The Global Lithium-Ion Battery Market is expected to reach almost $19 billion by 2020, with a share of more than 90% in North America. Applications such as electric and plug-in hybrid vehicles, robotics, and material handling equipment will be the primary consumers of these batteries, as well as smart grid and solar backup power systems. The growth of Industry Lithium-Ion Batteries is expected to continue, however, as demand continues to rise.
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Market share of North America
According to a recent study, the market for industrial lithium battery manufacturer is set to grow at a CAGR of over 9% during the forecast period (2018-2027). Despite the significant challenges faced by the industry, the COVID-19 pandemic is expected to moderately affect the market during the forecast period. This pandemic induced severe disruptions in global trade, industrial sectors, and the economy, as the region was exposed as a major supplier of essential raw materials. Other factors driving the market are the decreasing price of lithium-ion batteries and the increasing demand for fuel-cell electric vehicles.
During the forecast period, the Asia-Pacific region will represent the largest market for lithium-ion batteries. In North America, the industry is projected to witness moderate growth with the growth in urbanization and consumer spending. Tesla Inc., Panasonic Corporation, LG Chem Ltd, and other companies dominate the North American market. The North American industry is relatively fragmented with a number of prominent companies in the region.
Market share of Asia-Pacific
Lithium-ion batteries are rechargeable energy storage units that utilize lithium as their primary electrochemistry constituent. They https://www.lithiumforkliftbattery.com/ are used in a wide variety of products, including wireless headphones, toys, handheld power tools, electric vehicles, and electrical energy storage systems. This report analyzes the key factors influencing the market and provides insights on the various technologies and applications used in the industry. Here, we discuss the advantages and disadvantages of lithium-ion batteries.
The Asia-Pacific battery market is segmented by type, technology, application, and geography. This report analyzes the market size and forecast for each segment. By type of battery, this report provides market estimates of Asia-Pacific lithium-ion batteries. The research is based on company-level data to provide market size and growth estimates. This study also includes qualitative data such as company profiles. For instance, it shows the competitive landscape of the industry.
Market share of Europe
The battery market in Europe is highly fragmented, with a few major players. These players include BYD Company Limited, Contemporary Amperex Technology Co. Limited, FIAMM SpA, Tesla Inc., and Samsung SDI. These players are increasingly moving towards making their batteries in Europe. As a result, this segment is expected to grow faster than most other areas of the world.
Impact of COVID-19 on the lithium-ion battery market
The COVID-19 pandemic has caused a major disruption to the industry, as it has prompted the government of several nations to impose quarantine measures. The quarantine measures have impacted the daily operations of manufacturers, particularly smaller ones. This virus is now spreading to India, and the focus should be on fostering indigenous ecosystem development. Hence, this report provides an analysis of the COVID-19’s impact on the industry.
The COVID-19 pandemic has affected nearly every sector of production, including the lithium-ion battery industry. Due to the lockdown of manufacturing facilities and import/export, demand for lithium-ion batteries has fallen. In addition, the shortage of batteries in China is affecting the global lithium-ion battery market. In addition, the declining price of lithium carbonate has impacted the industry’s growth.