Market Research Report
Published: May 1, 2021
Global Industry Analysts, Inc.
Content info: 622 Pages
Delivery time: 1-2 business days
Global Li-ion Battery Market to Reach US$127.8 Billion by the Year 2027
Amid the COVID-19 crisis, the global market for Li-ion Battery estimated at US$46.6 Billion in the year 2020, is projected to reach a revised size of US$127.8 Billion by 2027, growing at a CAGR of 15.5% over the analysis period 2020-2027.Lithium Nickel Manganese Cobalt (NMC), one of the segments analyzed in the report, is projected to grow at a 17.1% CAGR to reach US$52 Billion by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lithium Iron Phosphate (LFP) segment is readjusted to a revised 14% CAGR for the next 7-year period. This segment currently accounts for a 26.5% share of the global Li-ion Battery market.
The U.S. Accounts for Over 26.9% of Global Market Size in 2020, While China is Forecast to Grow at a 20% CAGR for the Period of 2020-2027
The Li-ion Battery market in the U.S. is estimated at US$12.6 Billion in the year 2020. The country currently accounts for a 26.92% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$29.8 Billion in the year 2027 trailing a CAGR of 20.3% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.1% and 13.6% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 12.2% CAGR while Rest of European market (as defined in the study) will reach US$29.8 Billion by the year 2027.
Lithium Cobalt Oxide (LCO) Segment Corners a 16.8% Share in 2020
In the global Lithium Cobalt Oxide (LCO) segment, USA, Canada, Japan, China and Europe will drive the 13.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.9 Billion in the year 2020 will reach a projected size of US$14.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$19.5 Billion by the year 2027, while Latin America will expand at a 16.1% CAGR through the analysis period.
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