Electric vehicles (EVs) are rapidly altering the auto industry's dynamics. As more cars become electrified, the prospects for this burgeoning industry will only improve in the coming years, owing to growing climate concerns. According to the Boston Consulting Group, electric vehicle sales will grow from 12% of the global market in 2020 to 47% in 2025. As the adoption of green vehicles accelerates, one metal that appears to be gaining the most attention is lithium.
With batteries being the lifeblood of electric vehicles and lithium being the most abundant metal in them, demand for lithium is certain to soar. Notably, the lithium space is currently receiving the most attention from electric vehicle batteries.
Lithium prices have been surging to new highs practically every day, propelled by strong demand and tight supply. Supply shortages and rising demand for electric vehicles are likely to keep this momentum going until at least 2022.
The market's perception of lithium resources has been changing. Lithium resources will be more difficult to obtain and control as a result of their strategic importance. As a result, lithium resources will become a critical constraint on the industry's growth in the medium and long term. This is also attributed to rising prices the accelerated capacity expansion of some lithium-ion battery manufacturers and increased downstream cathode material orders.
According to this latest study, the growth of the Lithium-Ion Battery ICs Market will be significantly different in 2022 compared to the previous year. Over the next five years, the Lithium-Ion Battery ICs Market will experience a phenomenal increase in revenue CAGR. In this study, 2021 was used as the base year and 2022 to 2027 as the forecast period to estimate the market size for Lithium-Ion Battery ICs.
What effect has COVID-19 had on the global lithium-ion battery integrated circuits market in 2022:
Due to the sudden outbreak of the COVID-19 pandemic, several nations implemented stringent lockdown regulations, causing disruptions in the import and export of Lithium-Ion Battery ICs.
It disrupted the market in three ways: directly by affecting production and demand, indirectly by disrupting supply chains and markets, and directly by having a financial impact on firms and financial markets.
The global Lithium-Ion Battery ICs market was worth USD million in 2021 and is expected to reach USD million by the end of 2027, growing at an astounding compound annual growth rate of more than 20% between 2022 and 2027. The global lithium-ion battery integrated circuits market is expected to expand at a significant rate between 2022 and 2027. In 2022, the market is expected to grow at a steady rate, and with key players increasing their adoption of strategies, the market is expected to expand over the projected horizon.
The growing use of lithium-ion battery integrated circuits in smartphones, notebook/tablet PCs, AV equipment, power tools, and electric vehicles is propelling the global lithium-ion battery integrated circuits market.
The market is anticipated to expand significantly over the forecast period. The widespread adoption of advanced technology and the presence of large players in this region are expected to provide ample opportunities for the market to grow. The market is expected to account for the largest share, while the APAC region is expected to offer significant opportunities and grow at the fastest rate during the forecast period.
● North America (the United States, Canada and Mexico)
● Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
● Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
● South America (Brazil, Argentina, Columbia etc.)
● The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
With this, keep a note of the key players of market in 2022 - Mitsumi Electric Corporation, Texas Instruments Corporation, Torex Corporation, RICOH Corporation, Richtek Technology Corporation, NXP Corporation, NMB Technologies Corporation, Renesas Corporation, ABLIC Corporation, and Shenzhen Developer Microelectronics Co., Ltd
The ongoing development of new lithium extraction techniques has the potential to significantly increase the primary supply of lithium. Experts agree that the upcoming development of lithium recycling and the uncertainties surrounding its timeline may also surprise upside supply expectations. Consequently, we can anticipate new actors establishing a foothold in the market; the supervising bodies added lithium to its list of critical raw materials, signalling the material's elevation to the fore.