Why Does APAC Hold Largest Share in Lithium-Ion Battery Market?

Due to the increasing demand for renewable energy and the high adoption of lithium-ion batteries in consumer electronics, the global lithium-ion battery market was worth $46,142.1 million in 2021. By 2030, with a high CAGR of 15.3%, the market size is expected to reach $165,847.8 million. The key factors responsible for the rising usage of these energy storage devices include a growing focus on environment-friendly practices, rising energy demand, and low operating and maintenance cost of lithium-ion batteries.

In 2021, Li-NMC versions accounted for 31.4% of the total lithium-ion battery market revenue. Because of their long life, large storage capacity, and excellent temperature stability, Li-NMC batteries are mainly utilized in electric vehicles and consumer devices. Moreover, battery researchers and designers are concentrating their efforts on reducing the cobalt percentage in the NMC cathode, which will decrease the cost of the battery and propel the market in the coming years. Furthermore, because these energy storage systems have high specific energy, most automotive businesses use them in EVs.

According to the United Nations, transportation networks have a substantial environmental impact, accounting for around 25% of the worldwide greenhouse gas emissions. As a result, governments are encouraging the usage of EVs to achieve a sustainable and environment-friendly lifestyle. Furthermore, as a result of the increasing oil costs, the demand for EVs has risen considerably in recent years, thus favoring the lithium-ion battery market. For example, the price of diesel has risen from $2.56 per gallon to $3.54 per gallon from 2020 to 2022, as per the U.S. Energy Information Administration.

The existing production capacity needs to be significantly increased, which presents an opportunity for businesses looking to invest in the lithium-ion battery market in certain locations. The acceptance of these solutions across a wide range of applications would be catalyzed by the lowering component prices, mass production, and the adoption of innovative technologies to enhance battery capacity and decrease the price. The cost of lithium-ion batteries has dropped by 85% in the last decade, thus making EVs and energy storage devices financially viable.

Li-ion battery recycling trends, favorable government legislations, advancements in environment-friendly technology, and expanding investor stake in the business are all contributing to an increase in the worldwide production of sustainable alternatives. Because of their high specific power/energy density, lithium-ion batteries have overcome the intermittency difficulties connected with renewable energy. They may be used to store the excess energy produced by wind and solar facilities during low-demand periods and then sell it to the market when the demand spikes.

In 2021, the APAC lithium-ion battery market earned $24,586.2 million in sales and held the largest share. Consumer electronics sales are rising in the region, which is boosting industry development. The use of these batteries is also aided by the fast technological advancements and increasing demand for smart gadgets. Moreover, electric car prices are decreasing in the region, thereby increasing the use of lithium-ion batteries in South Korea, India, Japan, and China.

Hence, the low maintenance and operating cost of lithium-ion batteries are propelling the market growth.

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Surging Deployment of Electric Vehicles Fueling Demand for Lithium-Ion Batteries

With the mushrooming sales of electric vehicles, the demand for lithium-ion batteries is growing rapidly across the world. Due to the soaring air pollution levels and the fluctuating oil prices, the governments of many countries are implementing policies aimed at augmenting the deployment of electric vehicles. As per the Global EV Outlook 2018, 3.1 million electric passenger cars were sold around the world in 2017. This registered an increment of 57% from the electric passenger car sales recorded in 2016. 

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As lithium-ion batteries are extensively used in modern battery electric vehicles (BEVs), due to their high energy density, the ballooning sales of electric vehicles (EVs) are positively impacting the demand for these batteries across the world. Besides the surging sales of EVs, the growing adoption of lithium-ion batteries in various consumer electronics devices is also propelling their worldwide sales. The rising energy density of these energy storage devices is creating lucrative growth opportunities for many lithium-ion battery manufacturing organizations.

Due to the above-mentioned factors, the demand for lithium-ion batteries is increasing sharply all over the world, which is, in turn, fueling the expansion of the global lithium-ion battery market. As a result, the valuation of the market is predicted to rise from $33,720.8 million in 2018 to more than $106,493.0 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 21.8% from 2019 to 2024. 

Across the globe, the lithium-ion battery market is predicted to boom in the Asia-Pacific (APAC) region in the coming years. This will be due to the burgeoning requirement for electric vehicles (EVs), on account of their rapidly falling prices and the implementation of favorable government policies regarding their adoption, and smartwatches, smartphones, smart vacuum cleaners, smart bulbs, laptops, and various other smart devices and the rapid technological advancements being made in this region. 

Therefore, it is quite clear that the sales of lithium-ion batteries will shoot up all over the world in the upcoming years, mainly because of their growing usage in consumer electronics products and the mushrooming deployment of electric vehicles in several countries.

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15.9% CAGR Expected in Global Automotive Lithium-Ion Battery Market During 2019—2024

One of the major factors fuelling the rise in the requirement of automotive lithium-ion batteries is the increasing adoption of electric vehicles (EVs) all over the world. As per the International Energy Agency (IEA), the number of electric cars in the world increased from 2.0 million in 2017 to more than 5.1 million in 2018. Moreover, the utilization of electric vehicles is expected to further surge in the coming years, on account of the increasing pollution levels and massive fluctuations in oil prices across the world.

The increasing number of incentives and financial benefits being provided on the purchase of electric vehicles by the governments of many countries in order to promote the adoption of these vehicles is another important factor pushing the demand for automotive lithium-ion batteries across the globe. Due to these factors, the revenue generated from the worldwide sales of automotive lithium-ion batteries is expected to increase from $24.2 billion to more than $74.3 billion from 2018 to 2024. The global automotive lithium-ion battery market is predicted to advance at a CAGR of 15.9% during the forecast period (2019—2024).

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Hence, it can be said with full surety that the sales of automotive lithium-ion batteries will increase significantly all over the world over the coming years, due to the rising adoption of electric vehicles in several countries and the presence of favorable government policies and regulations for the usage of electric vehicles in many countries all around the world. 

The research offers market size of the global automotive lithium-ion battery for the period 2014–2024.

Market Segmentation by Vehicle Type

·         Two-Wheeler

o    Bike

o    Scooter/ Motorcycle

o    Kick scooter

·         Passenger Car

o    Hatchback

o    Sedan

o    Sports utility vehicle (SUV)

·         Commercial Vehicle

o    Bus

o    Truck

Market Segmentation by Battery Type

·         Lithium-Iron Phosphate (LFP)

·         Lithium-Manganese Oxide (LMO) 

·         Lithium-Nickel-Manganese-Cobalt (NMC)

·         Lithium Titanate Oxide (LTO)

·         Lithium-Nickel-Cobalt-Aluminum Oxide (NCA)

Market Segmentation by Vehicle Technology

·         Hybrid

·         Plug-in Hybrid

·         Fully Electric

Market Segmentation by Structural Design

·         Cylindrical

·         Prismatic

·         Pouch

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Automotive Lithium-Ion Battery Market Business Revenue Forecast, Size, Leading Competitors and Growth Trends

Rising global temperatures have become a major cause of concern, which is being seen as a consequence of burning of fossil fuels for meeting energy needs from time immemorial. Fossil fuels are made of organic matter and their burning releases a huge amount of carbon dioxide and other gases in the atmosphere. These gases are termed as greenhouse gases, as they get trapped into the atmosphere and gradually increase the temperature. This temperature change has not only caused the melting of glaciers and rising of sea levels, it has disturbed the climatic pattern as well, with frequent floods and droughts occurring at the same time in the same country/climatic zone.

Further, the increasing prices of crude oil across the globe, has also motivated governments to find alternatives to conventional energy sources. In the transportation sector, efforts are being made to popularize electric and hybrid vehicles among users. The International Energy Agency reported that the global car fleet grew to approximately 5.1 million in 2018, registering a 2 million increase in sales from 2017. Governments of many countries are actively providing their residents with an efficient and sustainable transport system.

Electric and hybrid vehicles use lithium-ion (Li-ion) batteries for storing electrical energy. These batteries are rechargeable and are made of many cells. They are light weight and have a high energy density. Lithium batteries have different structural designs, such as pouch, prismatic, and cylindrical. During 2014–2018, Li-ion batteries with the cylindrical structural design sold, accounted for the maximum cumulative energy storage capacity. In fact, in the coming years as well, they would continue to amount for the highest installed energy storage capacity among all Li-on batteries of different structural designs. The automotive lithium-ion battery market is predicted to register a 15.9% CAGR during the forecast period (2019–2024).

Electric vehicle manufacturers are now increasingly using lithium-nickel-manganese-cobalt (NMC) batteries, gradually shifting from lithium-iron-phosphate (LFP) batteries. The latter were heavier and occupied more space in the vehicle; these shortcomings have been addressed by NMC batteries. Besides being lighter in weight and compact, NMC batteries are capable of providing higher ranges in passenger cars in a single charge. This is due to the greater energy density of these batteries that facilitate a higher vehicle range. Furthermore, the prices of these batteries have reduced significantly, which is further contributing to their acceptance among manufacturers.

Many developed countries have already included electric vehicles in their transportation system and this is yet to be done in emerging economies. With growing environmental concerns, many countries across the world have announced the adoption of electric vehicles in the coming future. For instance, a Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-II) program, was launched by the Indian government in 2019; this is an ambitious plan of the country to popularize and adopt electric vehicles in the near future. Further, in the ASEAN region, Thailand is one of the largest consumers of electric vehicles. In an initiative to popularize these vehicles, the Thailand Board of Investment announced their plans of reducing the excise duty from 8% to 2% on electric vehicles, thereby boosting the automotive lithium-ion battery market, as storage batteries are an essential component of electric vehicles.

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