Rechargeable Poly Lithium-Ion Battery Global Market Report 2024

The rechargeable poly lithium-ion battery market has grown strongly in recent years. It will grow from $144.17 billion in 2023 to $153.94 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%.The growth observed in the historical period can be attributed to several factors, including the emergence of portable electronics, advancements in electric vehicles (EVs), increased integration of renewable energy, a boom in consumer electronics, and government initiatives and incentives. These factors collectively contributed to the expansion and development of relevant industries during that timeframe.

The rechargeable poly lithium-ion battery market is expected to see strong growth in the next few years. It will grow to $198.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be ascribed to several key factors, including the rapid expansion of the electric vehicle market, advancements in energy transition and storage technologies, integration with Industry 4.0 and the Internet of Things (IoT), ongoing innovation, and the increasing use of energy storage for grid applications. Notable trends expected in the forecast period encompass technological advancements, the widespread adoption of electric vehicles, growth in the portable electronics sector, government policies and incentives influencing the market landscape, and potential challenges in the supply chain. These trends collectively shape the trajectory of growth for industries related to rechargeable poly lithium-ion batteries.

The significant increase in electric vehicle sales is playing a substantial role in driving the growth of the rechargeable poly lithium-ion battery market. Electric vehicles (EVs), which are powered by electric motors and utilize rechargeable poly lithium-ion batteries as a fuel source, have witnessed a surge in popularity due to the batteries' higher energy density, lightweight nature, and enhanced safety features stemming from their non-use of liquid electrolytes. As an illustration, a report by the International Energy Agency in July 2023 highlighted the global growth of the electric car market, with sales exceeding 10 million in 2022. The share of electric cars in the overall automotive market increased from 9% in 2021 to 14% in 2022, underscoring the rising prominence of electric vehicles. Consequently, the upward trend in electric vehicle sales is anticipated to propel the rechargeable poly lithium-ion battery market.

The growth in electronics production is expected to contribute significantly to the expansion of the rechargeable poly lithium-ion battery market. Electronics, involving the study and application of devices and systems using the flow of electrons for information processing and transmission, relies heavily on rechargeable poly lithium-ion batteries for portable and efficient energy storage. For example, according to Electronics Weekly, the U.S. experienced electronic production growth of over 8% in November 2020, and in January 2021, the growth rate reached 8.7%. Additionally, South Korea saw a 12% growth in electronic production in January 2021. This surge in electronics production is driving the demand for rechargeable poly lithium-ion batteries.

Product innovation is emerging as a prominent trend in the rechargeable poly lithium-ion battery market, with major companies dedicating efforts to developing new and improved polymer materials to enhance the function of polymer electrolytes in batteries. A noteworthy example is the initiative by Nuvvon, a U.S.-based nanotechnology research company, in October 2022. Nuvvon successfully developed solid polymer electrolytes designed to enhance ionic conductivity in batteries at room temperature. These polymer electrolytes feature dry compositions without ceramic nanoparticles, allowing them to withstand high temperatures (>100°C) without mechanical degradation. Moreover, they exhibit robust ionic conductivity across a wide temperature range (2.2*10^-4 S/cm at 0°C, 4.6*10^-3 S/cm at 25°C, and 6.6*10^-3 S/cm at 80°C). The innovation enables entirely solid-state pouch cells to function seamlessly across a broad temperature spectrum without requiring external cooling, heating, or pressure systems.

Major players in the rechargeable poly lithium-ion battery market are also concentrating on developing lithium-ion battery systems with electrical and physical double isolation as a safety measure to drive energy reform. Electrical and physical double isolation involves creating an effective space without diffusion to reduce the scope of faults, coupled with port zero voltage to eliminate the risk of short circuit shocks. For example, in January 2022, Kehua, a China-based power solution provider, launched the S³ Lithium-ion battery system, embodying the principles of safety, smart functionality, and simplicity. This system incorporates electrical and physical double isolation for enhanced safety, intelligent current and voltage equalization for efficiency, and a modular design for simplicity.

In November 2021, Tesla Inc., a U.S.-based automotive company, acquired SiILion Inc. for an undisclosed amount. This strategic acquisition by Tesla aims to integrate SiILion’s patented polymer lithium-ion technology into their portfolio. SiILion's technology utilizes a conductive polymer membrane coated over active material particles, resulting in high-energy batteries. SiILion Inc. is a U.S.-based manufacturer specializing in lithium-ion batteries.

Major companies operating in the rechargeable poly lithium-ion battery market report are Samsung Electronics Co. Ltd., 3M, Koninklijke Philips N.V., Motorola Solutions Inc., Toshiba Corporation, Fujifilm Holdings Corporation, Olympus Corporation, Nikon Corporation, Sony Corporation, LiPol Battery Co. Ltd., Shenzhen Honcell Energy Co. Ltd., Panasonic Holdings Corporation, Amara Raja Batteries Limited, Exide Industries Ltd., Tata Chemicals Limited, Maxell Holdings Ltd., Eastman Kodak Company, YOK Energy Co. Ltd., China manufacturer LiPol Battery Co. Ltd., Engionix Inc., LG Chem Ltd., Hitachi Maxell Ltd., Energizer Holdings Inc., BYD Company Limited, A123 Systems LLC, E-One Moli Energy Corp., GS Yuasa Corporation, Saft Groupe S.A., Valence Technology Inc.

Asia-Pacific was the largest region in the rechargeable poly lithium-ion battery market in 2023. The regions covered in the rechargeable poly lithium-ion battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rechargeable poly lithium-ion battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

There are two main types of rechargeable poly lithium-ion batteries cylindrical and prismatic. The cylindrical variant takes the form of a lithium-ion battery with a cylindrical shape, encased in a metal container. This type finds applications in diverse fields such as laptops, power tools, portable electronics, and electric vehicles. The key components of these batteries include the cathode, anode, electrolytic solution, and other elements. They are extensively utilized in electric vehicles, consumer electronics, power systems, industrial applications, and various other sectors.

The rechargeable poly lithium-ion battery market research report provides rechargeable poly lithium-ion battery market statistics, including rechargeable poly lithium-ion battery industry global market size, regional shares, competitors with a rechargeable poly lithium-ion battery market share, detailed rechargeable poly lithium-ion battery market segments, market trends and opportunities, and any further data you may need to thrive in the rechargeable poly lithium-ion battery industry. This rechargeable poly lithium-ion battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rechargeable poly lithium-ion battery market consists of sales of rechargeable poly lithium-ion batteries that are assembled, packaged, flat, pouch-like shape, and cylindrical shaped. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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