With the mushrooming sales of electric vehicles, the demand for lithium-ion batteries is growing rapidly across the world. Due to the soaring air pollution levels and the fluctuating oil prices, the governments of many countries are implementing policies aimed at augmenting the deployment of electric vehicles. As per the Global EV Outlook 2018, 3.1 million electric passenger cars were sold around the world in 2017. This registered an increment of 57% from the electric passenger car sales recorded in 2016.
Due to the above-mentioned factors, the demand for lithium-ion batteries is increasing sharply all over the world, which is, in turn, fueling the expansion of the global lithium-ion battery market. As a result, the valuation of the market is predicted to rise from $33,720.8 million in 2018 to more than $106,493.0 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 21.8% from 2019 to 2024.
When type is taken into consideration, the market is divided into lithium-iron phosphate (LFP), lithium nickel manganese cobalt oxide (NMC), lithium cobalt oxide (LCO), lithium manganese oxide (LMO), and lithium nickel cobalt aluminum oxide (NCA). Out of these, the LFP category generated the highest revenue in the lithium-ion battery market in the past years. This was mainly because of the heavy usage of LFP batteries in consumer electronics products and electric vehicles in China.
Depending on application, the lithium-ion battery market is classified into automotive, consumer electronics, medical, aerospace and defense, industrial, and telecom categories. Out of these, the automotive category will demonstrate the fastest growth in the market in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the soaring sales of electric vehicles in various countries, on account of the escalating air pollution levels.
Therefore, it is quite clear that the sales of lithium-ion batteries will shoot up all over the world in the upcoming years, mainly because of their growing usage in consumer electronics products and the mushrooming deployment of electric vehicles in several countries.
Source: www.psmarketresearch.com
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