Supportive government initiatives towards the adoption of batteries, growing demand for lithium ion batteries in electric vehicles, increase in demand for material handling equipment and automation in various industries, and growing demand for consumer electronics are expected to drive the growth of the lithium ion battery market.
The global lithium ion battery market was valued at USD 29.27 billion in 2018 and is expected to reach USD 95.89 billion in 2026, growing at a CAGR of 16.4% during the forecast period.
Lithium ion battery features high energy density, high discharge power, and low impact of time. The lithium ion battery can be formed in any shape and provide a high current density and are ideal for consumer mobile electronic equipment.
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Lithium ion battery has a huge application in the consumer and automotive industry. It is used in a variety of electric vehicles. The electric vehicles require high energy storage and rechargeable battery packs and recyclable batteries, hence the lithium ion batteries are the ideal solution for an electric vehicle. The supportive government initiatives towards the adoption of lithium ion batteries and the growing development of laptops, smartphones, and an increase in demand for consumer electronics across the globe further boost the demand for lithium ion batteries.
Rising demand for lithium ion battery in end-use industries like material handling equipment, automotive, consumer electronics, and industrial usage in emerging countries is the key factors attributed to the market growth. Furthermore, the increasing awareness of the environment and increase in demand for high battery capacity with less maintenance is expected to fuel the market growth during the forecast period. On the other hand, safety issues and storage, transportation and aging of batteries are acting as a restraint to this market. However, continuous development in lithium ion battery for various new applications in end-use industries is expected to create major growth opportunities during the forecast period.
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