Published on : Dec 06, 2019
The growth of the global lithium-ion battery market is dependent on a number of factors, which include growing demand for plug-in vehicles, smart devices, battery-operated material handling industrial equipment, need for automation, and need for these batteries in various industrial uses. In addition, increased awareness about environmental pollution is another factor the drives the growth of the global lithium-ion battery market. Concern for environmental pollution is manifested through increased production and sales of environment friendly vehicles, which further supports growth of the global lithium-ion battery market in forthcoming years.
In addition to that, favorable government rules that support use of use of these batteries to lessen environmental pollution is another factor that accelerates growth of the market over the period of assessment.
Product, end-user, and region are the three parameters based on which the global lithium-ion battery market has been classified for deeper analysis. Johnson Controls, Sila Nanotechnologies, Lithium Werks, Samsung SDI, BYD Company, and VARTA Storage are some of well known companies that operate successfully in the global lithium-ion battery market.
Rise in the Consumption of Electronic Gadgets to Accentuate Demand in the Market
Lithium-ion batteries refer to those rechargeable batteries that come with high-energy density and are mostly utilized in portable equipment. The global lithium-ion battery market is likely to experience substantial growth, thanks to the immense rise in the use of various consumer electronics. Rise in consumption of consumer electronics like digital cameras, smartphones, tablets and personal computers, laptops, and many other such electronic gadgets is anticipated to favor market growth in times to come.
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Apart from consumer electronics, the demand for lithium-ion batteries in the thriving automobile sector is likely to rise in line with the augmented demand for electric vehicles. The lithium-ion battery has been made a benchmark for battery operated electric vehicle, particularly for the latest ones. The global electric vehicle lithium-ion battery market gains momentum from the advantages offered by the lithium-ion battery. Lithium-ion batteries are lightweight, highly energy efficient, and compact. The automobile industry is making a shift toward electric vehicles from the conventional ones, thanks to the rising level of carbon emissions. Governments across the globe are taking initiatives to further the use of electric vehicles. Tax credits and incentives on purchase of electric vehicles by governments are key to the growth of the global lithium-ion battery market.
Increased awareness about the harmful effects of environmental pollution is another factor that drives the demand for lithium-ion batteries, as they are considered safe for the environment. An emerging trend of shifting toward the use of renewable sources of energy for production of electricity incorporated into ESS is expected to better the landscape of the industry. A case in point is, in 2019, North Carolina based Duke Energy Corporation made an announcement regarding storage of 22 MW of lithium-ion to better energy security, balance the demand and supply gap prevailing in the market, and lower cost related to training and development infrastructure. Such a move is likely to help companies in meeting the target of installation of 50MW worth battery-operated energy storage through 2022.
On the flipside, the growth of the global lithium-ion battery market is hampered by the increasing safety concerns over shortage of charging stations and overheating.
Asia Pacific Holds Key to the Growth of the Market in Times to Come
Latin America, Europe, Middle East and Africa, North America, and Asia Pacific are some of the principal regions of the global lithium-ion battery market.
The growth of the Asia Pacific lithium-ion battery market is majorly driven by India and China. These two countries offer considerable potential for the application of lithium-ion batteries in many areas. China has emerged as a leading manufacturing hub for automotives, particularly electric vehicles, which drives the demand for lithium-ion batteries. The region is also one of the leading producers of electronic devices, which further offers lucrative growth opportunities for the market in years to come.