Newark, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 45.67 billion in 2022 lithium-ion battery market will reach USD 200.73 billion by 2030. Government policies have changed to become more sustainable and environment-friendly in response to growing concerns about climate change. However, the need for energy is growing at the same rate as worries about climate change. It is projected that global energy consumption will increase as developing nations industrialize. Smart power networks are being built along with the growing adoption of renewable energy sources for electricity production to combat climate change and satisfy growing energy demands. The growing adoption of renewable energy sources to combat climate change will augment the lithium-ion battery market as it is used as an energy storage system in these energy sources.
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Key Insight of the Lithium-ion battery Market
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in the lithium-ion battery market. China will dominate the Asia Pacific lithium-ion battery market. China is the world's largest manufacturer and consumer of electric vehicles, which explains the area's dominance in the market. China and India are two of the world's biggest polluters, and they bear a heavy burden in halting climate change by lowering their carbon emissions. The government's measures to boost consumer demand and manufacturing of electric vehicles through subsidies and incentives are doing well for the local market. Similarly, the regional lithium-ion battery market will be driven by the increased push toward constructing renewable energy infrastructure. A potential consumer market for electronics and electric cars exists due to the region's large population and expanding economy. Technology advancements in the Chinese and Japanese sectors will drive the regional lithium-ion battery industry.
The consumer electronics segment is expected to augment the lithium-ion battery market during the forecast period.
The application segment is divided into consumer electronics, energy storage systems, medical devices, automobile, industrial, telecommunications, aerospace, marine and others. The consumer electronics segment dominated the market with a revenue share of around 39% in 2022.
The lithium cobalt oxide segment market size is 15.07 billion in 2022
The type segment is divided into lithium cobalt oxide, lithium manganese oxide, lithium titanate oxide, lithium iron phosphate, lithium nickel cobalt aluminium oxide, lithium nickel manganese cobalt oxide, and others. The lithium cobalt oxide segment dominated the market with a market share of around 33% in 2022.
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Advancement in market
October 2022 - ASPILSAN started lithium-ion battery cell mass production. The Turkish Armed Forces Foundation subsidiary ASPILSAN Energy has declared that mass production of the lithium-ion rechargeable cell had begun in its Kayseri production facilities. ASPLSAN Energy anticipates producing about 22 million batteries annually with a total capacity of 220 megawatt-hours, given its ownership of the first cylindrical lithium-ion battery factory in Europe. The Turkish government provided ASPILSAN with incentives under the "Project-Based Incentive Support System" (PBIS), announced in the Official Gazette dated August 6, 2021. The PBIS Regime, unveiled in 2016 and implemented in 2018, offered incentives to businesses operating in strategic areas totalling more than USD 100 billion. Along with social security premiums, income tax withholding support, and energy support aids, the system provides exemptions from customs duties, VAT, and corporate taxes.
Market Dynamics
Driver: The increasing push towards developing renewable energy sources
Fossil fuels drive industrialization and urbanization in the 19th and 20th centuries. Fossil fuels have become scarce due to irresponsible exploitation, given their finite supply and non-renewable nature. Global warming results from the excessive and widespread use of fossil fuels. The overexploitation of fossil fuels led to global warming. Flash floods, heat waves, and frequent storms are all signs of the effects of global warming. There is a need to mitigate or reduce the temperature rise to avert the climate change crisis by promoting renewable energy sources. National governments worldwide are putting a greater emphasis on green development and providing significant money for producing renewable energy sources. Wind and solar energy both use energy storage systems based on lithium-ion batteries. Equipment powered by solar, wind, and lithium-ion batteries power other renewable energy sources. Therefore, the market for lithium-ion batteries will benefit greatly from a global move toward renewable energy sources.
Restraint: Overheating of batteries can cause fires
The lithium-ion batteries are complexly constructed pieces of machinery. When they are overworked or overheated, they are prone to catching fire. When their production process is not carried out with the utmost care, they are also more likely to catch fire, which could result in serious manufacturing anomalies. Lithium-ion batteries must be stored in dry, shaded areas because they cannot withstand high temperatures. These safety precautions are occasionally disregarded because of carelessness, which results in fires. Lithium-ion battery fires are now often reported on by news outlets. Negative media coverage damages a product's reputation and reduces its adoption rate. Therefore, the market's expansion will be constrained by the rising number of lithium-ion battery fires.
Opportunities: The increasing production and consumption of electric vehicles
Over the past few decades, the population's expanding disposable income has fuelled an increase in the desire for automobiles. Fossil fuels power the majority of conventional cars sold worldwide. However, they pollute the environment because they produce greenhouse gases or harmful fumes. These gases have a considerable impact on global warming, causing a climate change crisis. The closest alternative to traditional automobiles is the electric vehicle. The demand for electric vehicles has surged over the past few years as public awareness of climate change has expanded. Similarly, government programmes that support the creation and use of electric vehicles through subsidies and incentives are growing their market. As a result, the growing demand for electric vehicles will offer lucrative opportunities for the worldwide lithium-ion battery industry.
Challenge: Negative environmental effects associated with the disposal of lithium-ion batteries
Various chemicals or acids are used to produce or assemble lithium-ion batteries. They have unfavourable environmental effects because of their cobalt, nickel, and manganese content. Batteries no longer in use must be properly disposed of to prevent any harm to people or the environment. Batteries that are disposed of carelessly have the risk of catching fire, which can sometimes result in damage to property or fatalities. These batteries' detrimental effects on the environment have raised scrutiny and surveillance, which will limit market expansion.
Some of the major players operating in the lithium-ion battery market are:
• Automotive Energy Supply Corporation
• BAK Power
• BYD Company Ltd.
• Clarios
• Contemporary Amperex Technology Co. Ltd.
• Hitachi
• LG Chem
• Panasonic Corporation
• Samsung SDI Co. Ltd.
• Toshiba Corporation
Key Segments cover in the market:
By Application
• Consumer Electronics
• Energy Storage Systems
• Medical Devices
• Automobile
• Industrial
• Telecommunications
• Aerospace
• Marine
• Others
By Type
• Lithium Cobalt Oxide
• Lithium Manganese Oxide
• Lithium Titanate Oxide
• Lithium Iron Phosphate
• Lithium Nickel Cobalt Aluminium Oxide
• Lithium Nickel Manganese Cobalt Oxide
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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