The electric and hybrid electric vehicle market is projected to witness lucrative growth over the forecast period.
#Lithium ion batteries portable
The applications of portable batteries include mobile phones, laptops, computers, tablets, torches or flashlights, LED lighting, vacuum cleaners, digital cameras, wristwatches, calculators, hearing aids, and other wearable devices. Portable batteries are incorporated in portable devices and consumer electronic products. The consumer electronics segment held the largest revenue share of over 40.0% in 2021. LTO offers various properties including safety, low-temperature performance, and high lifespan, which is expected to fuel the segment growth over the forecast period. Increasing consumption of lithium titanate in various applications including electric powertrains, streetlights, UPS, and solar-powered street lighting is likely to fuel segment growth over the coming years. NCA finds use in EV vehicles, medical devices, and industrial applications. Rising demand for NCA on account of its high specific energy, specific power, and long lifespan is expected to augment the market growth over the forecast period. Lithium iron phosphate batteries are projected to become more prominent in portable and fixed applications that demand high load currents and endurance. LFP batteries offer excellent safety and a long lifespan to the product. High demand for LCO batteries in mobile phones, tablets, laptops, and cameras on account of their high energy density and high safety level is expected to augment the market growth over the forecast period. The LCO segment accounted for the largest revenue share of over 30.0% in 2021. Vendors are opting for digital tools and are following prescribed preventative measures including social distancing norms and the use of protective kits in case of on-site inspection and repair services required by end-users on a case-to-case basis. Battery providers have taken subsequent steps to ensure their services to end-users who have signed long-term contracts with them. Growing automobile production in the country is anticipated to drive the demand for lithium-ion batteries.ĬOVID-19 has been a major restraint to the market growth owing to several factors including reducing operational costs by end-users, coupled with disruption in the availability of spare parts due to sluggish manufacturing activities and logistics issues. It is the fourth-largest exporter in the automobile industry, after Germany, Japan, and South Korea. Mexico has been the primary focus of the global automobile industry as companies worldwide are eyeing to invest in the country. In addition, the decline in demand for lead-acid batteries owing to EPA regulations on lead contamination and resulting environmental hazards, coupled with the regulations on lead-acid battery storage, disposal, and recycling, has led to an increase in the demand for lithium-ion batteries in automobiles. In addition, increasing demand for electric vehicles owing to growing consumer awareness regarding reducing global carbon emissions is expected to fuel market growth. Increasing demand for lithium-ion batteries in smartphones owing to their extended shelf life and enhanced efficiency is expected to drive the market. The new Corporate Average Fuel Economy standards (CAFE) mandate the fuel economy of passenger cars and light commercial vehicles plying on roads in the U.S., resulting in the surged adoption of electric vehicles in the country.
The federal policies include the American Recovery and Reinvestment Act of 2009, which offer tax credits to consumers for purchasing electric vehicles. owing to supportive federal policies, coupled with the presence of market players in the country, are expected to drive the demand for lithium-ion batteries in the U.S. Increasing sales of electric vehicles in the U.S. emerged as the largest market in North America with a revenue share of over 75.0% in 2021.
#Lithium ion batteries registration
The worldwide registration of electric vehicles is anticipated to increase significantly over the forecast period. The automobile sector is expected to witness significant growth owing to the rising adoption of electric vehicles. The global lithium-ion battery market size was valued at USD 41.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030.