According to latest report published by Fortune Business Insights, the global Lithium-Ion Battery market was valued USD 36.90 billion in 2020, and the market is forecast to grow worth USD 193.13 billion by 2028, at CAGR of 23.3% during forecast period. The increasing demand for EVs, driven by the need to reduce carbon emissions, is expected to drive the growth of the lithium-ion battery market during forecast period. Also the development of new and more advanced lithium-ion battery technologies, such as solid-state batteries, is expected to increase the efficiency and performance of lithium-ion batteries driving the growth of the market.
According to our analysts, the incessant demand for power supply for numerous applications, augmented demand for electric vehicles, surging necessity of battery-operated equipment and machinery in automotive industries, and the usage of lithium-ion batteries in renewable energy applications are sustaining the lithium-ion battery market growth.
Industry Developments:
September 2021: Toshiba Corporation, CBMM, and Sojitz Corporation initiated a joint development deal to commercially launch the next-generation lithium-ion battery by utilizing niobium titanium oxide for anode material.
Drivers and Restraints:
Augmented Usage of Batteries in Power Grid and Energy Storage Systems to Spur Market
Imposing stringent government guidelines to monitor surging pollution phases compel the industries to utilize lithium-ion batteries. The power industry is striving to manufacture renewable energy and stock for future purpose. Moreover, low cost, low-self discharge rate, and negligible installation space are a few of the crucial factors driving the implementation of lithium-ion batteries in smart grid and energy storage systems. Since the product is more resilient to high temperatures, it is perfect for usage in distant areas and thermal control applications.
The availability and cost of raw materials, such as lithium and cobalt, are major challenges facing the lithium-ion battery market. These materials are subject to price fluctuations, which can impact the cost of production and negatively affect the growth of the market.
The potential safety and environmental risks associated with lithium-ion batteries, such as the risk of fire and the impact on the environment, are major concerns for the market. The need for regulations and safety standards to ensure the safe use of lithium-ion batteries is also a challenge for the market.
COVID-19 Impacts:
COVID-19 Influence on Global Lithium-ion Battery Market to Hamper Growth
The outbreak of COVID-19 has hindered the growth of the lithium-ion battery market. The novel coronavirus has restrained the distribution of batteries. The vital battery component is mostly obtainable in Asia Pacific, but the pandemic has over-exposed the reliability of raw materials on the region.
Report Coverage:
We analysis is based on a wide-ranging review method that primarily focuses on presenting accurate material. Our scholars have applied a data navigation technique, which further aids us to present dependable approximations and tests the overall market dynamics precisely. Furthermore, our researchers have gained admittance to various international as well as domestically funded records for offering up-to-date material for the stakeholders and business experts to invest only in the fundamental areas.
Segments:
Type, Application, and Region are studied for the Market
On the basis of type, the market is classified into lithium cobalt oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, lithium manganese oxide, lithium nickel manganese cobalt, and lithium titanate oxide. Lithium cobalt oxide held a major share in 2020, owing to its extensive implementation in modern electronic gadgets.
Based on application, the market is categorized into automotive, consumer electronics, energy storage systems, industrial, and others.
Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.
Market Segmentation
By Type
Lithium Cobalt Oxide
Lithium Iron Phosphate
Lithium Nickel Cobalt Aluminum Oxide
Lithium Manganese Oxide
Lithium Nickel Manganese Cobalt
Lithium Titanate Oxide
By Application
Automotive
Consumer Electronics
Energy Storage System
Industrial
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa (MEA)