Lithium-Ion Battery Market Opportunities and Challenges

Northbrook, USA, 2021-Sep-20 — /EPR Network/ —

The global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030; it is expected to grow at a CAGR of 12.3% from 2021 to 2030. The growth of the lithium-ion battery market is majorly driven by surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for plug-in vehicles, growing need for battery-operated material-handling equipment in industries due to automation, continued development of smart devices, and growing adoption of lithium-ion batteries in renewable energy sector.

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The Lithium Cobalt Oxide (LCO) segment held the largest size of the market in 2020. LCO batteries have high energy density and are preferred in the consumer electronics industry, which is a major end user of the lithium-ion battery market. The Lithium Nickel Manganese Cobalt (Li-NMC) segment is expected to register the highest growth rate during the forecast period. The automotive industry accounts for a substantial portion of the overall lithium-ion battery demand. Electric vehicles require high power, which can only be provided by the NMC battery type. These batteries have a very low self-heating rate and are used in electric vehicle models such as Nissan Leaf, Chevy Volt, and BMW.

Automotive segment is expected hold the largest share in the lithium-ion battery market during the forecast period. Battery-driven vehicles, such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of lithium-ion batteries. Depending on their source of power and application, EVs are classified into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). There is increasing competition between battery models installed in EVs owing to the need for operational excellence. Increasing adoption and awareness of EVs supports the growth of the lithium-ion battery market. Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19pandemic. Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions. Automobile manufacturing plants are producing and supplying a few automobiles owing to the global supply chain disruptions resulting from lockdowns. This can impact the growth of the lithium-ion battery market until COVID-19 cases stabilize globally.

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Lithium-ion battery market in APAC is expected to grow at the highest CAGR during 2021−2030. China and Japan are the world’s second-and third-largest markets, respectively, for electric vehicles. The leading players contributing to the growth of the market in the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan), among others. Continuous developments in the consumer electronics and automotive verticals have led to an increase in the application of lithium-ion batteries as they offer various advantages, such as high power capacity, increased safety, and reduced pollution. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, forcing them to shut down. However, production has resumed in a few facilities in China, thereby initiating the manufacturing of some essentials.

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