Lithium Ion Battery Market Overview
The global lithium-ion (Li-ion) market size was around $35 billion to $40 billion as of 2018, and the demand will be incrementing at a positive CAGR of 13% to 18% during the forecast period of 2019 to 2025. The Asia-Pacific region is the most lucrative lithium-ion battery marketplace, grabbing around 35% to 40% of the total demand share as of 2018. Despite of a wide range of applications in electrical, manufacturing, renewable energy storage, healthcare, and industrial sectors, the automotive sector is the key application for the lithium-ion battery. The lithium-ion battery market in the automotive sector is projected to increase at a tremendous CAGR of 20% to 24% during the aforementioned forecast period.
Lithium Ion Battery Market Outlook
Lithium-ion batteries refers to the rechargeable or secondary batteries mostly used in consumer electronics products such as laptops, mobiles, and other portable electronic devices. The lithium-ion battery has multiple sub-types such as the aqueous lithium-ion battery, nickel manganese cobalt oxide battery, and lithium-ion phosphate battery. Such subdivisions in the specification of the lithium-ion battery have induced the innovation in divergent types of products in the lithium-ion battery marketplace.
Lithium Ion Battery Market Growth Drivers
- The lithium-ion battery market boom is owing to the growing emphasis on electric vehicles throughout the world. The automotive sector uses the lithium-ion battery at multiple stages of the production line of the vehicle.
- The innovation of the Internet of Things (IoT) is working to connect almost each and every electrical device to the internet. All of these devices will be using numerous amounts of lithium-ion batteries as a power source. Additionally, Artificial Intelligence is anticipated to be the largest emerging technology for the decade. This universal adoption of AI is going to introduce a countless number of electrical devices which are expected to advocate the market growth in the lithium-ion market.
Lithium Ion Battery Market Trends
The Wanxiang Group from China bought the U.S. based company A123 Systems. A123 Systems is a provider of automotive lithium-ion solutions at a global level. The Chinese company bought the A123 System to fulfill the contracts they have signed with five Chinese auto car makers to produce the new mild hybrid 48-volt lithium-ion battery.
Lithium Ion Battery Market Challenges
- The effective and efficient designs in the manufacturing of lithium-ion batteries for the electric vehicles is still a challenge for the OEMs. This is still a challenge because the industry lacks real data from merely a few million electric vehicles running on the road. The absence of expansive data and standard operating procedures from the automotive sector is refraining the lithium-ion battery market. This challenge could be tackled by the introduction of increased electric vehicles on the road.
- The maintenance of voltage and circuit within safe levels and protection of the circuit at the time of transportation is also one of the challenges in the lithium-ion market. Bad handling of these batteries often results in damaged circuits owing to the sensitive parts incorporated in the lithium-ion battery. Improved packaging and optimized transportation could improvise the conditions in the lithium-ion market.
Key Players in the Lithium-ion Battery Market
Some of the key players reigning the global lithium-ion battery 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.
Lithium-ion Battery Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the lithium-ion battery market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of lithium-ion battery market, and their specific applications in different types of vehicles.
Lithium Ion Battery Market Report: Industry Coverage
The lithium-ion battery market is segmented based on material type into cathode, anode, electrolytic solution, and others such as separators, binders, and foils. Based on application it is classified into electronics, automotive, industrial and others including energy, medical and military. Forecast period that is being looked upon is 2019-2025.
The lithium-ion battery market report also analyzes the major geographic regions as well as the major countries in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Midadle East and Africa: Israel, South Africa, Saudi Arabia