PUBLISHER: Allied Market Research | PRODUCT CODE: 1365794
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365794
According to a new report published by Allied Market Research, titled, "Lithium-ion Battery for Consumer Electronics Market," The lithium-ion battery for consumer electronics market was valued at $4.9 billion in 2022, and is estimated to reach $18.8 billion by 2032, growing at a CAGR of 14.5% from 2023 to 2032.
A lithium-ion battery is a type of rechargeable battery that uses the reversible reduction of lithium ions to store energy. The battery is made up of several components, including an anode (negative electrode), cathode (positive electrode), separator, electrolyte, and two current collectors.
The lithium-ion battery market has experienced significant growth due to the increase in demand for portable electronic devices and power tools that are utilized in construction & woodworking industries and renewable energy storage solutions. The versatility of lithium-ion batteries and their ability to provide efficient and reliable power make them a preferred choice across these industries. Companies in the market continuously invest in R&D to enhance battery performance, increase energy density, and improve safety features.
Lithium-ion batteries have extensive usage in various industries and applications. In the electrical and electronics sector, it powers devices such as smartphones, tablets, PCs, and uninterruptible power supplies (UPS). In addition, there are also other applications such as medical and power tools where lithium-ion batteries play a crucial role. The lithium-ion battery market is expected to witness further expansion in the coming years with ongoing advancements and innovations. However, the high cost of the battery for large-scale applications, the environmental impact of battery production, and recycling create barriers to the development of the lithium-ion battery for consumer electronics market share in battery industry.
The lithium-ion battery for consumer electronics market is segmented on the basis of component, application, and region. On the basis of component, the lithium-ion battery for consumer electronics market is classified into cathode, anode, electrolyte, separator, and others. By application, it is divided into smartphone, tablet/PC, UPS, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Lithium-ion batteries comprise multiple components, each playing a vital role in their performance and capabilities. The cathode material of the battery is crucial for its energy storage capacity. Several cathode materials have emerged as leading choices, including lithium-iron phosphate, lithium-manganese oxide, lithium-nickel-cobalt-aluminum oxide, lithium-nickel-manganese cobalt, and lithium-titanate oxide.
Equally important is the anode, which is typically made of graphite or other carbon-based materials. The electrolyte acts as a conductor, facilitating the movement of lithium ions between the cathode and anode. Lastly, the separator ensures the physical separation of the cathode and anode, preventing short circuits.
UPS is an electrical device that provides temporary backup power to electronic devices during energy outages or disruptions. It is designed to prevent data loss, protect sensitive equipment, and ensure continuous operation in essential applications. The consumer electronics market for UPS has grown due to the increase in reliance on electronic devices in critical applications. The demand for reliable UPS systems, powered by advanced lithium-ion batteries, is driven by cloud computing, remote work environments, and online transactions. This growth presents opportunities for innovative high-energy-density batteries, efficient energy storage solutions, customizable configurations, integrated energy management, and sustainable practices.
The North American lithium-ion battery for consumer electronics market forecast growth is driven by the adoption of residential renewable energy systems and the demand for energy storage solutions. Apple has invested in battery production for consumer products, promoting market growth. The Canadian government supports battery manufacturing and R&D, while Mexico offers easy access to both North American and global markets. Mexico's robust supply chain and supportive government policies have fostered market growth.
Key players engaged in the development and production of Lithium-ion battery for consumer electronics products are CATL, Lithium Werks, EVE Energy Co., Ltd, Johnson Controls, Panasonic, LG Chem, Samsung SDI, Toshiba, Lishen Battery, and Hitachi.
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