The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Lithium-Ion Battery Market.
It was estimated prior to this unanticipated outbreak Lithium-Ion Battery Marketwill reach CAGR of 16.1% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Lithium-Ion Battery Market Insights
Lithium-ion battery market is likely to witness an impressive CAGR of 16.1% during the forecast period. The major demand for lithium-ion batteries is mainly driven by the increasing demand for consumer electronic products, which is bolstering the growth of the market.
Market Share Analysis
Lithium-Ion Battery Market Share: By Material Type
Based on the material type, the market is segmented as lithium nickel manganese cobalt oxide, lithium iron phosphate, lithium cobalt oxide, lithium titanate oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide. The lithium nickel manganese cobalt oxide segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. The higher share of the segment is attributed to the growing demand for lithium nickel manganese cobalt oxide used in batteries of mobile phones, laptops, automotive, tablets, power tools, and electrical storage systems.
Lithium-Ion Battery Market Share: By Voltage Type
Based on the voltage type, the market is segmented as low (below 12V); medium (12-36V); and high (above 36V). The high (above 36V) segment is estimated to remain the largest segment over the forecast period, owing to properties such as longer life and safety. Also, the largest contribution is attributed to the rising requirement for this voltage type in marine, electric vehicles, military, power, telecom, etc.
Lithium-Ion Battery Market Share: By Power Capacity Type
Based on the power capacity type, the market is segmented as 0 to 3,000 MAH; 3,000 to 10,000 MAH; 10,000 to 60,000 MAH; and above 60,000 MAH. The 3,000 to 10,000 MAH segment contributed for the highest share in 2019, owing to growing need for batteries with higher power capacity that can keep the device running for long hours. The segment is expected to maintain its dominance during the forecast period as well.
Lithium-Ion Battery Market Share: By Industry Type
Based on the industry type, the market is segmented as consumer electronics, automotive, aerospace & defense, marine, medical, industrial, power, and telecommunication. The automotive segment is likely to remain the largest segment during the forecast period driven by the growing adoption of electric vehicles.
Lithium-Ion Battery Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for lithium-ion batteries during the forecast period. The Asia-Pacific’s market is expected to expand with a lucrative CAGR owing to the well-established consumer electronics market in the region, especially in China. Further, the demand from the automotive industry in the region will also augment the regional growth. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.