Would you like to know the Facts About Lithium-ion Battery Market growth?
Advancing at a 21.8% CAGR during the forecast period, the lithium-ion battery market is estimated to grow to $106,493 million by 2024. Presence of monetary and non-monetary government subsidies, falling battery prices, and flourishing electric vehicle market are driving the demand for these batteries.
The lithium-ion battery market is expected to experience boom in the forecast period due to recent advancements in consumer technologies. Owing to their many remarkable properties, such as high energy density, the consumer electronics manufacturers prefer these batteries over other battery types. High demand for consumer electronic products is a result of changing lifestyle preferences, expanding middle-class population, and growing inclination toward smart electronic devices. This, in turn is expected to drive the demand for lithium-ion batteries.
These batteries also find their application in the renewable energy sector for the stationary energy storage purpose. The demand for lithium-ion batteries is set to increase as the renewable energy sector is growing owing to increasing technological advancements in solar and wind power segment, supportive government policies, and expanding interest of investors in renewable power generation.
The lithium-ion battery market, based on application, is categorized into automotive, industrial, consumer electronics, medical, aerospace & defense, medical, telecom, and others. In 2018, the largest market share was accumulated by the consumer electronics category. This can be correlated to the lithium-ion battery use in manufacturing these devices. When specific energy is considered, the lithium-ion batteries have better energy density when compared to nickel metal hydride (NiMH) and nickel cadmium (NiCd) battery technologies.
The subdivisions of the lithium-ion battery market, based on type, are lithium iron phosphate (LFP), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NMC), lithium manganese oxide (LMO), and lithium cobalt oxide (LCO) batteries. The largest market share in 2018 was held by LFP batteries. This can be ascribed to their heavy consumption in China as the country is the largest market for electric vehicle and holds a significant share in the consumer electronics market as well, both industries where lithium-ion batteries are heavily employed.
The NMC subdivision of the lithium-ion battery market is expected to witness the highest CAGR during the forecast period and hold the largest share by 2024 due to its longevity, high storage capacity, and thermal stability. To make the battery cheaper, researchers and designers are also focusing on reducing the cobalt content in the NMC battery, which will ultimately contribute in this subdivision’s growth.
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The most significant share in the lithium-ion battery market was held by Asia-Pacific amongst all regions. The factors fueling the market growth in this region are increasing demand for smart devices, technological advancements, and growing demand for electric vehicles. Further, increasing government support in terms of subsidies and incentives have led to price reduction of these vehicles, which have further contributed in the lithium-ion batteries demand in the region.