Impact of Covid-19 on Global Lithium Ion Battery Market to Reach USD 93.8 Billion by the end of 2024

As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

According to a recent report published by Fast.MR Market Research, titled, Global Lithium Ion Battery Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, the global lithium ion battery market accounted for USD 36.9 Billion in 2018 and is estimated to reach USD 93.8 Billion by 2024. Moreover, it is anticipated to flourish at a CAGR of 16.5% during the forecast period i.e. 2019-2024.

The global lithium ion battery market has been segmented based on product type, and distribution channel. Based on the product, this market has been segmented into cell and battery pack. The battery pack segment accounted for highest market share in 2018 and is anticipated to continue its dominance during the forecast period.

In industry segment, automotive segment captured a significant share of overall market in 2018. Addition to that, the market value of global lithium ion battery market for automotive segment is expected to rise at a CAGR of 23.8% over the forecast period. Rising sale of electric vehicles is resulting in increased demand for automotive lithium ion battery. Developed nations such as United States, Japan and European countries are adopting electric vehicles owing to environmental concerns. Furthermore, emerging economies such as India, China and others are encouraging people of their nation to adopt electric vehicles. These factors are envisioned to bolster the growth of global lithium ion battery market.