What is a Lithium-Ion battery?
The lithium-Ion battery is a type of rechargeable battery that is growing popular in different scenarios. These lithium-Ion batteries are generally used in portable electronics and electric vehicles. Also, the use is extending into military and aerospace applications. As it is rechargeable, so it is easier to use in scenarios where more power is required. People can recharge the lithium-Ion batteries with electricity.
Why need of Lithium-Ion battery?
- Rechargeable so many times:
Lithium-Ion batteries can be recharged more than hundreds of times and remain stable. That’s why lithium-Ion batteries are increasing exponentially. To increase a shape, the global market of lithium-Ion batteries in 2019 was around $32.19 billion. And it was expected to reach almost about $34.21 billion in the year 2020.
- Higher power efficiency:
There are so many other options available in the market if we consider rechargeable batteries. But what makes lithium Ion batteries unique is their power efficiency. These batteries have a higher energy density, voltage capacity. To increase their power efficiency more, lithium Ion batteries also have lower self-discharge rates. These traits make the lithium Ion battery different from other rechargeable batteries.
Global Market value of Lithium-Ion battery:
The global Lithium-Ion Battery market is increasing due to the increased use of automobiles, electric and hybrid vehicles. Its use is further increased due to the heavy use of laptops and smartphones, mostly by the youth population.
Apart from its power efficiency, as mentioned above, it has a longer service life. Hence, Lithium-Ion batteries are more preferred than others. A lithium-Ion battery cost was 805.3 USD/KWh, whereas a lead-acid battery was 172.6 USD/KWh. This shows that the price of lithium-Ion batteries is high as compared to lead-acid. But in the past few years, the cost has decreased by 15% every year due to higher production. However, the price is still high in comparison to other batteries available in the market. This high price is the main obstacle to the growth of lithium-Ion batteries. But keeping its advantages in mind, it is expected that people will adopt this.
Related project: – Lithium Ion Battery
Area wise key findings values of lithium-Ion batteries:
The market for lithium-Ion batteries is increasing. If we analyze it area-wise, then the following will be the findings.
- Looking at the global market, the only Asia Pacific and North America constitute 72.8% of the lithium Ion battery, the Asia Pacific having a 39.9% share in it in the year 2019.
- During the analysis period, North America experiences a rapid CAGR growth of almost 18.7% per year.
- But the Asia Pacific is expected to dominate the global market of lithium-Ion batteries in Hera’s to come.
- Talking about years to come, Mexico is expected to experience a CAGR growth of nearly 19.9% per year.
Expected Global Market growth of Lithium-Ion battery:
According to different studies, the global market of Lithium-Ion batteries was around $32 billion to $36 billion in the year 2019. It is expected to reach almost $129 billion by 2027.
The study shows that this lithium-Ion battery market will experience a rapid CAGR growth of around 18% per year, and hence the market will achieve the goal by 2027.
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Conclusion:
The Lithium-Ion battery market is competitive and challenging due to so many small scales and large scale manufacturers in different countries like Japan, China, and the US. However, this field has experienced unstable raw material prices, less adoption by people due to the higher cost of the predeceased in the past years and will do so as forecasted.
The reports by NPCS on the market of lithium Ion battery and its detailed market ups and downs will help people know more and make better decisions.
To grow this market more, the price of the batteries should be less. And the market can achieve a lesser price by increasing the production of the lithium-Ion battery.
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