NEW YORK, Nov. 9, 2023 /PRNewswire/ — The global lithium-ion battery market size is estimated to grow by USD 198.26 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 31% during the forecast period. The lithium-ion battery market report includes information on the product launches, sustainability, and prospects of leading vendors including A123 Systems LLC, AT and T Inc., BAK Power, BYD Co. Ltd., Clarios, Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., Johnson Controls International Plc, LG Chem, Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., TianJin Lishen Battery Joint Stock Co. Ltd., Toshiba Corp., and Tesla Inc. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
Lithium-ion Battery Market – Vendor Landscape
The lithium-ion battery market is fragmented; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning, technological advances, and the price of the products –The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now
Lithium-ion Battery Market – Market Dynamics
Major Drivers & Challenges-
The augmented demand for consumer electronics is a major driver for the growth of the lithium-ion battery market during the forecast period. As a result of the upsurge in disposable incomes worldwide is driven by urbanization and an increase in the number of people earning in a family. Furthermore, consumer spending is an important economic factor since it generally reflects the overall consumer confidence in a country. Hence, the consumer electronics segment is expected to witness a high demand, which, in turn, will increase the demand for lithium-ion batteries during the forecast period.
The growing popularity of fuel cell solutions is a major challenge hindering the global lithium-ion battery market growth. These battery end-users like the automotive and material handling equipment industries, face a major challenge with the increasing replacement of standard lithium-ion batteries with fuel cells. For example, forklifts are used in warehouses where the operations can extend for three or more shifts in a day. If lithium-ion batteries are used, they need to be replaced or charged more than once a day, which leads to issues in logistics management. Lead-acid batteries and lithium-ion batteries require a long recharging period, hold less energy with each charge, and have to be replaced every 2-3 years. Hence, such challenges impede market growth during the forecast period.
The legislative support for battery recycling fuels the growth of the lithium-ion battery market during the forecast period. An environment-friendly and economically sustainable business model that ensures recycling efficiency is created by government legislation on battery recycling. For instance, end-products of lithium-ion battery recycling are cobalt and lithium concentrate, both of which can be used in industries to reduce the increasing pressure on lithium mining. Thus, efficient recycling can also lead to ecological sustainability. Hence, legislative support will lead to higher rates of lithium-ion battery recycling, which, together with the growth of end-user segments such as EVs, will lead to market growth during the forecast period.
Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. – View Sample Report
The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, among others.
Lithium-ion Battery Market – Market Segmentation and Geographical Analysis
This lithium-ion battery market research report extensively covers market segmentation by type (lithium nickel manganese cobalt, lithium titanate, lithium iron phosphate, and lithium cobalt oxide), application (automotive, consumer electronics, and energy storage, and others), and geography ( APAC, Europe, North America, South America, and Middle East and Africa).
- The market share growth by the lithium nickel manganese cobalt is significant during the forecast period. Owing to the combination of nickel and manganese, the success of lithium nickel manganese cobalt batteries. In spite of having low specific energy, manganese has the advantage of creating a spinel structure to produce low internal resistance. Hence, such factors will increase segment growth during the forecast period.
- APAC is estimated to account for 51% of the global market growth during the forecast period. Factors such as increasing penetration of renewable energy, EVs, and consumer electronics are the main contributors to the lithium-ion battery industry in APAC in 2022. Moreover, the contribution of the renewable power sector is expected to increase during the forecast period. This is because of the need to reduce greenhouse gas (GHG) emissions and lower the number of power outages in the region.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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