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.
