Research Nester’s recent market research analysis on “Lithium-ion Battery Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global lithium-ion battery market in terms of market segmentation by type, component, capacity, application, and by region.
Growing Government Initiatives to Promote Global Market Share of Lithium-ion Battery
Many governing bodies worldwide are setting "zero carbon" goals, which has led to a higher demand for electric vehicles (EVs) and the lithium-ion batteries that power them. The UN reports that over 70 nations have committed to achieving a net-zero target, covering around 76% of global emissions, including the top three polluters: China, the United States, and the European Union.
The National Blueprint for Lithium Batteries, which lays out the industry's future from 2021 through 2030, was also made public by the White House. The blueprint's main objectives are to enhance raw material procurement, provide domestic lithium processing, and promote lithium recycling.
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Some of the major growth factors and challenges that are associated with the growth of the global lithium-ion battery market are:
Growth Drivers:
• Rising Adoption of Smartphones
• Enlargement of Renewable Electricity Sources
Challenges:
One major concern is the environmental impact of lithium extraction, handling, and disposal, as well as the production process itself.
One of the biggest problems with lithium-ion batteries is when they overheat due to a condition called thermal runaway. This occurs when the battery generates too much heat that triggers a chemical reaction, which further increases the temperature and leads to more reactions in a destructive chain.
By type, the market is segmented into lithium nickel manganese cobalt oxide (LI-NMC), lithium iron phosphate (LFP), and lithium cobalt oxide (LCO). In 2021, lithium cobalt oxide had the highest market share of 34.4% and is expected to continue expanding during the forecast period. The demand for batteries used in portable electronic devices, computers, digital cameras, and other electronics is steadily increasing. Additionally, these batteries are widely used in applications such as automobiles, telecom towers, and home inverters that require an uninterrupted power supply, further driving market growth.
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By region, the Asia Pacific lithium-ion battery market is estimated to hold the largest share of 48% by 2035 and is anticipated to grow during the forecast period. According to the China Association of Automobile Manufacturers (AMMA), China sold approximately 1.12 million battery electric vehicles (BEVs) in 2020 - making it the largest market for electric vehicles worldwide. This trend is expected to continue in the coming years. With the growing middle-class population in China and India, there is a rising demand for consumer electronics, which is prompting lithium-ion companies to make significant investments in these regions.
Europe is expected to hold a significant share of the market. Europe's automobile manufacturing market is expanding due to Germany's leadership in the industry. The need for lithium-ion batteries is on the rise as a result of the growing demand for energy storage solutions, the increase in electric vehicle usage due to environmental concerns, and significant investments in lithium-ion battery research projects.
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This report also provides the existing competitive scenario of some of the key players of the global lithium-ion battery market which includes company profiling of Seimens, Lyten, Inc, Yoshino Technology, Ascend Elements, Ola Electric, Hyundai Motor Group, Panasonic Holdings Corporation, Itochu Corporation, Suzuki Motor Corporation, TOSHIBA CORPORATION, and others.
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