The global Lithium-Ion Battery market was valued at US$ 23,489.0 Mn in 2017 and is expected to grow at a CAGR of 14.9% during the forecast period 2018-2025, to account to US$ 71,035.0 Mn by 2025.
The Lithium Ion Battery that is used for energy storage and power provisioning to various industry verticals is currently experiencing very high adoptions especially by the automotive and consumer electronics industry verticals. Advantages such as higher energy efficiency, and extended battery life provided by these batteries are leading to wider adoptions. In the current scenario almost all the computer electronics, smartphones, tablets, and other consumer electronic devices are powered by a lithium ion battery. The development of advanced energy storage technologies is a critical factor in the success of the decarbonisation of modern economies. Over the last few years, they have played a major role in the growth and evolution of the energy, automotive and electronic appliances sectors. While multiple technologies exist encompassing pump-hydro, compressed air, flywheels and batteries; Li-ion technologies have provided the energy and power requirements to meet the technical demands of these three sectors.
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The major companies operating in the market include Automotive Energy Supply Corporation, Samsung SDI Co. Ltd, Tesla Inc., A123 Systems LLC, GS Yuasa International Inc., Hitachi Chemicals Co. Ltd., LG Chem Ltd., Panasonic Corporation, and Johnson Controls International Plc. among others.
The global lithium ion battery market has been segmented by types, power capacity, application and geography. The different types of lithium ion batteries available in the market are Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt Oxide, Lithium Manganese Oxide, and Lithium Titanate Oxide. Based on power capacity the market bifurcation into 0 – 3000mAh, 3000 – 10000mAh, 10000mAh – 60000mAh, and >60000mAh. These lithium ion batteries have various applications in industries which include Consumer Electronics, Automotive, Industrial, Energy Storage Systems, Aerospace & defense, Medical Devices, and Others. The lithium ion battery market is categorized as North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Currently, automotive manufacturers are more inclined towards transforming automotive mobility into a sustainable mode of transport in order to reduce its impact on the environment. Lithium-ion battery technology is compared to parameters such as safety, lifespan, performance, specific energy, specific power, and cost. Safety is one of the most important criteria for electric-car batteries. With the rapid growth in the automotive industry, car companies are also becoming careful while selecting new battery technologies in order to avoid battery-related incidents. The development of electric car battery technology includes power capacity production, cell production, module production, and assembly of modules into the battery pack. Most commonly used technologies for automotive applications include lithium-nickel-cobalt-aluminum, lithium-iron phosphate, lithium Titanate, and lithium-nickel-manganese-cobalt.
The global lithium-ion battery market is segmented on the basis of types, power capacity, and application. By type, the lithium-cobalt oxide is the most prominent battery type pertaining to the high energy capacity and a wide range of applications in consumer electronic products such as mobile phones, laptops, tablets, and digital cameras. The constant research and development in the field of lithium cobalt oxide battery in order to improve cathode and electrolyte solutions is further boosting the market. Consumer electronics under the application segment led the market due to the transition of replacing the lead-acid batteries with lithium-ion batteries in order to save space, to adoption lightweight technology, and to increase the lifetime of the batteries. Moreover, the surge in production and adoption of electric vehicles is flourishing the market growth. Geographically, the market for lithium ion battery is dominated by Asia-Pacific region, owing to the growth in production of electric vehicles and the substantial growth in consumer electronics manufacturing industry in this region.
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Reason To Buy
Highlights key business priorities in order to assist companies to realign their business strategies.
– The key findings and recommendations highlight crucial progressive industry trends in the lithium ion battery market, thereby allowing players to develop effective long term strategies.
– Develop/modify business expansion plans by using substantial growth offering in developed and emerging markets.
– Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
– Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to segmentations like design types, power capacity and applications.