Global Flat Lithium-ion (Li-ion) Battery Market 2019-2023| Increase in Recycling of Li-ion Batteries to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--May 29, 2019--
The global flat lithium-ion (Li-ion) battery market is expected to post a CAGR of close to 11% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global flat lithium-ion (Li-ion) battery market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global flat lithium-ion (Li-ion) battery market size is the increasing demand for smartphones. With significant growth in the global economy, rising Internet penetration, increasing literacy rate, and the rising purchasing power, there has been a substantial growth in the adoption of smartphones and tablets. As a result, smartphone manufacturers are introducing new products with new features, to cater to the rising demand for smartphones across the world, especially in developing countries in APAC. The growth of the smartphone market will simultaneously increase the need for flat Li-ion batteries which are widely used in smartphones.
As per Technavio, the increase in recycling of Li-ion batteries will have a positive impact on the market and contribute to its growth over the forecast period. This global flat lithium-ion (Li-ion) battery market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global flat lithium-ion (Li-ion) battery market: Increase in the recycling of Li-ion batteries
Flat Li-ion batteries are extensively used for various applications in electric devices and portable electronic devices. These batteries contain toxic and flammable components along with valuable metals such as cobalt, lithium, and nickel. Therefore, these batteries need to be recycled instead of disposed in landfills. Moreover, flat Li-ion batteries are expensive to manufacturer owing to the high material cost and the complex production processes. Hence, various governments initiatives are targeted towards increasing the recycling rate of these batteries. This will sustain the use and production of flat lithium-ion batteries over the forecast period.
“Apart from the increase in recycling of Li-ion batteries, several other factors such as the development of ultrathin lithium polymer batteries, and the growing demand for action cameras will have a significant impact the growth of the flat lithium-ion (Li-ion) battery market size during the forecast period,” says a senior analyst at Technavio.
Global flat lithium-ion (Li-ion) battery market: Segmentation analysis
This market research report segments the global flat lithium-ion (Li-ion) battery market by application (consumer electronics, and automotive) and geographic regions (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, MEA, and South America respectively. The flat Li-ion battery market growth in APAC can be attributed to the increasing government initiatives targeted at increasing the manufacture of flat Li-ion batteries and the increasing demand for tablets and smartphones in various countries, including China, India, Japan, South Korea, and Thailand.
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PUB: 05/29/2019 09:15 AM/DISC: 05/29/2019 09:15 AM