Competitiveness of lithium ion battery manufacturing companies is strongly linked to demand of efficient and rechargeable battery

Date: 1 March 2020

According to a research report published by Azoth Analytics in January 2020, the Global Lithium ion Battery Market was valued at USD 21,850.65 Million in the year 2019. The Lithium ion Battery market is expected to grow at a rapid pace during the forecast period. Demand of sustainable development and green growth, increasing urbanization and increasing demand of EVs are the key drivers of the market across the globe. Additionally, adoption of technologies to improve rechargeable battery will drive the Lithium ion Battery market value in the near future.

The Azoth Analytics research report Lithiumion Battery Market  has analysed and segmented the Lithium ion Battery market by Value (USD Million). The report has further analysed the Lithium ion Battery market by End user (Industry, Electronics and Automotive) and Compound types (Lithium Cobalt Oxide, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide and Others). The Global Lithium ion Battery market has been analysed By Region (Americas, Europe, Asia Pacific, and M.E.A) and By Country (United States, Canada, Mexico, Brazil, Germany, France, United Kingdom, China, Japan and South Korea) for the historical period of 2015-2019 and the forecast period of 2020-2025.

The driving factors for the Lithium ion Battery market has been the increase in demand of Electric Vehicles which are eco- friendly. And the need of consumers in portable electronic devices was the primary reason for the introduction of new technologies and new regulations. The main growth in Lithium ion Battery market has been registered from Asia-Pacific countries in 2019. These nations are fast developing and urbanisation is also rising due to which demand of consumer electronics is increasing which is one of the largest factors to drive lithium ion battery market. Demand of sustainable development, increasing urbanization, demand for automotive vehicles and rising demand for advanced electronics gadgets are some of the driving factors which is anticipated to propel the market value in forecast period. 

Some of the factors such as growth in developing countries, demand of sustainable source for eco-friendly resources, demand of automotive vehicles, rising demand of consumer electronics, are expected to augment the market growth rate. Despite of the hazardous effect of lithium on environment, the development of new technologies to reduce the effect and the benefits of lithium ion battery has put the Lithium ion battery market among the top ranks in the global rechargeable battery competition arena. Additionally, the competitiveness of lithium ion battery manufacturing companies is strongly linked to demand of efficient and rechargeable battery, demand of Electric vehicles, which is making every country to invest in this sector. In order to face its Asian competitors, the European industry has adopted clear specialization strategy in higher value-added and technologically advanced and environment friendly battery which is infusing market growth.