PORTLAND, Oregon, May 5, 2020
Increase in demand for smartphones, tablets, and other electronic devices and emergence of electrical, hybrid electric & plug-in hybrid vehicles drive the growth of the global lithium-ion battery market
PORTLAND, Oregon, May 5, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Lithium-ion Battery Market by Component (Cathode, Anode, Electrolytic Solution, and Others), End-use Industry [Electrical & Electronics (Smartphones &Tablet/PC, UPS, and Others) and Automotive (Cars, Buses, &Trucks; Scooters & Bikes; and Trains & Aircraft)], and Industrial (Cranes & Forklift, Mining Equipment, and Smart Grid & Renewable Energy Storage): Global Opportunity Analysis and Industry Forecast, 2019–2027." According to the report, the global lithium-ion battery industry was estimated at $36.7 billion in 2019, and is expected to hit $129.3 billion by 2027, registering a CAGR of 18.0% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Increase in demand for smartphones, tablets, and other electronic devices and emergence of electrical, hybrid electric & plug-in hybrid vehicles drive the growth of the global lithium-ion battery market. On the other hand, high price of the batteries impedes the growth to some extent. However, higher energy efficiency requirements in technologically updated consumer gadgets are expected to create multiple opportunities in the industry.
The cathode segment to dominate by 2027-
Based on component, the cathode segment accounted for nearly two-fifths of the global lithium-ion battery market share in 2019, and is expected to rule the roost by the end of 2027. Cathodes offer high capacity and superior power delivery to lithium-ion batteries, which, in turn, fuels the segment growth. The electrolytic solution, on the other hand, would grow at the fastest CAGR of 19.5% throughout the forecast period. Technological advancements in electrolytic solution are expected to drive the growth of the segment.
The electrical & electronics segment to lead the trail during the estimated period-
Based on end-use industry, the electrical & electronics segment contributed to nearly half of the global lithium-ion battery market revenue in 2019, and is anticipated to retain its dominance till 2027. Currently, mobile phone manufacturers are developing smartphones, tablets, UPS, and PCs with enhanced performance, slimmer designs, and various other advanced features. This factor has boosted the growth of the segment. At the same time, the automotive segment would showcase the fastest CAGR of 19.1% during the study period. Surge in penetration of electric vehicles/plug-in hybrid vehicles is anticipated to drive the growth of the segment growth.
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Asia-Pacific, followed by North America, to maintain the lead status-
Based on region, Asia-Pacific garnered the major share in 2019, holding nearly two-fifths of the global lithium-ion battery market. Expansion of the automotive business and development of the electronic sector in China and India have fostered the market growth in the province. Simultaneously, North America would portray the fastest CAGR of 18.7% during the estimated period. This is due to increase in applications of lithium-ion batteries across automotive, electronics, and industrial sectors.
Frontrunners in the industry-
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