Lithium-Ion Battery Market Expected to Grow $129.3 Billion by 2027, at a CAGR of 18.0%

The lithium-ion battery market size was valued $36.7 billion in 2019, and is projected to grow $129.3 billion by 2027, at a CAGR of 18.0% from 2020 to 2027. The growth of the global lithium-ion battery market is driven by increase in demand for energy conservation among automotive companies by using lithium-ion batteries. Moreover, enforcement of stringent regulations regarding the emissions from traditional vehicles is expected to augment the demand for electric vehicles, which, in turn, fuels the requirement of lithium-ion batteries.Li-ion batteries are used in high-performance electric vehicles, as they offer high specific energy. In addition, these batteries are cost-effective. Thus, the preference for these batteries is higher as compared to other ssuch as silver–zinc and nickel–metal-hydride and this lithium-ion battery market trend is expected to contribute towards the growth of the market.

Download Sample Report:https://www.alliedmarketresearch.com/request-sample/1380

Lithium-ion batteries are widely used in electronic devices such as tablets, laptops, mobile phones, PCs, and cameras due to their prolonged service life and high energy density. Among all electronic devices, smartphones, tablets, and laptop/PCs are the major segments that use lithium-ion batteries. In the current business scenario, efficiency of batteries is one of the vital features that is required for the improved sale of electronic devices across the globe. Primarily, smartphones, tablets, and laptop/PCs are witnessing higher sales, compared to other electronic gadgets, due to their improved performance coupled with low prices. Battery back-up is considered as one of the important features consumers enquire before buying any tablet, mobile phone, or laptop/PC. As Li-ion batteries provide enhanced battery life, they are majorly preferred in smartphone manufacturing, which, in turn, is expected to enhance the product demand over the coming years.

The global lithium-ion battery market is segmented by end-use industry into electrical & electronics, automotive, and industrial, with others which include medical, military, and textile industries. The electrical & electronics segment was the highest contributor to the market. Electrical & electronics end-use industry is further segmented into smartphones, tablet/PC, UPS, and others. The automotive segment is estimated to grow with a CAGR of 19.1% in the near future.The automotive end-use segment is further segmented into cars, buses, trucks, scooters & bikes, and trains & aircrafts, cranes & forklift, mining equipment, and smart grid & renewable energy storage. 

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the lithium-ion battery market during the analysis period, owing to rise in demand from consumer electronics segment and increase in number of electric vehicles (EVs) in China, Japan, and India. Lithium-ion batteries are extensively used in the automotive sector in North America and Europe. However, Asia-Pacific and LAMEA regions are expected to grow rapidly, owing to surge in adoption of these batteries in smartphones, tablets, and laptops/PCs.

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/1380 

Top Key Market Players

• CBAK ENERGY TECHNOLOGY, INC.
• GS YUASA INTERNATIONAL LTD.
• HITACHI, LTD.
• LG CHEM
• LITHIUM WERKS BV
• PANASONIC CORPORATION
• RENAULT GROUP
• SAMSUNG SDI CO., LTD.
• TOSHIBA CORPORATION
• WANXIANG GROUP CORPORATION

Key Findings Of The Study

• North America lithium-ion battery market is projected to grow at a rapid CAGR of nearly 18.7% during the projected period.
• Asia-Pacific is anticipated to dominate the global lithium-ion battery market during the entire forecast period.
• Asia-Pacific and North America collectively accounted for around 72.8% lithium-ion battery market share in 2019, with the former constituting around 39.9% share.

Get detailed COVID-19 impact analysis on the Lithium-ion Battery Market:https://www.alliedmarketresearch.com/request-for-customization/1380?reqfor=covid

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.