Lithium ion battery (LIB) are significantly lighter than other kinds of batteries. Li-ion battery is used mostly in all the portable electronics such as laptops, cellphones, PDA, PSP. According to Industry ARC’s analysis, global lithium-ion battery market size surpassed into the range of $35 billion to $40 billion in the year 2018, with the demand estimated to increment at a positive CAGR of 14% to 18% during the forecast period of 2019 to 2025. 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 (2019 - 2025).”
Browse 49 Market Tables, 176 Figures spread through 166 slides and an in-depth TOC “Lithium Ion Battery Market (2018 - 2023)”
Global Lithium Ion Battery Market: Demand Analysis
LIB finds its application in various sectors such as electronics, automotive, industrial. Recent research by analyst of IndustryARC determined that automotive is the leading application segment growing with a CAGR of 20% - 24% through to end period. After an acute analysis of the lithium ion battery regional markets, APAC is positioned as the leading marketplace due to growth of automotive and electronics with a global market share ranging between 35%-40% as of 2018.
In LIB, lithium ion are discharged from negative to positive electrode and back when charging. LIB is type of rechargeable batteries, requires low maintenance and have relatively low self discharge property which makes LIB fastest growing and most capable battery even with powerful tools and software. Lithium cobalt is one of the most common Li-ions, and exhibits high specific energy, becomes a popular choice for electronics like mobile phones, laptops, and digital cameras.
Global Lithium Ion Market: Growth Drivers
Increasing demand for smartphones and other portable devices will automatically increase demand of LIB. Aqueous lithium-ion batteries are less heavy, durable, and can be manufactured in different shapes hence these batteries have been great interest for military use. LIB batteries is less flammable in nature that make them engaging for industries who prioritize safety over energy density, such as airplanes and submarines. The increased focus of the governments towards reducing greenhouse gas (GHG) emissions, the rise in number of power outages, and the availability of manufacturers who provide lithium iron phosphate batteries at comparatively lower prices, are major factors that will drive LIB market growth.
Global Lithium Ion Battery Market: Disruptive Trends
Manufacturers are constantly improving lithium-ion with new enhanced chemical combinations to increase the battery aging life. Increasing demand for wearable devices can boost the LIB market performance.
Global Lithium Ion Battery Market: Companies Innovation
- Some of the major keyplayers in the market are BYD Company, LG Chem, Panasonic, Samsung SDI, BAK Group, GS Yuasa, Hitachi, Johnson Controls, Toshiba, Lithium Werks, CALB, Saft Groupe, VARTA Storage, Farasis Energy, and Sila Nanotechnologies
- BYD Company is always known for developing electric vehicles that are intelligent and connected. Recently BYD has created a broad range of internal combustion (IC), hybrid and battery-electric passenger vehicle.
- On June, 2018 BYD Company inaugurated their largest 24GWhpower factory in in lithium rich Chinese province. This will increase their total production capacity to 60GWh by 2020.
- With an effort to accelerate move to electric cars, Panasonic and Toyota paired up to produce prismatic lithium ion batteries. This initiative is expected to provide improve safety with less cost for smart cars.
- Hitachi, Ltd. along with the Institute of Multidisciplinary Research for Advanced Materials of Tohoku University indicated successful development of a high safety prototype lithium-ion secondary battery (LIB). This product is capable of resisting increased capacity and energy density of LIB for consumer product and vehicles.
- Sila Nanotechnologies find the innovative chemistry to boost the LIB capacity by up to 70% using silicon. This material allow to reduce anode thickness that in turn permit the battery to be charged as much as nine times as fast.
Lithium ion batteries are less heavy and rechargeable than any other batteries and therefore find its application in almost all industries mostly in smart watches, cellphones. Increased focus of the governments towards reducing greenhouse gas (GHG) emissions is one of the driving factor in LIB market. APAC is developing region with high growth in automation electronics that makes this high market share holder for LIB market.
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Lithium Iron Phosphate (LFP) Batteries Market:By Application (Transportation, Power Tools, Energy Storage) & By Region - Forecast(2018 - 2023)
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