The introduction of various industrial strategy i.e. to achieve net-zero carbon emissions from the automobile is a burgeoning inclination to use advance technologies and infrastructure in order to meet the future UK Automotive market. Thus, this is the major factor for the growth of the Lithium-Ion Battery market in the country. In addition to this, surging demand for battery energy storage, a rising government initiative to become carbon neutral by 2050 by decreasing dependence on fossil fuel along with snowballing spending on new product development and technology are fueling the demand for li-ion battery in the country. Moreover, the setup of a lithium-ion battery manufacturing facility in order to meet the growing domestic demand as well as to cater the surging demand from international customers are predicted to strongly contribute to the growth of the market in the forecast period.
Key questions answered in the study
According to MarkNtel Advisors’ research report “The UK Lithium-Ion Battery Market Analysis, 2021”, the Market is anticipated to grow at a CAGR of 15% during 2021-26. Based on Type, the Lithium Nickel Manganese Cobalt battery is projected to attain the highest CAGR during 2021-26. This is due to the burgeoning application of NMC batteries in consumer electronics such as laptops, mobile phones, tablets due to their lightweight and can be tailored according to specific energy or power. Moreover, the increasing government initiative to end the sales of new vehicles running on diesel and petrol by 2035 is extensively growing the demand for NMC used in an electric vehicle as it reduces cost, longer cycle life and also drives up performance.
“The UK Lithium-Ion Battery Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Lithium-Ion Battery providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Automotive Acquired the Majority Market Share
Based on the Application, Automotive acquired the largest market share in the UK Lithium-Ion Battery in 2019. The UK is among the top electric vehicle markets in Europe. The surging government initiative to curb the sale of new petrol, diesel and hybrid cars and vans from 2035 to 2040 to achieve zero carbon emission has promulgated the demand for an electric vehicle in the country. Thus, this would sky-rocket the domestic demand for lithium-ion batteries used in electric vehicle (EV) in the country. Besides this, investment is made by the companies to set-up the first car battery ‘Giga factory in the UK to make lithium-ion batteries which is a key component in electric cars and in energy storage products. Thus, this would bolster the growth of the struggling car industry of the country due to propelling demand for an electric vehicle as stated in MarkNtel Advisors’ research report " The UK Lithium-Ion Battery Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in The UK Lithium Ion Battery market are Murata Electronics, Samsung SDI Co. Ltd., Panasonic Industry Europe GmbH, Envision AESC Group Ltd., BYD Co. Ltd., Exide Technologies, GS Yuasa Battery Europe Ltd., Johnson Matthey Battery Systems, LG Chem Europe GmbH, Saft Groupe S.A. etc.