Lithium-Ion Battery Market By Type, By Industry, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Global Lithium Ion Battery Market is valued to reach USD 90.01 billion by 2024. The market is set to grow at CAGR of 20% over forecast period 2020–2026, owing to flourishing electric vehicle market, high demand for consumer electronics, shift to smart electronic devices, increased shipments of smart wearables and declining lithium-ion battery prices.

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The demand for energy in the form of solar, wind, fossil fuels etc., has been of great concern to the present civilization. The need for effective storage devices is likely to have been felt since many years and in this context, batteries play a vital role demonstrating efficient use of renewable energy. Technically, batteries are of two types, primary and secondary. Primary batteries are charged in condition within an assembled unit and irreversible electrochemical reaction. On contrary, secondary batteries with electrochemical charge are totally reversible. Therefore, on a commercial scale, rechargeable lithium ion batteries have gained a wide attention in the recent years owing to good capacity, high voltage and energy retention.

Currently, across all domains such as electricity, automobile and other energy sectors, the li-ion batteries have gained huge importance in the recent years mainly due to their widespread use and contribution towards building a sustainable economy. Rise in government funding and extensive research has enabled opening of new avenues within the industry and future opportunities for portable energy sources. As li-ion storage batteries possess several advantages over other sources, the market witness a consistent demand throughout the forecast time span.

Lithium-Ion Battery Market Trends, Drivers and Opportunities:

Lithium ion battery market is highly driven by technological evolution in the automotive sector and rising demand for energy saving products. In addition, material handling equipment industry is witnessing ongoing innovation for lifting equipment, automated guided vehicles and industrial moving goods. Other features such as lightweight, compact-sized and expanding interests of manufacturers for Lithium-ion battery is triggering a high demand. Moreover, the use of lithium batteries for automotive and storage memories for smart devices. On contrary, hazardous side-effects witnessed in on-site workers is acting as a hindrance for availability of manpower. In addition, medically proved health hazards for overuse of lithium-ion based battery products have also created a high awareness for environment friendly products in the recent years.