Lithium-Ion Battery Market Size to 2027
Lithium-Ion batteries are a kind of rechargeable battery which is being widely used in various industries for various purposes. Lithium-Ion batteries have proven to be very efficient with good life cycle which is creating a positive impact on the market and is helping to create demand.
In the last few years, the market for lithium-ion batteries has seen tremendous growth due to the increasing demand for consumer electronic products around the world, as well as emerging concepts of IoT and smart cities where the supply of power is an important concern. High growth in the automotive sector and electric vehicles is also one of the major driving factors for the market.
As the new technologies and products are emerging which need a portable power source, lithium-ion batteries are becoming an important source of energy. Furthermore, government initiatives towards the use of 'natural' energy and increasing scarcity of fossil fuel is also pushing companies to develop energy efficient systems which can support the growing demand for energy.
The global Industry is segmented into type, component, voltage, application and region. By type the segment is further classified into skid mounted and mobile Lithium-Ion Battery Market Forecasts 2027. By component, the segment is further classified into switchgear, bus bar, HVAC systems, transformer, frequency drives, monitoring and control systems and others. By voltage, the segment, is further classified into low voltage and medium voltage Lithium-Ion Battery Market.
Top market players include: Panasonic Sanyo (Japan), Automotive Energy Supply Corporation (AESC) (Japan), LG Chem. (South Korea), SAMSUNG SDI Co., Ltd. (South Korea), Li-Tec Battery GmbH (Germany), Toshiba (Japan), A123 Systems (U.S.), GS Yuasa (Japan), SK Energy (South Korea), BYD (China), Sony Corporation (Japan), Beijing Pride Power (BPP) (China), BAK Group (China), Toshiba Corporation (Japan), Valence Technology, Inc.(U.S.), Hitachi Chemical Co. Ltd.(Japan), Johnson Controls, Inc.(U.S.), Saft Groupe SA (France), TDK Corporation(Japan)
The global Lithium-Ion Battery Industry faces challenges from vendor dependency, security issues, and other factors, which have restrained market growth.
The market benefits from the increasing research and development activities, resulting in the introduction of environmentally-friendly products that not only dissipate lower amount of heat but have enhanced mechanical properties. Another key trend is the increasing focus on the electrification of vehicles, which is also giving rise to the production of light-weight vehicles and automotive brake friction products.
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