The global lithium–ion battery market valued at $33,720.8 million in 2018, which is projected to reach $1,06,493.0 million by 2024, with a CAGR of 21.8% during the forecast period. The growth in the market can be attributed to the growing automotive and consumer electronics applications.
New York, United States - November 25, 2019 /MarketersMedia/ —
The worldwide lithium–ion (Li–ion) battery market is growing on account of the rising demand for such devices from the automotive and consumer electronics sector and favorable government policies designed to promote renewable energy. Revenue of $33,720.8 million was generated by the sale of such products in 2018, and by 2024, the market is predicted to value $106,493 million, witnessing a 21.8% CAGR during the forecast period (2019–2024). In such batteries, electricity is produced when Li ions move to the positive electrode from the negative electrode.
Lithium iron phosphate (LFP), lithium manganese oxide, lithium nickel cobalt aluminum oxide, lithium nickel manganese cobalt, and lithium cobalt oxide are the various categories of the market based on type. Among them, the LFP category dominated the Li–ion battery market during the historical period (2014–2018), primarily owing to the heavy use of such variants in the automotive and consumer electronics sectors, both of which hare growing rapidly across the world.
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The reason the consumption of such batteries is growing in the automotive sector is the rising demand for and focus on electric vehicles. This itself is a result of the alarming levels of air pollution and surging prices of crude oil owing to their diminishing reserves. Because of their excellent energy density and specific energy, such batteries are the standard feature of battery electric vehicles. As mandated by the Central Energy Ministerial, electric vehicles must account for 30.0% of all vehicles sold (excluding two-wheelers) in member nations in 2030.
Further, government support for the adoption of clean energy is also helping the Li–ion battery market prosper. To curb carbon emissions, government and private firms across the world are investing heavily in and promoting alternative sources of power, such as wind and solar. For instance, mayors of over 200 communities in the U.S. resolved in 2018 to draw 100% of their power from renewable sources by 2035. Similarly, the European Union also aims to generate 20.0% of its power from renewable sources by 2020 and 27.0% by 2030.
As batteries are the primary way of storing the renewable electricity, a rise in the production of power this way is predicted to help the Li–ion battery market grow further. Further, the falling prices and high energy density of stationary batteries would also drive their adoption in the renewable electricity niche. As per CoBank, stationary Li-ion batteries witnessed a 55.0% reduction in their costs between 2015 and 2017, mainly because of the availability of cheaper cells.
Another reason for the progress of the Li–ion battery market is the expanding consumer electronics industry. Changing lifestyle preferences, rising middle-class population, and consumer attraction toward smart gadgets are driving the sales of consumer electronics. Further, with governments vehemently pursuing digitization, the sale of electronic devices is predicted to increase further, thereby helping increase the demand for Li-ion batteries. Additionally, such energy storage devices are also used in equipment with internet of things and artificial intelligence capabilities.
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As the automotive and consumer electronics industries use such batteries in high numbers, Asia-Pacific has been the largest Li–ion battery market and will continue being so throughout the forecast period. India and China are some of the world’s largest producers of automobiles and electronics. Further, in these countries, governments are strongly encouraging electric vehicles and digitization. Additionally, with a rise in the per capita and disposable incomes in these nations, people here are rapidly purchasing smart gadgets and cars.
Hence, with the increasing automobile and electronics sales and renewable electricity production, the demand for lithium-ion batteries would keep increasing during the forecast period.
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