oxide
(LiCoO2) segment plays a pivotal role in the Global Lithium-Ion Battery Market,
primarily catering to consumer electronics and portable devices. Ongoing trends
in cobalt reduction, safety enhancements, and recycling initiatives are shaping
the future of this segment. The market's impetus stems from the demand for
consumer electronics, technological innovation, and the rise of emerging
markets. As technology continues to advance, LiCoO2 batteries would continue to
be an indispensable component in powering our portable devices and facilitating
the transition towards cleaner energy solutions.
Based on capacity,
3,000–10,000 mAh segment is projected to dominate the market throughout the
forecast period. Lithium-ion batteries in this capacity range find application
in small-scale energy storage systems. These systems are commonly utilized for
residential energy backup, off-grid power supply, and supporting renewable
energy installations. There is a growing expectation among consumers for
reduced charging times of their devices. The 3,000–10,000 mAh battery segment
is witnessing continuous advancements in fast-charging technologies to meet
these expectations. Safety remains a paramount concern in the realm of consumer
electronics. Battery manufacturers are incorporating advanced safety features,
such as thermal management systems and protection circuits, to mitigate risks
of overheating and overcharging. The rise of emerging markets and subsequent
increase in consumer spending on consumer electronics and battery-powered devices
further drives the demand for batteries in this particular segment. The
3,000–10,000 mAh battery segment is characterized by intense competition,
necessitating constant innovation to meet consumer demands for extended battery
life and faster charging capabilities.
Key market
players in the Global Lithium-Ion Battery Market are:-
- BYD Company Limited
- Contemporary
Amperex Technology Co. Limited
- LG Chem Ltd
- Panasonic
Corporation
- Samsung SDI
- Sony Corporation
- Tesla Inc.
- Tianjin Lishen
Battery Joint-Stock Co. Ltd
- Toshiba
Corporation
- Hitachi Chemical
Co. Ltd.
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“Asia Pacific
region is expected to be the dominating region during the forecast period. Energy
storage solutions, including residential and commercial battery systems, are
gaining popularity in the Asia-Pacific region. These systems offer benefits
such as reduced electricity bills and backup power during outages. The current
trend of decentralizing energy generation and storage through home and business
battery systems is driving the demand for lithium-ion batteries. Continuous
technological advancements are making these systems increasingly accessible and
cost-effective.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Lithium-Ion
Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Component (Cathode, Anode and Others), By Product (Lithium Cobalt Oxide,
Lithium Iron Phosphate, Lithium Iron Phosphate and Others), By Capacity
(0–3,000 mAh, 3,000–10,000 mAh, 10,000–60,000 mAh, 60,000 mAh and Above), By
Application (Consumer Electronics, Automotive, Industrial, Energy Storage
System), By Region, Competition 2018-2028,” has evaluated the
future growth potential of Global Lithium-Ion Battery Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Lithium-Ion Battery Market.
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