NEW YORK, March 10, 2022 — The lithium-ion battery market is expected to grow by USD 58.05 billion from 2020 to 2025, at a CAGR of 32.65% as per the latest market report by Technavio. 48% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for lithium-ion batteries in APAC. Market growth in APAC will be faster than the growth of the market in other regions. The increasing penetration of renewable energy, EVs, and consumer electronics will facilitate the lithium-ion battery market growth in APAC over the forecast period.
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Lithium-ion Battery Market – Drivers
The augmented demand from the consumer electronics market due to enhanced consumer spending is one of the major factors driving lithium-ion battery market growth.Urbanization and an increase in the number of people earning in a family have led to an upsurge in disposable incomes worldwide.The increase in disposable incomes permits middle-class individuals to increase their living standards, which means that these people are willing to spend more on gadgets like laptops, smartphones, and smart wearables, owing to which the consumer electronics market is growing rapidly. As most of such consumer electronic goods operate on lithium-ion batteries, it is leading to the growth of the lithium-ion battery market.
Lithium-ion Battery Market – Trends
The increased shipments of smart wearables will be a major trend that will fuel the growth of the lithium-ion battery market size.With the aim of capitalizing on the growing interest in this technology, many wearable product manufacturers have rolled out newer and updated versions of their products with vast improvements from their first-generation counterparts. They are also offering products that have improved performance and features to maintain the sales momentum of wearable devices.The significant decline in the cost of wearable devices has increased the adoption rate of these devices in both developed and developing countries.As smart wearables use lithium-ion batteries as the power source, the lithium-ion battery market is expected to grow simultaneously with an increase in the adoption of smart wearables.
Lithium-ion Battery Market – Challenges
Factors such as the growing popularity of fuel cell solutions may impede the market growth.
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Some of key Lithium-ion Battery Players:
The Li-ion battery market is fragmented and the vendors are deploying growth strategies such as M&A and partnerships to compete in the market.
A123 Systems LLCAmperex Technology Ltd.BYD Co. Ltd.Dalian CBAK Power Battery Co. Ltd.Envision Energy USA Ltd.Hitachi Ltd.LG Chem Ltd.Panasonic Corp.Samsung SDI Co. Ltd.Toshiba Corp.
Lithium-ion Battery Market – Segmentation Analysis
Application Outlook (Revenue, USD bn, 2020-2025)
Automotive – size and forecast 2020-2025Consumer electronics – size and forecast 2020-2025Utilities – size and forecast 2020-2025Others – size and forecast 2020-2025
Geography Outlook (Revenue, USD bn, 2020-2025)
APAC – size and forecast 2020-2025Europe – size and forecast 2020-2025North America – size and forecast 2020-2025South America – size and forecast 2020-2025MEA – size and forecast 2020-2025
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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