In a recent published report, Kenneth Research has updated the market report for Lithium Ion Battery Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Lithium Ion Battery Market products.
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A report on Lithium Ion Battery Market has been added by Kenneth Research into its market research repository. The report provides an extensive analysis of the market by determining the relationship between the dependent and independent variables through correlation and regression for the forecast period, i.e., 2021 2025. The report on Lithium Ion Battery Market further provides the supply and demand risks associated with the growth of the market, and consists of macro-economic indicators that are contributing to the market growth. The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users.
According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports. On the other hand, the increasing focus of the players in the energy and power industry to lower their cost of operations so as to enhance their profitability, is also anticipated to contribute to the market growth. The natural gas rents, which is defined as the difference between the total cost of production of natural gas and the production value at world prices, decreased significantly from 0.40% of GDP in 2001 to 0.18% of GDP in 2017. Alternatively, the oil rents, which increased from 1.09% of GDP in 2001 to 1.30% of GDP in 2019, portrays the need amongst the players to enhance their focus in reducing the cost of production of oil.
Lithium ion batteries are re-chargeable electric devices where the lithium moves from the negative electrode to the positive electrode during the charging and discharge procedure. They are pre-dominantly used in mobile phones, power tools and digital cameras. Further, the automotive industry is expected to witness an increase in the demand for lithium ion batteries due to the rise in the production of electric cars.
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According to Insights and Reports, more than 1.5 million battery operated electric vehicles were sold across the world in 2016. The demand for battery operated electric vehicles is on the rise on account of increasing concerns over environmental pollution. This is factor is greatly fuelling the growth of the lithium ion battery market at present.
Rising penetration of smartphones is another major factor responsible for the growth of the lithium ion battery market at present. According to Insights and Reports, smartphone shipments amounted to 1.6 billion in 2017 worldwide, which marked a tenfold increase over 2007. Further, more than 50% of the population is expected to own a smartphone by 2025. Moreover, smartphones with advanced features demand a battery with higher capacity, thereby resulting in market growth of the lithium ion battery market.
Based on applications, the electronics segment captured the maximum market share in 2017 and is expected to retain market dominance throughout the forecast period. The high growth is majorly attributed to the rapid adoption of smartphones and tablets. However, the healthcare industry is expected to exhibit significant demand for lithium ion batteries as well on account of rising usage of medical devices.
Asia Pacific is expected to retain market dominance for lithium ion batteries throughout the forecast period. India and China are the major contributors to the growth of the market. Technological developments and the rising need for clean energy sources are the key factors driving the demand for lithium ion batteries in India.
Further, rising investments by the manufacturers of lithium ion batteries are expected to augment market growth of the in the country as well. According to Insights and Reports, the sale of electric vehicles in India is anticipated to witness a double digit growth till 2022, the demand for which is increasingly being pushed by the government of India. Further, sale of electric vehicles crossed the 1 million mark in 2017, and the Chinese government is aiming for the number to cross the 2 million mark by 2021.
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Key players operating in the field of lithium ion batteries include Panasonic Corporation, Toshiba Corporation, Hitachi Ltd., L.G. Corp and Samsung among others.
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