Lithium-Ion Battery For Consumer Electronics Market to Reach $18.8 Billion, Globally, by 2032 at 14.5% CAGR: Allied Market Research
The lithium-ion battery market for consumer electronics is experiencing remarkable expansion, driven by a burgeoning demand for portable and high-performance power solutions.
Wilmington, DE, Sept. 21, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Lithium-ion Battery for Consumer Electronics Market by Component (Cathode, Anode, Electrolyte, Separator, Others), by Application (Smartphones, Tablet/PC, UPS, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report. The Lithium-ion Battery for Consumer Electronics Market was valued at $4.9 billion in 2022 and is estimated to reach $18.8 billion by 2032, exhibiting a CAGR of 14.5% from 2023 to 2032.
Lithium-ion batteries have a high energy density. With technological advancements enabling safer and more sustainable battery chemistries, manufacturers and researchers are engaged in a dynamic race to enhance consumer experiences and contribute to the ever-evolving landscape of modern electronics
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Prime determinants of growth
The proliferation of consumer electronics and advancements in battery technology are some prime determinants that drive the growth of the global lithium-ion battery for the consumer electronics market. However, safety concerns and environmental impact restrict market growth. Moreover, renewable energy storage in emerging markets presents new opportunities in the coming years.
Report coverage & details:
|Market Size in 2022||$4.9 billion|
|Market Size in 2032||$18.8 billion|
|No. of Pages in Report||388|
|Segments covered||Component, Application, and Region.|
|Drivers||The proliferation of consumer electronics|
|Advancements in battery technology|
|Opportunities||Renewable Energy storage|
Russia-Ukraine War Impact:
The Russia-Ukraine war reverberated across sectors, notably impacting the lithium-ion battery for consumer electronics market.
- Global financial markets, including solar cables, faced heightened uncertainty and volatility due to the conflict.
- Ukraine and Russia hold a key position in the European lithium-ion battery for consumer electronics market, linked to its industrial emissions profile.
- Disruptions to Ukraine’s industries or energy infrastructure from the war can disrupt production and demand for lithium-ion batteries for consumer applications.
- Investor confidence wanes amidst political instability and conflict, affecting the energy storage sector.
- Extended conflict dampens enthusiasm for consumer electronics which has a significant impact on the lithium-ion battery demand, casting an uncertain shadow on the market.
- The war’s geopolitical repercussions ripple into climate change cooperation, influencing emissions reduction efforts.
Economic downturns bear diverse effects on the lithium-ion battery for consumer electronics market.
- Uncertainty and market instability during economic crises lead to heightened price volatility for lithium-ion battery raw materials.
- Fluctuating demand amplifies price swings in the lithium-ion battery sector.
- Economic crises often trigger market consolidation within lithium-ion battery manufacturers.
- Government interventions for economic revival alter environmental policies, directly impacting lithium-ion battery for consumer electronics. Such policy shifts wield significant influence over the lithium-ion battery for consumer electronics market.
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The cathode of segment to maintain its leadership status throughout the forecast period
Based on component, the cathode segment held the highest market share in 2022, accounting for nearly half of the global lithium-ion battery for consumer electronics market revenue, and is estimated to maintain its leadership status throughout the forecast period. The rapid expansion of consumer electronics and other electronic devices across various domains has led to an increase in the demand for lithium-ion batteries. The presence of the demand for battery has a significant positive impact on the lithium-ion battery for consumer electronics market. However, the electrolyte segment is projected to manifest a CAGR of 15.7% from 2023 to 2032, as this component is widely used in lithium-ion battery production. The increase in the size and models of lithium-ion battery in various end-use applications will drive the demand for electrolyte components in lithium-ion battery for consumer electronics market.
The Tablet/PC type of segment to maintain its leadership status throughout the forecast period
Based on application, the tablet/pc segment held the highest market share in 2022, accounting for nearly one-third of the global lithium-ion battery for consumer electronics market revenue, and is estimated to maintain its leadership status throughout the forecast period. the rapid expansion of consumer electronics sectors, which includes the demand for smart electronic gadgets and increase in the IT sector related industries in Asia-Pacific region will have positive impact on the market. However, the others segment is projected to manifest a CAGR of 15.0% from 2023 to 2032, as the abovementioned applications have high demand among consumer due to the increase in utilization of these in daily life.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global lithium-ion battery for consumer electronics market revenue, and is likely to dominate the market during the forecast period. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 15.0% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in the lithium-ion battery market. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth which will lead to increased demand for lithium-ion battery for consumer electronics market. The increase in investment toward renewable energy sources is a factor that is anticipated to offer new growth opportunities for lithium-ion battery for consumer electronics in Asia-Pacific during the forecast period.
Leading Market Players: –
- Lithium Werks
- EVE Energy Co., Ltd
- Johnson Controls
- LG Chem
- Samsung SDI
- Lishen Battery
The report provides a detailed analysis of these key players in the global lithium-ion battery for consumer electronics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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