Global New Energy Vehicle Lithium Ion Battery Market Outlook 2021: Opportunity and Demand Analysis & Market Forecasts, 2019-2028 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global New Energy Vehicle Lithium Ion Battery Market Outlook 2021: Global Opportunity and Demand Analysis, Market Forecast, 2019-2028” report has been added to ResearchAndMarkets.com’s offering.
Global New Energy Vehicle lithium-ion battery market size surpassed USD 40 billion in 2019 and is anticipated to grow at over 16% through 2028.
The surging demand for electric vehicles due to the continued concerns toward increasing pollution levels will positively impact the lithium-ion battery industry growth. The automotive segment accounted for the bulk of the market share in 2019.
Upward integration of electronics drives the market
The role of electronics has been pivotal in improving two aspects of auto performance: refining powertrain performance to scale back emissions and improve fuel consumption, and refining chassis, exterior, and interior to improve vehicle safety and comfort.
Electronics account for nearly 40% of the components in a conventional Internal Combustion Engine (ICE) vehicle, and this share can rise to 75% in hybrid and electric vehicles. These components represent around 25% to 30% of the production cost. These systems also represent 90% of automotive innovations. These innovations in safety, advanced connectivity, and expanded availability of telematics are expected to pave the way for the longer-term growth of electronics in automobiles.
The rising need for efficiency in automobiles has driven the development of innovative systems, which help conserve fuel. Start-stop systems shut down the engine while idling to conserve fuel. During this time, the electronics in the vehicle are powered by the battery, which also assists in restarting the engine. These developments have pushed the demand for advanced batteries with higher energy density.
Lithium Iron Phosphate to Make Crucial Contribution for Growth of Global New Energy Vehicle Lithium-Ion Battery
The Lithium Iron Phosphate (LFP) product type accounted for over USD 4.8 billion in 2019. These batteries offer a long-life span and excellent safety to the merchandise. Growing demand for LFP batteries in stationary and portable devices, as they have high load currents and sturdiness, is predicted to drive the marketplace for lithium-ion batteries.
Lithium Cobalt Oxide (LCO) was the prominent segment and accounted for 18.3% of the worldwide revenue share in 2019. Growing adoption of Lithium Nickel Manganese Cobalt (NMC) in electric bikes, power tools, and other electric powering trains on account of their lower cost, longer cycle life, and better energy density will fuel its demand over the projected period. This battery offers overall performance, excels on detailed energy, and holds high capacity and power. The segment is predicted to witness a CAGR of 12.3% from 2019 to 2028 within the marketplace for lithium-ion batteries.
The consumer electronics segment held the most important market share of 26.2% in 2019. The growth of the segment is attributed to the increasing use of lithium-ion batteries in portable consumer electronics devices due to high energy density and safety levels. The automotive segment accounted for 17.6% of the total revenue in 2019.
The industrial segment is predicted to dominate the lithium-ion battery market and is probably going to value USD 24.9 billion by 2028. The consumer electronics application segment owing to the high reliability and durability of the lithium-ion battery in appliances such as smartphones and laptops. The growing electronics industry in countries like South Korea, Japan, China, and Taiwan.
North America dominated to witness the fastest growth in Global New Energy Vehicle Lithium-Ion Battery
North America, Europe, and Asia Pacific regions account for over 90% of the worldwide market share for lithium-ion battery units in 2019. Rising demand for top energy density batteries alongside the growing penetration of consumer products has fueled the adoption of those units.
The continued growth of the e-commerce industry has fueled the demand for consumer electronics on a worldwide scale, thereby complementing the market demand for lithium-ion battery units
Asia Pacific region is witnessing an e-commerce revolution accounting for the most important share of the world’s B2C e-commerce market. The e-commerce boom has enhanced the adoption of consumer electronics across the region thereby witnessing a cyclical demand for lithium-ion battery units.
Some of the prominent players in the lithium-ion battery market include:
- GS Yuasa International Ltd.
- BYD Company Ltd.
- A123 Systems LLC
- Hitachi Chemical Co., Ltd.
- Shenzhen Huayu New Energy Technology Co., Ltd.
- Johnson Controls
- NEC Corporation, Panasonic Corporation
- Samsung SDI Co., Ltd.
- Toshiba Corporation
- LG Chem Ltd.
Scope of the Report
- Aluminum foil
- Copper foil
- Consumer Electronics
- North America
- Asia Pacific
- Rest Of World
For more information about this report visit https://www.researchandmarkets.com/r/yods1
Laura Wood, Senior Press Manager
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