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Lithium Ion Battery Market worth over $76bn by 2026

  • Published Date: May 26, 2020

Lithium Ion Battery Market size is set to surpass USD 76 Billion by 2026, as reported in the latest study by Global Market Insights Inc.

Lithium Ion battery market growth is attributed to the high energy density and ease of rechargeability over other available market alternatives. These are considered as the most widely used units on account of its high performance and improved power delivery as compared to other batteries with same weight or size.

Significant investments toward R&D initiatives have resulted in manufacturing of lithium ion battery packs with optimized design. As a result, these batteries are witnessing substantial adoption across consumer electronics. In addition, the presence of robust distribution channels coupled with steadily declining battery prices have positively influenced the market expansion.

High performance characteristics of LFP battery chemistry will augment the lithium ion battery market progression

Phosphate is used as the cathode material in Lithium Iron Phosphate Batteries. Utilization of phosphate as cathode material enables the battery to withstand high temperatures and increases stability during overcharging or short circuit conditions. As phosphates are not susceptible to thermal runaways, LFP batteries are comparatively safer than other lithium ion battery chemistries. LFP batteries find extensive range of applications including power tools, electric vehicles, light electric vehicles, medical equipment, phones and portable computers amongst others. Additionally, the rising levels of consumer spending on electronics will further complement the industry size during the forecast timeline.

Browse key industry insights spread across 510 pages with 702 market data tables & 50 figures & charts from the report, “Lithium-Ion Battery Market By Chemistry (LFP, LCO, LTO, NMC, NCA, LMO), By Component (Cathode, Anode, Separators, Electrolytes, Aluminum Foil, Copper Foil, Others), By Application (Industrial {Military, Industrial Equipment, Medical, Marine, Telecommunication, Forklifts, Mining, Others}, Automotive {Hybrid Electric Vehicles, Battery Electric Vehicles}, Consumer Electronics {Smartphones, Laptops, UPS Systems, Smart Cameras, Smart Watches, Smart Glasses, Smart Textiles, Activity Trackers, Others}, Energy Storage), COVID-19 Impact Analysis, Regional Outlook, Covid-19 Impact Analysis, Competitive Market Analysis & Forecast, 2020 – 2026in detail along with the table of contents:

High operational safety to boost the market value for electrolytes.

Increasing concerns toward safe operation is poised to propel the market demand of electrolytes on a global scale. Dry electrolyte such as polymer based electrolyte will fuel the demand of lithium ion batteries credited to its low flammability, thermal stability and lower risk. These electrolytes enable the manufacturing of compact batteries packs that are suitable for electric vehicles in managing weight and space, thereby fostering the industry growth positively. Furthermore, growing consumer awareness toward hazards associated with prolonged battery operation will further impel industry expansion of lithium ion battery packs during forecast timeframe.

Rising demand for consumer electronics will spur the lithium ion battery market revenue

Lithium ion battery packs find extensive utilization across consumer electronic applications. These comprise of multiple devices including mobile phones, and laptops, with high reliance on lithium ion batteries for power supply. The ongoing consumer inclination toward smart electronic devices have showcased significant traction owing to the rising middle class population index. Moreover, strong government support toward the digitalization of multiple governance & business processes have further complemented the penetration of smart devices, thereby creating a cyclical industry demand for these units.

Shifting market trends toward hybrid & electric vehicles to create growth opportunities for North America region

North America lithium ion battery market is predicted to observe strong growth attributed to growing penetration of electric & hybrid vehicles. At present, Li-ion batteries are the most prevalent battery chemistry used in the EVs. Declining prices coupled with rising consumer awareness toward environmental pollution associated with the use of IC engines for mobility will positively impact the industry statistics. In addition, legislative support aimed toward reinforcing the domestic manufacturing capacity will further strengthen the industry progression across the region.

Key companies operating in the lithium ion battery market are Samsung SDI Co. Ltd, Tesla Inc., LG Chem Ltd., BYD Co, Ltd. and Panasonic Corporation amongst others. Strategic acquisitions and mergers are some of notable strategies followed by key market players.

Authors: Ankit Gupta, Nikhil Paranjape