Selbyville, DE -- (SBWIRE) -- 05/11/2020 -- Transformation of automotive industry with the advent of electric vehicles will power the growth of lithium ion battery market. Owing to intensifying concerns about vehicular emissions, sale of electric vehicles has observed an upsurge, which deploy lithium ion batteries. Also, soaring demand for consumer electronics, such as tablets, laptops, and smartphones has stimulated lithium ion battery industry growth.

Consumer electronics sector is likely to significantly push lithium ion battery market growth due to augmenting demand for high-performance devices and long battery life. Lithium ion batteries are being progressively adopted on account of their desirable properties of high charge density and low self-discharge.

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Need for energy storage has been growing and adoption of renewable energy sources has been rising across the power generation sector. Energy storage technologies are evolving to cater to the surging demand for electricity with economical and sustainable solutions. Also, large scale ESS is securing investments for expansion, thereby propelling lithium ion battery market growth.  

The transportation sector accounts for a significant level of harmful emissions and to cope up with this, several stringent government policies are being implemented to encourage adoption of electric vehicles. For example, in March 2019, the Ministry of Heavy Industries and Public Enterprises, India launched Manufacturing of Electric Vehicles (FAME II) Scheme with a budget of almost $1.4 billion. The scheme was introduced with an aim to promote adoption of electric and hybrid vehicles in the country.

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Rising adoption of electric vehicles purveyed by the provision of various subsidy schemes & tax incentives for limiting harmful emissions may fuel lithium ion battery industry demand. Rising inclination toward personal mobility will further improve lithium ion battery market outlook. In 2018, lithium ion battery industry share has amassed $13 billion from nickel manganese cobalt battery segment. The combination of Cobalt (Co), Nickel (Ni), and Manganese (Mg) produces a distinctive blend, resulting in lower material costs. These batteries have wide-ranging applications in electric vehicles, e-bikes, and medical devices. Improvements achieved with respect to key parameters such as enhanced battery performance is likely to support product adoption.

Asia Pacific stores massive potential for lithium ion market growth. Upturn in consumer electronics business along with thriving automotive industry is favoring regional market expansion. The region has been attracting massive investments towards the establishment of automobile manufacturing facilities. In addition, electric vehicles are gaining traction due to amplifying awareness among people for clean energy technologies, which may enhance lithium ion battery industry demand.

Many lithium ion battery industry firms are investing in development of innovative products. Some of the leading companies operating in lithium ion battery market are Roofer, Johnson Controls, Energus Power, ProLogium, Duracell, EnerDel, Toshiba, Saft, Valence, A123 Systems, Sanyo, GS Yuasa, Tesla, Phillips, Panasonic, Hitachi Chemical, and LG Cham amongst others. In the years to come, lithium ion battery industry is likely to witness considerable growth with the presence of such major companies, who are undertaking a number of strategic measures to gain an edge over the market. Not surprisingly, players across the lithium ion batteries value chain are attempting to capitalize on product innovations enabled by rigorous R&D activities.

According to a comprehensive research report published by Global Market Insights, Inc., in terms of revenue, worldwide lithium ion battery market share will surpass $73 billion by 2025.