Lithium-Ion Battery Market Expected to Grow at a CAGR of 22.58% - Exclusive Report by Mordor Intelligence

HYDERABAD, India, Dec. 26, 2019 /PRNewswire/ -- The market for lithium-ion battery is expected to register a CAGR of approximately 22.58%, during the forecast period. Major factors driving the market studied are the emergence of new and exciting markets, via electric vehicle and energy storage systems (ESS), for both commercial and residential applications, declining lithium-ion battery prices, and the increasing sale of consumer electronics. The increasing demand-supply mismatch of raw materials is likely to hinder the growth of the market studied.

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Highlights of the Market:

    --  The automobile industry dominated the market in 2018, and is expected to
        grow during the forecast period, due to its high energy density, fast
        recharge capability, and high discharge power, owing to which, the
        lithium-ion batteries are the only available technology that are capable
        of meeting OEM requirements for vehicle driving range and charging time.
    --  Recycling of Li-ion batteries is expected to secure the supply of raw
        materials, such as lithium and cobalt, and reduce the reliance on
        extracting and refining materials from mineral resources. Recycling of
        lithium-ion battery that is currently being used in electric vehicles
        offers an excellent opportunity for companies to utilize the refined
        constituent materials, for manufacturing lithium-ion batteries that are
        to be used for Energy Storage Systems (ESS).
    --  The penetration of lithium-ion batteries is growing in the industrial
        sector, globally, on account of expansion in industrial infrastructure,
        increasing economic viability of energy storage deployment, and growing
        need to reduce grid dependency for power supply.
    --  Encouraging incentives taken by the governments, such as net metering,
        have encouraged the installation of rooftop solar PV systems. Battery
        storage is an important part of rooftop solar PV power generation
        process, as solar energy is intermittent and unavailable during the
        night.
    --  Massive investments, predominantly in lithium-ion batteries, are driving
        down costs, while project developers are continuously getting better at
        designing and building customized storage systems, which is expected to
        further supplement the usage of battery-based energy storage systems.

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Asia-Pacific Expected to dominate the market

    --  The Asia-Pacific region dominated the global market share, in 2018. With
        the increasing deployment of electric vehicles in countries, such as
        China and India, and high demand for electronics with urbanization and
        increasing power purchase parity, the usage of lithium-ion battery is
        expected to witness a significant growth in the region.
    --  China is one the largest markets for electric vehicles, and the
        increasing adoption of electric vehicles in the country has been in line
        with the clean energy policy. Moreover, the Government of China has been
        providing both financial and non-financial incentives to promote the
        adoption of electric vehicles.
    --  Favourable policies, such as the energy efficiency standards, and
        increasing peak demand charges and technological advances, have led to
        the commercial and industrial (C&I) sector receiving more attention from
        project developers, primarily driven by strong growth in China and
        India, which, in turn, is expected to drive the demand for
        lithium-ion-based energy storage systems in the region.

Know more about the Lithium-Ion Battery Market

Mordor Intelligence has segmented the Lithium-Ion Market on the basis of Application and Geography:

    --  Application

0. Geography

    --  Electronic Devices
    --  Automobile
    --  Industrial
    --  Other Applications

    --  North America
        --  United States
        --  Canada
        --  Rest of North America
    --  Europe
        --  Netherlands Kingdom
        --  Germany
        --  Italy
        --  Rest of Europe
    --  Asia-Pacific
        --  China
        --  India
        --  Japan
        --  South Korea
        --  Rest of Asia-Pacific
    --  Middle East & Africa
        --  United Arab Emirates
        --  Saudi Arabia
        --  Zimbabwe
        --  South Africa
        --  Rest of Middle East & Africa
    --  South America
        --  Brazil
        --  Argentina
        --  Chile
        --  Rest of South America

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Competitive Landscape

The lithium-ion battery market is fragmented, with several global and regional players contesting for attention in a fairly-contested market space. The major companies include Panasonic Corporation, Tesla Inc., Samsung SDI, LG Chem Ltd, and Contemporary Amperex Technology Co. Ltd (CATL).

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