World News: 09:15 GMT Tuesday 14th January 2020. [Prescient & Strategic Intelligence Private Limited via Globe Newswire via SPi World News]
NEW YORK, Jan. 14, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by , In 2018, the global attained a value of and is expected to generate , registering a during the . The market is growing due to the rising demand from the automotive industry due to the increasing focus on electric vehicles, high adoption of lithium-ion batteries in consumer electronic products, and favorable government policies and surging requirement from renewable energy sector. Li-ion is a rechargeable battery that has high energy density and is lighter than other rechargeable batteries of the same size.
In terms of type, the lithium-ion (Li-ion) battery market is divided into, lithium cobalt oxide (LCO), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt (Li-NMC), lithium manganese oxide (LMO), and lithium iron phosphate (LFP). Among these, the LFP type dominated the market during the historical period (2014–2018) due to their increased usage in various automotive applications, particularly in China. The NMC type is expected to register the fastest growth during the forecast period, as these batteries have high thermal stability, storage range, and longevity.
Among the different regions, namely Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), North America, and Latin America (LATAM), the APAC region accounted for the major share of the lithium-ion battery market during the historical period and is predicted to dominate the market during the forecast period as well. The rising demand from smart devices, technological advancements, and expanding market for electric vehicles are resulting in the growth of the market in APAC. China held the largest share of the regional market during the historical period and is projected to retain its position during the forecast period.
A major driving factor of the lithium-ion battery market is the rising requirement from the automotive industry because of the growing focus on electric vehicles. The demand for electric vehicles around the world has increased due to the surging concerns regarding the rapid degradation of environment and fluctuating oil prices. In addition, the governmental agencies are also providing support for encouraging the sale of electric vehicles. Lithium-ion batteries are extensively utilized in electric vehicles, and they are now considered the standard for modern battery electric vehicles as they have excellent energy density and specific energy.
The growing adoption of lithium-ion batteries in consumer electronic products is another primary driving factor of the lithium-ion battery market. The inclination toward smart electronic devices is rising due to the expanding middle-class population and changing lifestyle preferences. Moreover, the governments across the world are focusing on digitization and promoting the utilization of several electronic devices among the consumers. The advantageous characteristics and the predicted improvements in the technology of lithium-ion batteries have made them the dominant battery technology for the consumer electronic products’ domain.
The increasing power density of lithium-ion batteries is opening up wide opportunities for the players operating in the lithium-ion battery market. The development of advanced technologies with long-lasting batteries and increased adoption of wind and solar energy could be facilitated by increasing the energy density of lithium-ion batteries. Scientists have been continuously trying to enhance the properties of these batteries as their requirement from different sectors, including renewable energy, electronics, and automotive, is rising.
Hence, the market is growing due to the surging demand from the automotive industry because of rising focus on electric vehicles and increasing adoption of lithium-ion batteries in consumer electronic products.
The APAC region was the largest automotive lithium-ion battery market in the historical period. The high share of APAC region is due to the heavy production and sales of electric vehicles in China. China alone accounted for around 80.0% share in the APAC automotive lithium-ion batteries market in value terms, in 2018.
During the forecast period, the energy storage market is expected to witness the fastest growth in Asia-Pacific (APAC), with a CAGR of 45.4%. Currently, energy storage systems are considered as a next level of upgradation in smart grid technologies by Asian power utilities.
During the forecast period, the solar panel recycling market is projected to witness the fastest growth in terms of value in APAC. Growing environment sustainability concerns and cost advantage of solar panel recycling in emerging economies, such as China and India, are expected to foster the market growth in APAC in the coming years.
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Globe Newswire: 09:15 GMT Tuesday 14th January 2020
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