Market Research Report
Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: April 12, 2021
IMARC Services Private Limited
Content info: 107 Pages
Delivery time: 2-3 business days
The global lithium-ion battery market reached a value of US$ 34.1 Billion in 2020. A lithium-ion battery (LIB) is a rechargeable battery that utilizes an intercalated lithium compound as its electrode. Consisting of the anode, cathode and electrolyte, it is an electrochemical storage device that does not require complete discharge prior to recharging. It is characterized by higher energy density, minimal maintenance and lower self-discharge rates when compared with its counterparts, such as nickel-cadmium batteries. It also offers a good energy-to-weight ratio and high open-circuit voltage. Additionally, it does not require scheduled cycling to improve its service life. As a result, LIB finds extensive application across numerous industry verticals, such as consumer electronics and automotive.
A significant increase in the uptake of consumer electronics on the global level represents the primary factor driving the growth of the market. In line with this, the increasing penetration of portable variants, such as smartphones, laptops, digital cameras, gaming consoles and torches, along with high-speed internet connectivity, is significantly contributing to the market growth. The increasing usage of these electronics has created an incessant demand for high-quality rechargeable batteries, which is expected to provide a thrust to the market growth. Along with this, LIB forms an indispensable component of electric vehicles (EVs). Enhanced focus on sustainable development and the growing awareness regarding the adverse effects of using traditional automobiles have provided an impetus to the market growth. Additionally, governments of numerous countries are offering subsidies and implementing favorable initiatives to promote the sales of EVs, which is anticipated to create a positive outlook for the market. Furthermore, LIBs are widely employed as a crucial component in grid energy storage, such as solar grids. The rising demand for an uninterrupted supply of electricity is acting as another major growth-inducing factor. Looking forward, IMARC Group expects the global lithium-ion battery market to exhibit strong growth during the next five years.