Lithium-Ion Battery Market Driven by Increased Demand for Smartphones

Lithium-ion battery technology is the advanced battery technology poised to revolutionize the power storage sector in applications such as electronic gadgets, telecommunication, industrial, and aerospace. The increased use of lithium-ion batteries in electronic vehicles (EVs) and solar power grid storage system will propel the growth of the lithium-ion battery market. The cost of lithium-ion batteries for EVs has fallen because the scale of production for EVs increased. Prosperity is also the reflection of governmental emphasis on promoting the usage of fossil fuel alternatives. For instance, the Indian government recently announced that the reduction of Li-ion batteries GST rates from 28% to 18% which will positively impact the demand for lithium-ion batteries. According to the new market research report from IndustryARC, the global lithium-ion battery market was valued between $35 billion to $40 billion in 2018, and the demand is estimated to grow at a profitable CAGR ranging from 14% to 18% during the forecast period 2019-2025. With the successful deployment of indigenous lithium-ion batteries in various missions of ISRO, vikram Sarahi Space Centre (VSSC) is planning to transfer Li-ion technology to the automotive and electronics industries to establish production facilities of lithium-ion cells to fulfill power storage requirements of the country. Based on the geographical analysis provided by the IndustryARC report, APAC held the major revenue share of around 35% to 40% among other regions in the global lithium-ion battery market. The increased focus of the governments in this region towards reducing greenhouse gas emissions, incremented emphasis on solar energy, and the rise in number of power outages are major factors that will drive the lithium-ion battery market growth in this region. The information is based on a recent business intelligence report from IndustryARC, titled “Lithium Ion Battery Market: By Material Type (Cathode, Anode, Electrolytic Solution, Others (Separator, Binder, Foils, & others)) By Application (Electronics, Automotive, Industrial, Others (Energy, Medical, & Military)) & Geography - Forecast (2019 - 2025).” Global Lithium Ion Battery Market: Segment Analysis The analyst of the report has identified the automotive industry as the one holding the major share in the lithium-ion battery market, providing for incrementing demand at a CAGR of 20% to 24% during the forecast period. In the automotive industry, demand for lithium-ion batteries is driven by the production of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Li-ion batteries have begun to displace nickel metal hydride (NiMH) batteries in hybrid electric vehicles (HEV). Lithium-ion batteries have high potential power output, which makes them well-suited for automotive applications, which in turn uplifts the lithium-ion battery market in this key application. Global Lithium Ion Battery Market: Competitive Landscape Hitachi – In 2018, Hitachi and The Institute of Multidisciplinary Research for Advanced Materials of Tohoku University (IMRAM) announced the successful development of a high-safety prototype aqueous lithium-ion secondary battery using a new, hardly combustible electrolyte with a flash point higher than conventional organic electrolyte solutions.  This new development will ensure safety while increasing the capacity and energy density of lithium-ion batteries. Toshiba – In 2017, Toshiba developed Next-Generation Lithium-ion Battery with new anode material.  This new battery realizes the driving range of electric vehicles boosted to 320km on 6-minute, ultra-rapid recharge, triple that possible with the current lithium-ion battery. Conclusion Lithium-ion is a rechargeable battery with high potential power outputs, which makes it well-suitable for automotive applications. The lucrative use of lithium-ion batteries in EVs and consumer electronics as well as aerospace will attribute the growth of lithium-ion battery market for profitable future. Talk to one of our sales representative about the full report by providing your details in the link below: https://industryarc.com/support.php?id=15433 Related Reports: Battery Market https://industryarc.com/Report/15957/battery-market.html Lithium Polymer Battery Market https://industryarc.com/Report/17050/lithium-polymer-battery-market.html Lithium Iron Phosphate (LFP) Batteries Market https://industryarc.com/Report/15769/lithium-iron-phosphate-lfp-batteries-market.html