- Growing sales of electric vehicles and variation in customer’s preferences are expected to fuel the growth.
- The prismatic battery is expected to witness the fastest growth over the forecast period
The global rechargeable poly lithium ion battery market size is expected to reach $197.9 billion by 2027 as per a report by Grand View Research. It also said that this market will expand at a CAGR of six per cent from 2020 to 2027. As per the report, growing sales of electric vehicles and variation in customer’s preferences are expected to fuel the growth.
The report said that the market has become the dominant battery market for consumer electronic devices and will become a routine place for transportation, industrial, and power-storage systems. It added that from a technological point of view, because of high energy density, demand for rechargeable poly lithium ion batteries has been driven by the rapid growth of portable electronic equipment like laptops, mobiles, and digital cameras.
As per the report, by structure, the cylindrical battery segment accounted for the largest revenue share in 2019. The prismatic battery is expected to witness the fastest growth over the forecast period.
India is expected to account for a considerable share in the Asia-Pacific region
The report said that the Asia-Pacific is projected to grow at a substantial rate throughout the forecast period. India is expected to account for a considerable share in the Asia Pacific region over the forecast period. North America is likely to expand at a moderate growth rate during the projected period.
As per the report, product demand has been boosted by the anticipation that rechargeable batteries will play as an important alternative energy technology used in electric bikes (e-bikes), hybrid vehicles, stationary energy storage, electric vehicles (EVs), and plug-in hybrid electric vehicles (PHEVs) applications. These applications include medical, solar power storage, data center, telecommunication, unmanned vehicles, telecom sector, remote stations, and remote location batteries.
The report said that the EV segment application dominated the overall market and accounted for 32.2 per cent share of the total revenue in 2019. It added that the power application segment is expected to register the fastest CAGR of 7.8 per cent from 2020 to 2027.