According to the latest report by IMARC Group, titled âLithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025â, the global lithium-ion battery market reached a value of more than US$ 31.7 Billion in 2019, growing at a CAGR of 12% during 2011-2019. A lithium-ion battery, also known as a Li-ion battery (LIB), is a type of rechargeable battery in which lithium ions move from the anode to the cathode. Unlike nickel-cadmium batteries, lithium-ion batteries are able to endure more charge/discharge cycles and do not need to be discharged prior to recharging. Some of the other advantages offered by these batteries include lightweight, low maintenance, high energy density and minimal memory impact. Owing to these factors, lithium-ion batteries can be used for a wide range of applications ranging from automobiles to mobile devices and personal computers.
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On account of a rise in environmental concerns across the globe, the governments of several countries have imposed strict policies on the consumption of non-renewable resources like oil, coal and natural gas. In line with this, the utilization of solar electric systems and electric vehicles (EVs) is proliferating.Â The growing demand for lithium-ion batteries in these systems is providing a thrust to the lithium ion battery market growth. Several governments are also offering tax incentives and subsidies to EV manufacturers to curb GHG emissions. For instance, the European Union recently funded the âGREENLIONâ collaborative project for manufacturing affordable lithium-ion batteries for EVs. Apart from this, technological advancements are expected to assist in the introduction of low-cost batteries with higher power output, thereby creating a positive Lithium-ion battery market outlook in the upcoming years. Due to these factors, the global lithium Ion battery market is projected to reach around US$ 58.6 Billion by 2025, expanding at a CAGR of more than 10.8% during 2020-2025.
Market Breakup by Type:
Currently, lithium cobalt oxide batteries dominate the market, holding the largest market share. This can be attributed to their high energy density which assists in enhancing the battery-life of portable electronic devices like laptops, cameras, etc.
Market Breakup by Power Capacity: Â
On the basis of power capacity, batteries with a capacity of 0 to 3000mAh account for the majority of the total market share.
Market Breakup by Application:
Lithium-ion batteries are one of the most preferred choices for consumer electronic products, such as tablets, laptops and smartphones, on account of their various advantages.Â
Market Region Summary:
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for around a half of the global market share. Increasing penetration of electric vehicles in the region is providing a boost to the market growth.
The competitive landscape of the market has also been examined with some of the lithium-ion battery manufacturers being:
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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