Automotive is Expected to Dominate the Global Residential Lithium-ion Batteries Market.

Increasing Penetration into Large Applications and Growing Applications is a major factor attributable to the growth of the market.

According to TechSci Research report, “Global  Residential Lithium-ion Batteries Market - By Region, Competition, Forecast & Opportunities, 2028”. The Global  Residential Lithium-ion Batteries is anticipated to project robust growth in the forecast period with a CAGR of  8.47% through 2028. The growth of markets for energy storage systems (ESS) for both commercial and residential applications, the price decline of lithium-ion batteries, automotive sector and the rising sales of consumer electronics are the main drivers of the industry. One of the biggest markets for electric vehicles is China, where their adoption is rising in line with the country's clean energy policies. In addition, the Chinese government has been offering both monetary and non-monetary incentives to encourage the use of electric vehicles. A Chinese energy storage business named Contemporary Amperex Technology (CATL) revealed intentions to erect a li-ion battery production plant in Guangdong in February 2021. The project will cost USD 1.9B/25 GWh in the first phase and 150 GWh by the end of 2030.

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Based on End-User Industry, Automobile Segment Expected to Dominate the Market. In the early years of the lithium-ion battery industry, the consumer electronics sector was the major consumer of batteries. But in recent years, electric vehicle (EV) manufacturers have become the biggest consumers of lithium-ion batteries, owing to the growing sales of EVs. ​EVs do not emit CO2, NOX, or any other greenhouse gases and hence, have a lower environmental impact compared to conventional internal combustion engine (ICE) vehicles. Due to this advantage, many countries are encouraging the use of EVs by introducing subsidies and government programs.​ Several countries have announced plans to ban the sales of ICE vehicles in the future. Norway announced plans to ban the sales of ICE vehicles by 2025, France by 2040, and the United Kingdom by 2050. India also has plans to phase out ICE engines by 2030, while China's similar plan is currently under the relevant research phase.​ At the end of 2021, the global electric car stock reached 16.49 million units from 1.24 million units in 2015. The EVs mainly use lithium-ion batteries. The declining lithium-ion battery costs have brought down the cost of EV manufacturing, owing to which EVs are expected to reach price parity with gasoline-fired vehicles during the forecast period.

Therefore, owing to the above factors, the automobile segment is expected to dominate the market during the forecast period.

Based on Region, Asia-Pacific to Dominate the Market in the forecast period, The utilization of lithium-ion batteries is anticipated to experience substantial expansion in the region due to the growing deployment of electric cars in nations like China and India as well as the strong demand for electronics due to urbanization and rising power purchase parity. According to estimates, a sizeable portion of the population in Asia-Pacific lacks access to electricity and relies on traditional fuels like kerosene and diesel for their lighting and mobile phone charging needs. Due to the technical advantages and falling lithium-ion battery prices, lithium-ion battery integrated energy storage solutions are projected to see an increase in use. In turn, this is anticipated to in the near future generate a sizable number of opportunities for li-ion battery makers. Asia-Pacific is therefore anticipated to rule the lithium-ion battery market during the forecast period as a result of the factors mentioned above.

India is one of the fastest-growing countries globally for Residential lithium-ion batteries. The country does not have reserves of the required raw materials for the production of the lithium-ion batteries on its own, and the cells and batteries are being imported from other countries (China, Vietnam, and Thailand). They are then either assembled or directly sold in the domestic market. In order to counter the manufacturing issue, the National Institution for Transforming India (NITI) Aayog rolled out proposals in February 2020 to provide subsidies for investors setting up giga-scale lithium-ion manufacturing facilities in India. Between 2020-2030, the NITI Aayog is likely to invite bids for establishing production lines with 50 GWh of annual output capacity. Therefore, the indigenous manufacturing of lithium-ion batteries is expected to grow over the forecast period.

Therefore, owing to the above factors, Asia-Pacific is expected to dominate the lithium-ion battery market during the forecast period.

Key market players in the Global  Residential Lithium-ion Batteries Market are following:-

• Panasonic Corporation
• BYD Co. Ltd
• GS Yuasa International Ltd.
• TSECH Co.
• LG Chem
• ReLieVe
• Hitachi Chemical Company Ltd.
• Samsung SDI
• Exide Technologies
• Robert Bosch GmbH

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“The market is expanding due to the increased use of lithium-ion batteries in plug-in vehicles and the renewable energy industry. Additionally, technological development in the lithium-ion battery sector, which has increased the emphasis on R & D, and expanding use of lithium-ion batteries in a variety of new applications due to price declines are both anticipated to propel the market's growth in the near future.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based  global management consulting firm.

Residential Lithium-ion Batteries Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Type (Primary, Rechargeable) and by End-Use Industry (Automotive, Consumer Electronics, Power Tools, Residential, Medical, Others), By Region, Competition 2018-2028 has evaluated the future growth potential of Global  Residential Lithium-ion Batteries Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global  Residential Lithium-ion Batteries Market.

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