Lithium-ion Battery Market Size USD 129.3 Billion By 2027 At A CAGR of 18.0% | Valuates Reports
BANGALORE, India, Nov. 27, 2020 /PRNewswire/ -- The Lithium-Ion Battery Market is segmented by Component (Cathode, Anode, Electrolytic Solution, and Others), End-use Industry [Electrical & Electronics (Smartphones &Tablet/PC, UPS, and Others) and Automotive (Cars, Buses, &Trucks; Scooters & Bikes;and Trains & Aircraft), and Industrial (Cranes & Forklift, Mining Equipment, and Smart Grid & Renewable Energy Storage). It also covers Global Opportunity Analysis and Industry Forecast to 2027. This report is published on Valuates Reports in the Chemical Industries Category.
The global lithium-ion battery market was valued at USD 36.7 billion in 2019 and is projected to hit USD 129.3 billion by 2027, at a CAGR of 18% from 2020 to 2027.
Major factors driving the growth of lithium-ion battery market size are growing R&D initiatives, increasing consumer electronics adoption, increasing demand for plug-in vehicles, rising need for automation, and battery-operated material-handling equipment in industries.
Advocacy for public and private investment in hybrid cars and electric vehicles has resulted in an increase in research and development (R&D) aimed at producing more efficient and cost-effective lithium-ion batteries. This high level of interest has also led to a rapid expansion of the battery production capacity and has resulted in overcapacity and fragmentation in the Lithium-ion battery market.
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TRENDS INFLUENCING THE LITHIUM-ION BATTERY MARKET SIZE
The recycling initiative that has been started is expected to increase the lithium-ion battery market size. Recycled Li-ion batteries are expected to protect the supply of raw materials, such as lithium and cobalt, and to reduce the dependency on mining and processing materials from natural resources. The recycling of lithium-ion batteries currently used in electric vehicles offers an excellent opportunity for companies to use the refined constituent materials to manufacture lithium-ion batteries to be used in energy storage systems (ESS).