Boom Expected in Asia-Pacific Lithium-Ion Battery Market in Near Future

Advancements in the electrolyte of battery cells and alterations in the anode material are contributing to the growing adoption of lithium-ion (Li-ion) batteries. The electrolyte serves as a limiting agent to increase the cell power. Thus, the improvement in the electrolyte will enable the battery output power to expand beyond 4.2 Volts (V). For example, Tesla Inc. has collaborated with Panasonic to build a large-scale 'Gigafactory', to manufacture advanced Li-ion batteries at a reduced cost, to increase their popularity in the coming years.

Moreover, the escalating demand for electric vehicles (EVs) due to the rising environmental concerns and volatility in oil prices has led to a surge in the usage of Li-ion batteries, due to their high energy density. Government initiatives and subsidies are amplifying the adoption of EVs, thus fueling the demand for these energy storage technologies. As a result, the lithium-ion battery market size is expected to rise from $33,720.8 million in 2018 to $106,493.0 million by 2024. According to P&S Intelligence, the market will progress at a CAGR of 21.8% during 2019–2024.

Apart from automotive, these batteries are widely deployed in the consumer electronics, aerospace and defense, medical, telecom, and industrial sectors. Of the various sectors, these energy storage devices are primarily used in the consumer electronics industry, to power handheld game consoles, smartphones, MP3 players, tablets, cameras, and laptops. Apart from these devices, Li-ion batteries find application in motorized toys, electric toothbrushes, flashlights, vacuum cleaners, electric shavers, and lamps. This is due to the higher energy density of these batteries in comparison to nickel–metal hydride (NiMH) and nickel–cadmium (NiCd) batteries.

Download report sample at: https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-market/report-sample

During 2014–2018, Asia-Pacific (APAC) consumed the highest quantity of Li-ion batteries due to the spurring demand for electronic devices and EVs and presence of numerous industry giants. Moreover, regional nations are expected to adopt these batteries at a rapid pace in the coming years on account of the continuous technological developments in them. Among the APAC nations, China is expected to use the maximum number of Li-ion batteries in the foreseeable future, driven by the expansion of the automotive and manufacturing sectors.

Thus, the magnifying production of EVs and consumer electronics is propelling the demand for these batteries across the globe.