By 2025, the global lithium battery market may exceed 100 billion U.S. dollars

by:CTECHi     2021-08-15

AdroitMarketResearch, an international market research institution, recently released a report stating that “the global lithium-ion battery market is expected to grow at a compound annual growth rate of 14.3% during the 2018-2025 forecast period.”

Driven by the growing demand for global electric vehicles, consumer electronics and energy storage solutions, it is estimated that by 2025, the global lithium-ion battery market is estimated to exceed US$100 billion. Ease of availability, high energy density, low discharge rate and long life cycle are some of the key characteristics that make lithium-ion batteries superior to similar products, and are expected to boost global market revenue.

At the same time, increasing investment in energy-saving technologies such as renewable energy is one of the key factors driving market growth. For example, in the Netherlands, the Energy Investment Subsidy (EIA) program encourages such investments by providing investors with benefits such as tax deductions on the amount of investment.

According to the forecast of the International Renewable Energy Agency (IRENA), battery storage in stationary applications is expected to increase by at least 17 times by 2030. Increasing stationary energy storage applications and stimulating the demand for electric vehicles (EV), especially in developing countries, such as China is expected to provide the main power for lithium-ion battery devices in the next few years.

In 2017, consumer electronics accounted for more than 40% of the global lithium-ion battery revenue market share. According to a recent survey, the global consumer electronics user penetration rate was 26.4% in 2018, and it is expected to increase to 34.1% by 2022. Due to the continuous technological advancement of participants around the world, the consumer electronics market continues to develop.

In addition, manufacturers are constantly inventing and introducing innovations in these categories to increase sales and increase profitability. This has led to growing sales of mature products (such as LCDs, TVs, and notebook computers) for digital consumers, and has therefore become a key factor driving the growth of the consumer electronics sector.

From the perspective of battery types, the sales of lithium cobalt oxide batteries in 2017 dominated the global market, accounting for 34.4% of the overall market revenue. Lithium-ion batteries are widely used in automobiles, consumer electronics, grid energy storage and other fields, including aerospace, medical, defense and maritime industries. The consumption of lithium-ion batteries in consumer electronics exceeded US$15.5 billion in 2017, thus occupying a leading position in the global market.

Due to government support to increase people’s awareness of the benefits of digitalization and policy support to improve lifestyles, especially in developing regions, consumption of smart phones, laptops and digital cameras The growing interest in electronic products is one of the key factors stimulating the growth of global lithium batteries.

In addition, the emergence of the Internet of Things (IoT) has led to breakthrough innovations in wearable electronic devices such as fitness bands and smart watches. Changes in consumer preferences and the shift to smart wearable devices complement the demand for lithium-ion batteries during the forecast period. In addition, people are increasingly concerned about carbon emissions and deteriorating environmental standards, forcing governments around the world to take necessary actions. This has led to an increase in government subsidies, coupled with innovative tax policies in developed and developing countries.

The increasing number of solar photovoltaic installations in the United States, China and Germany will dramatically increase the overall product installation and the overall market revenue. For example, in August 2016, Samsung SDI announced plans to establish a lithium-ion battery factory in Hungary. It aims to produce batteries for 50,000 pure electric vehicles. This will help the company have a competitive advantage over other players in the automotive battery industry.

From a regional perspective, in 2017, the Asia-Pacific region was the largest market in the lithium-ion battery market, accounting for approximately 48% of the global industry. The increasing popularity of electric vehicles and grid energy storage, driven by falling prices and government support policies, is one of the growth factors. Although currently in a leading position in the global market, due to the untapped potential and high penetration rate of lithium-ion batteries in the next seven years, the compound annual growth rate of the Asia-Pacific region in the next seven years may exceed 15%.

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