The global rechargeable poly lithium-ion market size was valued at USD 124.5 billion in 2020 and is expected to reach USD 187 billion by 2027 at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027. The market is majorly driven by growing demand for rechargeable poly lithium-ion battery in electric vehicles and grid storage as it is lightweight and offers high-energy density solutions. Rise in the registration of electric vehicles (EVs) and simultaneous decrease in lithium-ion battery costs are estimated to augment market growth over the forecast period. Moreover, increase in the sales of electric vehicles and change in client preferences are likely to drive the market for rechargeable poly lithium-ion battery at the global level.
The need for energy-efficient and eco-friendly products has led to a rising focus on electric vehicles (EV). Hybrid electric vehicles (HEVs) require a battery and combustion engine in tandem and have witnessed an upsurge in demand. The battery in EVs can be plugged in for charging into the electric grid or a designated public charging station. Since HEVs use both fuels as well as electric power, the battery can capture energy lost at the time of braking by using the electric motor.
Based on the structure, the market is segregated as cylindrical and prismatic (flat rectangle) battery. The cylindrical battery led the market and accounted for 57.6% share in 2020. This product finds its major application in consumer electronics and electric vehicles.
Growing demand for consumer electronic devices is also a driving factor for the segment. Rising inclination towards consumer electronic devices, such as laptops, has led to high production of the product. Additionally, trends such as bring your device have caused demand for the product. Form factors have been changing and demand for laptops and netbooks exists in the enterprise as well as personal space, giving a push to the market growth. Expansion and growth in disposable income in emerging countries of Asia Pacific are also likely to favor the market outlook.
The prismatic battery structure, also known as flat rectangle battery, is expected to expand at the fastest CAGR of 7.1% from 2020 to 2027. Prismatic structure provides a space-saving solution for protecting a higher energy lithium polymer, which is used in tablets and ultra-thin notebooks.
The Rechargeable Poly Lithium-Ion Battery market is segmented on the basis of structure, application and region. On the basis of structure Cylindrical, Prismatic. On the basis of application Electric Vehicles, Consumer Electronics, Power, Industrial, Others.
Asia Pacific accounted for the largest revenue share of 33.0% share in 2020. It is expected to maintain its lead over the forecast period. This is attributed to high awareness among customers regarding sustaining an eco-friendly environment. The customers in this region can afford the product as they have high disposable earnings.
Increasing demand for tablets and mobiles across various countries, including India, China, Thailand, and Japan, is expected to enhance industry growth over the forecast period. An increase in lithium-ion battery production capacity in China by various companies, including Panasonic, Amperex Technology Limited, and LG Chem, along with increasing government subsidies for electric vehicles, is expected to create vast growth potential for the market over the projected period.
North America is likely to witness substantial growth over the forecast period due to growing consumer electronics and electric vehicle sales across countries, like the U.S. and Mexico. The ever-increasing demand for the product in mobiles owing to its enhanced efficiency and extended battery life is expected to drive the market. Europe and North America are significant regional markets on account of high consciousness regarding the need for energy-efficient batteries.
Key players are: Sony; Nikon; Fujifilm; Olympus; Motorola; 3M; Koninklijke Philips N.V.; Kodak; Maxell; Nippon Chemicals; LiPol Battery Co. Ltd.; YOK Energy; Shenzhen Honcell Energy Co. Ltd.
The need for energy-efficient and eco-friendly products has led to a rising focus on electric vehicles (EV). Hybrid electric vehicles (HEVs) require a battery and combustion engine in tandem and have witnessed an upsurge in demand. The battery in EVs can be plugged in for charging into the electric grid or a designated public charging station. Since HEVs use both fuels as well as electric power, the battery can capture energy lost at the time of braking by using the electric motor.
Based on the structure, the market is segregated as cylindrical and prismatic (flat rectangle) battery. The cylindrical battery led the market and accounted for 57.6% share in 2020. This product finds its major application in consumer electronics and electric vehicles.
Growing demand for consumer electronic devices is also a driving factor for the segment. Rising inclination towards consumer electronic devices, such as laptops, has led to high production of the product. Additionally, trends such as bring your device have caused demand for the product. Form factors have been changing and demand for laptops and netbooks exists in the enterprise as well as personal space, giving a push to the market growth. Expansion and growth in disposable income in emerging countries of Asia Pacific are also likely to favor the market outlook.
The prismatic battery structure, also known as flat rectangle battery, is expected to expand at the fastest CAGR of 7.1% from 2020 to 2027. Prismatic structure provides a space-saving solution for protecting a higher energy lithium polymer, which is used in tablets and ultra-thin notebooks.
The Rechargeable Poly Lithium-Ion Battery market is segmented on the basis of structure, application and region. On the basis of structure Cylindrical, Prismatic. On the basis of application Electric Vehicles, Consumer Electronics, Power, Industrial, Others.
Asia Pacific accounted for the largest revenue share of 33.0% share in 2020. It is expected to maintain its lead over the forecast period. This is attributed to high awareness among customers regarding sustaining an eco-friendly environment. The customers in this region can afford the product as they have high disposable earnings.
Increasing demand for tablets and mobiles across various countries, including India, China, Thailand, and Japan, is expected to enhance industry growth over the forecast period. An increase in lithium-ion battery production capacity in China by various companies, including Panasonic, Amperex Technology Limited, and LG Chem, along with increasing government subsidies for electric vehicles, is expected to create vast growth potential for the market over the projected period.
North America is likely to witness substantial growth over the forecast period due to growing consumer electronics and electric vehicle sales across countries, like the U.S. and Mexico. The ever-increasing demand for the product in mobiles owing to its enhanced efficiency and extended battery life is expected to drive the market. Europe and North America are significant regional markets on account of high consciousness regarding the need for energy-efficient batteries.
Key players are: Sony; Nikon; Fujifilm; Olympus; Motorola; 3M; Koninklijke Philips N.V.; Kodak; Maxell; Nippon Chemicals; LiPol Battery Co. Ltd.; YOK Energy; Shenzhen Honcell Energy Co. Ltd.
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