Lithium-ion battery market is likely to witness an impressive CAGR of 16.1% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Lithium-Ion Battery Market
Lithium-ion battery market is likely to witness an impressive CAGR of 16.1% during the forecast period. The major demand for lithium-ion batteries is mainly driven by the increasing demand for consumer electronic products, which is bolstering the growth of the market.
Asia-Pacific is estimated to be the largest market for lithium-ion batteries during the forecast period. The Asia-Pacific’s market is expected to expand with a lucrative CAGR owing to the well-established consumer electronics market in the region, especially in China. Further, the demand from the automotive industry in the region will also augment the regional growth. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.
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Report Scope & Market Segmentation
Lithium-Ion Battery Market Share: By Material Type
Based on the material type, the market is segmented as lithium nickel manganese cobalt oxide, lithium iron phosphate, lithium cobalt oxide, lithium titanate oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide. The lithium nickel manganese cobalt oxide segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The higher share of the segment is attributed to the growing demand for lithium nickel manganese cobalt oxide used in batteries of mobile phones, laptops, automotive, tablets, power tools, and electrical storage systems.
Lithium-Ion Battery Market Share: By Voltage Type
Based on the voltage type, the market is segmented as low (below 12V); medium (12-36V); and high (above 36V). The high (above 36V) segment is estimated to remain the largest segment over the forecast period, owing to properties such as longer life and safety. Also, the largest contribution is attributed to the rising requirement for this voltage type in marine, electric vehicles, military, power, telecom, etc.
Lithium-Ion Battery Market Share: By Power Capacity Type
Based on the power capacity type, the market is segmented as 0 to 3,000 MAH; 3,000 to 10,000 MAH; 10,000 to 60,000 MAH; and above 60,000 MAH. The 3,000 to 10,000 MAH segment contributed for the highest share in 2019, owing to growing need for batteries with higher power capacity that can keep the device running for long hours. The segment is expected to maintain its dominance during the forecast period as well.
Lithium-Ion Battery Market Share: By Industry Type
Based on the industry type, the market is segmented as consumer electronics, automotive, aerospace & defense, marine, medical, industrial, power, and telecommunication. The automotive segment is likely to remain the largest segment during the forecast period driven by the growing adoption of electric vehicles.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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