Advancing
at a 21.8% CAGR during the forecast period, the lithium-ion batterymarket is estimated to grow to $106,493 million by 2024. The presence of
monetary and non-monetary government subsidies, falling battery prices, and
flourishing electric vehicle market are driving the demand for these batteries.
The
lithium-ion battery market is expected to experience a boom in the
forecast period due to recent advancements in consumer electronics technologies.
Owing to the many remarkable properties of Li-ion batteries such as high energy
density, consumer electronics manufacturers prefer these over other batteries. The
high demand for consumer electronics is a result of the changing lifestyle,
expanding middle-class population, and a shift to smart electronic devices.
This, in turn, is expected to drive the demand for lithium-ion batteries.
The
lithium-ion battery market, based on application, is categorized into
automotive, industrial, consumer electronics, medical, aerospace & defense,
telecom, and others. In 2018, the largest market share was accumulated by the
consumer electronics category, which correlates to the lithium-ion battery use
in the manufacturing of these devices. When specific energy is considered,
lithium-ion batteries have a better energy density than nickel-metal hydride (NiMH) and
nickel cadmium (NiCd) batteries.
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The NMC subdivision of the lithium-ion
battery market is expected to witness the highest CAGR during the forecast
period and hold the largest share by 2024 due to the longevity, high storage
capacity, and thermal stability of such batteries. To make the battery cheaper,
researchers and designers are focusing on reducing the cobalt content, which would
ultimately contribute in this subdivision’s growth.
The
most significant share in the lithium-ion battery market was held by
Asia-Pacific amongst all regions. The factors fueling the market growth in this
region are the increasing demand for smart devices and electric vehicles and technological
advancements. Further, the increasing government support in terms of subsidies
and incentives has led to the price reduction of these vehicles, which has further
contributed in the lithium-ion batteries’ increasing demand in the region.
Source : P&S Intelligence
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