The consumer electronics category in the lithium ion battery market is expected to be the fastest-growing segment during the forecast period
The consumer electronics category is projected to grow the fastest during the forecast period. Consumer electronics items and portable devices both need portable batteries. Mobile phones, laptops, desktops, tablets, torches or lanterns, LED lighting, digital cameras, vacuum cleaners, wristwatches, calculators, hearing aids, and other wearable gadgets are just a few things that can use portable batteries. Commercial buildings, data centers, and institutions can also get backup power from lithium-ion batteries. Additionally, household solar P.V. systems favor lithium-ion batteries for energy storage. During the projection period, these factors will accelerate the expansion of the application segment for energy storage systems.
Automotive category of the lithium ion battery market to record the highest CAGR from 2022 to 2028
The automotive category is expected to account for the highest CAGR of the lithium ion battery market from 2022 to 2028. This is primarily because major emerging and developed nations are increasingly focusing on lowering carbon emissions and switching to electric cars (E.V.s). A record year for electric car sales, 2019 saw 2.1 million electric vehicle sales globally and 7.2 million electric vehicle inventories. Additionally, in 2019 the stock of electric vehicles increased by almost 40% year over year and represented about 1% of all vehicle sales internationally, accounting for 2.6% of all vehicle sales overall.
Asia Pacific is anticipated to grow at a significant rate in lithium ion battery market share from 2022 to 2028
Asia Pacific is the fastest-growing region in the lithium ion battery market. China dominates the Asia-Pacific region's lithium-ion battery market. Lithium-ion battery production is thought to be concentrated in China. The growth in demand for smartphones and tablets in developing nations like China, Japan, and India is driving the lithium-ion battery market in Asia-Pacific. Expanding disposable income and rising consumer awareness of lithium-ion batteries in the market throughout the projection period are two additional factors boosting the region's lithium-ion battery market.
Key Market Players:
Key players in the lithium ion battery market include Panasonic Corporation, BYD Company, Samsung SDI, L.G. Chem, Contemporary Amperex Technology Co. Ltd, Saft Group S.A., Toshiba Corporation, BAK Power, Automotive Energy Supply Corporation and A123 System.