Rechargeable Poly Lithium Ion Battery Market Size Is Poised To Reach $197.9 Billion By 2027: Grand View Research Inc.

 


The global rechargeable poly lithium ion battery market size is expected to reach USD 197.9 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% from 2020 to 2027. Growing sales of electric vehicles and variation in customer’s preferences are expected to boost the market growth.

The market has become the dominant battery market for consumer electronic devices and is assured to become routine place for transportation, industrial, and power-storage systems. From a technological point of view, because of high energy density, demand for rechargeable poly lithium ion batteries has been driven by rapid growth of portable electronic equipment, such as laptops, mobiles, and digital cameras.

Additionally, product demand has been enhanced by the anticipation that rechargeable batteries will play as an important alternative energy technology used in electric bikes (e-bikes), hybrid vehicles, stationary energy storage, electric vehicles (EVs), and plug-in hybrid electric vehicles (PHEVs) applications, such as medical, solar power storage, data center, telecommunication, unmanned vehicles, telecom sector, remote stations, and remote location batteries.

The electric vehicles segment application dominated the overall market and accounted for 32.2% share of the total revenue in 2020. The power application segment is expected to register the fastest CAGR of 7.8% from 2020 to 2027.

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The need for energy-efficient and eco-friendly products has led to a rising focus on electric vehicles (EV). Hybrid electric vehicles (HEVs) require a battery and combustion engine in tandem and have witnessed an upsurge in demand. The battery in EVs can be plugged in for charging into the electric grid or a designated public charging station. Since HEVs use both fuels as well as electric power, the battery can capture energy lost at the time of braking by using the electric motor.

Rechargeable Poly Lithium Ion battery Market Report Highlights

  • By structure, the cylindrical battery segment accounted for the largest revenue share in 2020
  • The prismatic battery is expected to witness the fastest growth over the forecast period
  • Asia Pacific is projected to grow at a substantial rate throughout the forecast period. India is expected to account for a considerable share in the Asia Pacific region over the forecast period
  • North America is likely to expand at a moderate growth rate during the projected period.

These batteries are used in consumer electronic goods, which include laptops, hybrid electric vehicles (HEVs), electric vehicles (EV), and digital cameras. Compared to conventional parts, the compacted size of the battery and its effectiveness have led to an upsurge in the product demand and penetration in the market. Lithium metal is integrally unstable at the time of charging, and hence it has shifted the research focus from metallic to non-metallic lithium ions. The energy efficiency of the non-metallic lithium-ion is double that of cadmium-nickel batteries.

The batteries having high energy density offer an excellent low temperature, load, and cycle characteristics. As a result, it rapidly became a vital source of power for video and audio equipment, laptops, mobile phones, and other portable equipment. Based on the structure, the market is segregated as cylindrical and prismatic (flat rectangle) battery. The cylindrical battery led the market and accounted for 57.6% share in 2020. This product finds its major application in consumer electronics and electric vehicles.

Growing demand for consumer electronic devices is also a driving factor for the segment. Rising inclination towards consumer electronic devices, such as laptops, has led to high production of the product. Additionally, trends such as bring your device have caused demand for the product. Form factors have been changing and demand for laptops and netbooks exists in the enterprise as well as personal space, giving a push to the market growth. Expansion and growth in disposable income in emerging countries of Asia Pacific are also likely to favor the market outlook.

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The market is moderately consolidated. Key players are taking up various growth strategies to strengthen their position in the market. For instance, in 2020, Toshiba Corporation announced that Nissan Motor Co. has selected SCiB lithium-ion rechargeable battery for its latest generation of ROOX highway Star and ROOX cars. This battery will be integrated into the recuperation battery system supplied by Marelli Corporation to Nissan Corporation. In 2018, Toshiba Corporation announced its investment of 16.2 billion yen in a second manufacturing facility in Japan for super charge ion battery (SCiB) rechargeable lithium-ion batteries, hopeful to meet the growing demand for these batteries in energy storage systems and electric vehicles. Some of the prominent players in the global rechargeable poly lithium-ion battery market are:

  • Sony
  • Nikon
  • Fujifilm
  • Olympus
  • Motorola
  • 3M
  • Koninklijke Philips N.V.
  • Kodak
  • Maxell
  • Nippon Chemicals
  • YOK Energy
  • Shenzhen Honcell Energy Co. Ltd.
  • LiPol Battery Co. Ltd.

Grand View Research has segmented the global rechargeable poly lithium ion battery market based on structure, application:

Rechargeable Poly Lithium Ion Battery Structure Outlook (Revenue, USD Billion, 2016 - 2027)

  • Cylindrical
  • Prismatic

Rechargeable Poly Lithium Ion Battery Application Outlook (Revenue, USD Billion, 2016 - 2027)

  • Electric Vehicles
  • Consumer Electronic
  • Power
  • Industrial
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

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