The changing dynamics Lithium-Ion Battery Market with covid-19 impact assessment
The unexpected
shifts in the global markets because of the sudden outbreak of the COVID-19
virus have brought many major and minor tremors to industries of all sizes
including Lithium-Ion Battery Market.
It was
estimated prior to this unanticipated outbreak Lithium-Ion Battery Marketwill
reach CAGR
of 16.1% during the forecast period. However, the gradual slowing down
of industries will undoubtedly impose limits on the previously estimated growth
rate.
Lithium-Ion
Battery Market Insights
Lithium-ion
battery market is
likely to witness an impressive CAGR of
16.1% during the forecast period. The major demand for
lithium-ion batteries is mainly driven by the increasing demand for consumer
electronic products, which is bolstering the growth of the market.
Market
Share Analysis
Lithium-Ion Battery Market Share: By Material Type
Based on the
material type, the market is segmented as lithium nickel manganese cobalt
oxide, lithium iron phosphate, lithium cobalt oxide, lithium titanate oxide,
lithium manganese oxide, and lithium nickel cobalt aluminum oxide. The lithium nickel manganese cobalt oxide
segment held the largest share of the market in 2019, and is expected to remain
dominant during the forecast period. The higher share of
the segment is attributed to the growing demand for lithium nickel manganese
cobalt oxide used in batteries of mobile phones, laptops, automotive, tablets,
power tools, and electrical storage systems.
Lithium-Ion Battery Market
Share: By Voltage Type
Based on the
voltage type, the market is segmented as low (below 12V); medium (12-36V); and
high (above 36V). The
high (above 36V) segment is estimated to remain the largest segment over
the forecast period, owing to properties such as longer life and safety. Also,
the largest contribution is attributed to the rising requirement for this
voltage type in marine, electric vehicles, military, power, telecom, etc.
Lithium-Ion Battery Market
Share: By Power Capacity Type
Based on the
power capacity type, the market is segmented as 0 to 3,000 MAH; 3,000 to 10,000
MAH; 10,000 to 60,000 MAH; and above 60,000 MAH. The 3,000
to 10,000 MAH segment contributed for the highest share in
2019, owing to growing need for batteries with higher power capacity that can
keep the device running for long hours. The segment is expected to maintain its
dominance during the forecast period as well.
Lithium-Ion Battery Market
Share: By Industry Type
Based on the
industry type, the market is segmented as consumer electronics, automotive,
aerospace & defense, marine, medical, industrial, power, and
telecommunication. The
automotive segment is likely to remain the largest segment during
the forecast period driven by the growing adoption of electric vehicles.
Lithium-Ion Battery Market
Share: By Region
In
terms of regions, Asia-Pacific is estimated to be the largest market for lithium-ion batteries
during the forecast period. The Asia-Pacific’s market is expected to expand
with a lucrative CAGR owing to the well-established consumer electronics market
in the region, especially in China. Further, the demand from the automotive
industry in the region will also augment the regional growth. North America and
Europe are also expected to offer considerable growth opportunities during the
forecast period.