According to the new market research report "Lithium-Ion Battery Market with COVID-19 Impact Analysis, by Type (Li-NMC, LFP, LCO, LTO, LMO, NCA), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Power, Industrial), & Region (North America, Europe, APAC & RoW) - Global Forecast to 2030", The global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030; it is expected to grow at a CAGR of 12.3% from 2021 to 2030. The growth of the lithium-ion battery market is majorly driven by surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for plug-in vehicles, growing need for battery-operated material-handling equipment in industries due to automation, continued development of smart devices, and growing adoption of lithium-ion batteries in renewable energy sector.
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Opportunity: Declining prices of lithium-ion batteries
The price of lithium-ion batteries has been a major factor hindering adoption since their introduction in the 1990s. A lithium-ion battery consists of many components. The primary component of any lithium-ion battery is the cell, which accounts for almost 50% of its cost; electronics, assembly, and packaging account for the rest. However, recent developments and claims made by lithium-ion battery manufacturing companies and automobile companies suggest that the price of these batteries is expected to decline substantially. According to General Motors Company (US), the cost of a cell is expected to drop to USD 100 per kWh by 2021. Developments such as manufacturing on a large scale, declining price of components, and adoption of advanced technologies to boost battery capacity are some of the factors leading to a decline in price. A reduction in the price would catalyze the adoption of these batteries across various new applications.
Challenge: Disruptions in supply chain of batteries and related components caused by COVID-19
The outbreak and the spread of the COVID-19 have impacted the energy industry supply chain, particularly renewable energy technologies and battery energy storage systems. The key components used in battery energy storage systems are mainly manufactured in APAC. The pandemic has exposed the overdependence of the world on the region, especially on China, for key raw materials. Manufacturers of energy storage systems in the US, Germany, and Australia are severely impacted by the shutdown of operations in China and other countries of APAC.
Automotive segment is expected to hold the largest size of the lithium-ion battery market in 2020.
Automotive segment is expected to hold the largest share in the lithium-ion battery market during the forecast period. Battery-driven vehicles, such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of lithium-ion batteries. Depending on their source of power and application, EVs are classified into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). There is increasing competition between battery models installed in EVs owing to the need for operational excellence. Increasing adoption and awareness of EVs supports the growth of the lithium-ion battery market. Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19pandemic. Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions. Automobile manufacturing plants are producing and supplying a few automobiles owing to the global supply chain disruptions resulting from lockdowns. This can impact the growth of the lithium-ion battery market until COVID-19 cases stabilize globally.
APAC is projected to be the largest market for lithium-ion battery from 2021 to 2030.
APAC accounted for the largest share of the lithium-ion battery market in 2020. The leading players contributing to the growth of the market in the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan), among others. Continuous developments in the consumer electronics and automotive verticals have led to an increase in the application of lithium-ion batteries as they offer various advantages, such as high power capacity, increased safety, and reduced pollution. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, forcing them to shut down. However, production has resumed in a few facilities in China, thereby initiating the manufacturing of some essentials.
BYD Company (China), LG Chem (South Korea), Contemporary Amperex Technology Co. Ltd. (CATL) (China), Samsung SDI (South Korea), Panasonic Corporation (Japan), BAK Group (China), GS Yuasa Corporation (GS Yuasa) (Japan), Hitachi (Japan), Clarios (Germany), and Toshiba Corporation (Japan), are some of the major players in lithium-ion battery market.
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