- Asia pacific region is projected to continue to dominate the market, with more than 15 percent CAGR.
- Automotive segment is anticipated to be the fastest growing segment in the coming years.
The global lithium-ion battery market size is estimated to touch nearly USD 105.0 billion by 2025, owing to the increasing demand for consumer electronics and electric vehicles, according to a report by Adroit Market Research.
As predicted by to the Swiss Bank, electric vehicles will account for approximately 14 percent of global car sales by 2025.
The demand for lithium-ion batteries (LIBs) is expected to increase in economies with developed renewable energy sector. This is because batteries are compatible with renewable energy.
Market Report 2018
Asia pacific region dominated the global battery market for lithium-ion in 2018 with a market revenue share of more than 45 percent. It is projected to showcase a similar trend over the forecast period (2019 to 2025) with more than 15 percent CAGR.
Lithium-cobalt oxide battery dominated the market with a revenue share of more than 30 percent last year, both in terms of volume as well as value.
The consumer electronics segment accounted for a major market revenue in the year 2018 and is expected to maintain its prominent position over the forecast period.
Global Lithium-Ion Battery Market to Attract Automotive Sector in Future
Automotive segment is anticipated to be the fastest growing segment in the coming years. Fast-paced development of the electric vehicles sector is the key reason behind the growing usage of lithium-ion batteries in the automotive industry.
Currently, China holds the command across the lithium-ion battery value chain. Considering its dominant position, the report noted, many automobile and electronics manufacturers are shifting their manufacturing operations base in China in order to reduce the labour and logistic costs and to gain access to uninterrupted raw material supply.
In addition, the report projected that the value of the global energy storage market will hit USD 100 bn by 2020, growing at a CAGR of 9 percent from 2010-20.
The value of the global energy storage market was USD 44 bn in 2010.