Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Rechargeable Poly Lithium Ion Battery market.
Trusted Business Insights presents an updated and Latest Study on Rechargeable Poly Lithium Ion Battery Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Rechargeable Poly Lithium Ion Battery market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Rechargeable Poly Lithium Ion Battery Market
The global rechargeable poly lithium-ion battery market size was valued at USD 113.4 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.9% from 2021 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 2021-2027. 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.
These batteries are used in consumer electronic goods, which include laptops, hybrid electric vehicles (HEVs), electric vehicles (EV), and digital cameras. Compared to conventional parts, the compacted size of the battery and its effectiveness have led to an upsurge in the product demand and penetration in the market. Lithium metal is integrally unstable at the time of charging, and hence it has shifted the research focus from metallic to non-metallic lithium ions. The energy efficiency of the non-metallic lithium-ion is double that of cadmium-nickel batteries.
The batteries having high energy density offer an excellent low temperature, load, and cycle characteristics. As a result, it rapidly became a integral source of power for video and audio equipment, laptops, mobile phones, and other portable equipment.
Structure Insights: Rechargeable Poly Lithium Ion Battery Market
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 2019. 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 76.9% from 2021 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.
Application Insights: Rechargeable Poly Lithium Ion Battery Market
Based on the application type, the market is segregated as electric vehicles, consumer electronics, power, industrial, and others. Electric vehicles lead the market and accounted for 32.2% share of the total revenue in 2019. Electric vehicles using rechargeable poly lithium-ion batteries have gained attention because of the need for environmentally friendly and energy-efficient products. Increasing customer inclination towards such kind of batteries and growing sales of lithium-ion battery automobiles are expected to drive the segment. For instance, in 2017, Kodak launched a product named Promaster PLI-12B. This battery is lightweight and has a capacity of 1300 mAh.
The consumer electronics application segment is expected to exhibit moderate growth rate over the forecast period. This is attributed to the high reliability and durability of such batteries in electronic appliances, such as smartphones and laptops. Growing electronics industry in numerous countries, including Japan, South Korea, China, and Taiwan, is expected to upsurge the segment growth over the forecast period. The power application segment is expected to expand at the fastest CAGR of 6.7% from 2021 to 2027.
Regional Insights: Rechargeable Poly Lithium Ion Battery Market
Asia Pacific accounted for the largest revenue share of 33.0% share in 2019. 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 Companies & Market Share Insights: Rechargeable Poly Lithium Ion Battery Market
The market is moderately consolidated. Key players are taking up various growth strategies to strengthen their position in the market. For instance, in 2020, Toshiba Corporation announced that Nissan Motor Co. has selected SCiB lithium-ion rechargeable battery for its latest generation of ROOX highway Star and ROOX cars. This battery will be integrated into the recuperation battery system supplied by Marelli Corporation to Nissan Corporation. In 2018, Toshiba Corporation announced its investment of 16.2 billion yen in a second manufacturing facility in Japan for super charge ion battery (SCiB) rechargeable lithium-ion batteries, hopeful to meet the growing demand for these batteries in energy storage systems and electric vehicles. Some of the prominent players in the global rechargeable poly lithium-ion battery market are:
Key companies Profiled: Rechargeable Poly Lithium Ion Battery Market Report
- Koninklijke Philips N.V.
- Nippon Chemicals
- LiPol Battery Co. Ltd.
- YOK Energy
- Shenzhen Honcell Energy Co. Ltd.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global rechargeable poly lithium-ion battery market report on the basis of structure, application, and region:
Structure Outlook (Revenue, USD Billion, 2016 – 2027)
Application Outlook (Revenue, USD Billion, 2016 – 2027)
- Electric Vehicles
- Consumer Electronics
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