The global lithium-ion battery market is expected to show expansion at 11% CAGR during the forecast period 2019 to 2027, according the analysts of a new research report published by Transparency Market Research. This study highlights that the market lithium-ion battery for is expected to gather prodigious sales opportunities from various end-user industries such as automotive and consumer electronics.
The newly published research report gives 360-degree analysis of many important facets such as challenges, growth avenues, trends, and drivers of the lithium-ion battery market for the forecast period 2019–2027. It also sheds light on various threats in the market for lithium-ion battery.
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Growing Government Initiatives to Encourage Use of Electric Vehicles Fuels Market Growth
Lithium-ion battery comprises many components such as anode, cathode, electrolyte, and separator. The product is gathering traction across end-user industries owing to various features it offers. High discharge power, low impact of time, and high energy density are some of the key advantages of this product making it suitable for use in electric vehicles.
Over the period of past few years, the government authorities of many countries across the globe are taking initiatives to reduce pollution levels and decarbonization. Several developing nations such as China and India experience availability of huge spaces to introduce manufacturing capacities and abundant presence of natural resources. The government bodies are utilizing these factors to shift their focus toward increase their production of electric vehicles instead of fuel-powered vehicles. All these factors are projected to work as key drivers for the expansion of the lithium-ion battery market in the forthcoming years.
The government authorities across major parts of the globe are growing awareness pertaining to the advantages of using electric vehicles. Several key regions in electric mobility are increasing focus on promoting the use of such vehicles by offering incentives for the adoption of zero or low emission vehicles. Thus, noteworthy growth in the adoption of electric vehicles is expected to create lucrative avenues for players operating in the global lithium-ion battery market in the years ahead.
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Players in Lithium-ion Battery Market Focus on New Product Launches and Production Expansions
A123 Systems LLC, BYD Company Limited, Samsung SDI Co. Ltd, LG Chem, Ltd., Amperex Technology Limited (ATL), Panasonic Corporation, Toshiba Corporation, Murata Manufacturing Co. Ltd., Maxell Holdings, and Clarios Power Solutions are some of the key players working in the global lithium-ion battery market. Presence of many players is the indication of high level of competition in the market for lithium-ion battery.
Major companies in the global lithium-ion battery market are increasing their participation in various organic and inorganic strategic moves. Several players are seen focused on the expansion of their production capabilities. At the same time, many companies in the lithium-ion battery market are utilizing new product launch as one of their key strategies to lead the market.
Companies in the global lithium-ion battery market may focus on strengthening their logistics services. This step can help them in offering seamless and efficient delivery of batteries to all the customers, which may help them in attract more customers.
Global Lithium-ion Battery Market Segmentation
The segmentation of the global lithium-ion battery market is performed on the basis of various key aspects such as product, end-user industry, and region. In terms of product, the market for lithium-ion battery is classified into battery packs, energy storage systems (ESS), and cells/modules. Based on end-user industry, the lithium-ion battery market is divided into automotive, grid energy & industrial, and consumer electronics. On the basis of region, the market for lithium-ion battery is classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
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