The demand for lithium-ion batteries is growing as compared to other batteries in the global market. The growth of this market is propelled by the increase in demand for EVs, strict government mandates on fuel economy, growing demand for smart devices and other consumer electronics, and development toward the enhancement of lithium-ion batteries. Further, the reduction in the price of lithium-ion batteries is also encouraging automobile manufacturers to invest more in EVs.
The global lithium-ion battery market size is estimated to be valued at USD 44.2 billion in 2020and is projected to reach USD 94.4billion by 2025; it is expected to grow at a CAGR of 16.4%. Major factors such as an increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, rising demand for smart devices and other industrial goods, increasing number of R&D initiatives by manufacturers for improvements in Li-ion batteries, and high requirement of lithium-ion batteries for various industrial applications.
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The lithium-ion battery market for the industrial segment is expected to witness significant growth during the forecast period. Industrial equipment requires batteries having high energy density and longer backup, which are required to improve efficiency and performance of such equipment. The use of lithium-ion batteries provides a competitive edge to such equipment over electricity-powered equipment, in terms of carbon emissions and safety in underground environments. Moreover, Rapid infrastructural growth is boosting the demand for construction and mining equipment, which is further leading to the growth of lithium-ion batteries in the industrial sector.
APAC held the largest size of the lithium-ion battery market during the forecast period
APAC held the largest size of the lithium-ion battery industry in 2018. APAC is home to a large number of semiconductor and electronics companies and the increasing trend to implement high power battery, and safety with low energy wastage are expected to open up new market opportunities for lithium-ion battery in APAC. China and India are the fastest-growing economies in the world.
Demand for lithium-ion batteries is very high in Asia Pacific owing to the ever-increasing population and its need for consumer electronics. The market in China is expected to grow mainly because of the huge number of lithium-ion battery manufacturing companies in China and Japan. A major share of lithium-ion batteries is manufactured in APAC—specifically in China, Japan, and South Korea.
Key players operating in the lithium-ion battery market include BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa Corporation (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba (Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe, (France), VARTA Storage (Germany), Farasis Energy (California), and Sila Nanotechnologies (California).
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