Incessant Demand from Energy Storage Devices is Fuelling Lithium Ion Battery Market
The global bandwagon of electric vehicles is relishing the efficiency of these batteries to the full extent. Lithium ion batteries are most effectively used in power backups, mobile, laptops, electric mobility, energy storage systems, and in consumer electronic goods. As per a market research report from IndustryARC, the global lithium ion battery market value is estimated to surpass $20 billion by 2022, growing at a CAGR of 9.1% from 2018 to 2022. It is driven due to the increasing demand of smartphones, whereas the global lithium polymer battery market is projected to exceed $16 billion by 2022, which is majorly driven by the demand for ultra slim devices. The report is titled “
Lithium Ion Battery Market : By Material Type (Cathode, Anode, Electrolytic Solution, Others (Separator, Binder, Foils, & others)) By Application (Electronics, Automotive, Industrial, Others (Energy, Medical, & Military)) & Geography - Forecast(2018 - 2023)
Browse 49 Market Tables, 166 Figures spread through 180 slides and an in-depth TOC on “
Lithium Ion Battery Market (2018 - 2023)”
Performance limits of conventional lead-acid batteries led for the new resolution named nanostructured lithium batteries. Lithium ion batteries are the most promising choices which cope up with renewable energy sources. These batteries are playing a vital role in today’s electronic world in commercial applications that are from smartphones to electric cars. Strong reducing potential of lithium ions is attracting all battery technologies to nickel-cadmium batteries. Lithium cobalt oxide, lithium manganese oxide, lithium nickel manganese cobalt oxide, lithium iron phosphate, and lithium titanate are the major batteries available in various sizes and shapes so that it easily get fixed irrespective of systems. Increasing demand for clean energy and low carbon emissions are influencing companies and governments to focus on lithium ion battery technologies. Lithium is the lightest element of periodic table, thus it provides the best lightweight solution and also offers high energy density. These batteries need low maintenance, provide low self-discharge, and extended lifespan.
Lithium Ion Battery Market: Competitive Analysis
- Toshiba Corporation, Panasonic Corporation, Samsung SDI Co. Ltd., and Hitachi Chemical Co., Ltd., are some of the key players of lithium ion battery market.
- In 2018, Toshiba Corporation announced to invest $144 million for a second manufacturing facility for its SCiB rechargeable lithium-ion batteries in Japan, aspiring to meet the increasing demand of these batteries in electric vehicles and energy storage systems. The facility will also act as a production technology development center, which is useful in the future expansion of these batteries.
- In 2018, Honda Motor and Panasonic Corporation partnership aimed to develop portable lithium-ion battery which can be mainly used in cars, motorcycles, and robots. They are also planning to supply these batteries as a power source to emerging countries of Asia, which is an effective promotion for efficient energy management.
- The collaboration of Mahindra and LG Chem for advanced Li-ion battery technology in 2018 is owing to the electric vehicle revolution in India. It is targeted that LG Chem to design the Li-ion battery modules for Mahindra Electric Vehicles.
Lithium ion battery is evolving with advanced battery technology, with high demand from electric vehicles and energy storage systems. Wide range of applications from petrochemical industry to the aviation industry coupled with increasing number of OEM strategies’ such as partnership, collaboration, and plant expansion are contributing for the growth of the lithium ion battery market.
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