The Lithium Ion Battery Market is forecasted to grow from USD 51.79 Billion in 2020 to USD 141.47 Billion by 2028, at a CAGR of 13.4%, during the forecast period. Lithium – ion batteries are increasingly being used as a hybrid and full – battery electric vehicle (BEV) power source.
Over the past couple of years, China, the US, and the European region have accounted for maximum sales of electric vehicles, which are primarily high-end electric vehicles. Roughly 1.6 million electric cars are on the roads in China until 2018, followed by 810,000 in the United States.
Furthermore, the falling battery prices, coupled with rising global automakers commitments, are expected to bring price – competitive electric vehicles to all the major light – duty vehicle segments as well, which in turn is expected to further increase demand for EVs, resulting in increased demand for lithium – ion batteries.
BEV production and sales in China reached 27,673 units and 24,127 units in March 2018, rising 88.35% and 69.21% year-on-year; and such figures for PHEVs were 11,210 units and 11,171 units, rising 291.21% and 201.47% year-on-year.
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Further key findings from the report suggest
Leading Companies operating in the Global Lithium-Ion Battery Market:
Samsung (South Korea), BYD (China), Sony (Japan), LG Chem (South Korea), Sanyo (Japan), ATLASBX Co. Ltd. (South Korea), Johnson Controls (U.S.), Exide Technologies (U.S.), Saft (France) and East Penn Manufacturing Co. (U.S.).
Rising global energy demand, highly volatile oil & gas prices, and new investments in clean energy are the key factors providing impetus to the global power and energy industry. Surging demand for alternative energy sources globally has fuelled the installed renewable power generation capacity across several countries. With the support of government for renewable power projects, there is slew of investment in solar and wind power projects. The emerging economies of Asia and Latin America which lack the required infrastructure are now allocating a huge annual budgets to the development of the utility and the power sector infrastructure.
Increasing new capital investments in power projects by both public & private sectors, rise in privatization, and deployment of smart grid to better manage services & reduce transmission losses will boost Lithium-Ion Battery market expansion during the forecast period.
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Rise in competition in the global market has led to increasing innovation and technological advancement in the power and energy sector to meet the rising demand of environmentally conscious consumers. Key players in the global Lithium-Ion Battery market are adopting the strategy of forward integration to offer alternate source of energy at economical rates.
This market report provides detailed analysis of recent developments, production processes, value chain optimization, opportunities in terms of emerging revenue pockets, impact of domestic and localized market players, application niches and technological innovations in the market.
The Global Lithium-Ion Battery Market is witnessing a tremendous growth owing to the rapidly rising demands, a surge in industrialization, consumer awareness, emerging industries, and technological advancements. The industry has reported exponential revenue growth and sales volume. Factors driving the growth of the market are anticipated to boost the market size and boost the growth of the market throughout the forecast period.
Segments Covered in the report:
This report forecasts volume and revenue growth at a global, regional, and country level, and provides an analysis of the industry trends in each of the sub-segments from 2017 to 2027. For the purpose of this study, Reports and Data has segmented the market on the basis of product, applications, power, and region.
Product (Thousand, Units and Revenue, USD Million; 2017-2027)
Power (Thousand, Units and Revenue, USD Million; 2017-2027)
Application (Thousand, Units and Revenue, USD Million; 2017-2027)
Market Segmentation by key geographical regions:
North America (U.S.A., Canada, Mexico)
Europe (U.K., Germany, France, Italy, Spain, Rest of EU)
Asia-Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
Latin America (Brazil, Argentina, Peru, Chile, Rest of Latin America)
Middle East & Africa (U.A.E., Saudi Arabia, South Africa, Rest of MEA)
Major offerings of the Lithium-Ion Battery market report:
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