As per Market Research Future (MRFR), the global lithium-ion battery market size is projected to grow at a CAGR of approximately 16% from 2017 to 2023 (forecast period). The study discusses the crucial trends in the global lithium-ion battery market in light of the novel COVID-19 pandemic. The report provides an informative summary of the different areas of the industry that are likely to be impacted by the pandemic.
Lithium-ion battery refers to a type of rechargeable battery used for various purposes in different industries. These batteries have a long-life cycle with a high energy density. Since the last decade, the market for lithium-ion batteries has expanded exponentially due to the strong demand from the consumer electronics and automotive industries. As new devices come onto the market and run on a portable power source, the lithium-ion battery has become a great option.
Market Dynamics
Growing demand for high-power and high-capacity cells is a critical factor driving the global market's growth for lithium-ion batteries. In addition, increasing penetration of large applications is bolstering the development of the industry. The rising demand for smart devices and other consumer electronics is another major factor contributing to the market growth for lithium ion batteries.
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Market Segmentation
The global market for lithium-ion battery has been segmented into type, power capacity, and vertical.
Based on the type, the global lithium-ion battery market report has been segmented into Lithium Titanate Oxide (LTO), Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA), and Lithium Cobalt Oxide (LCO).
By power capacity, the global lithium-ion battery market has been segmented into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh.
Based on vertical, the global lithium-ion battery market has been segmented into automotive, aerospace and defense, consumer electronics, industrial, marine, medical, and power. The consumer electronics sub-segment is set to retain a substantial market share due to the growing demand for highly efficient and portable products. Lithium ion batteries provide improved performance and higher reliability. At the same time, the automotive sub-segment is projected to rise at the highest CAGR in the forecast period. This is due to the growing implementation of lithium ion batteries in plug-in hybrid electric vehicles and other battery electric vehicles. This will ultimately help to improve efficiency and reduce maintenance costs.
Regional Analysis
Region-wise, the global lithium-ion battery market has been segmented into Asia Pacific, North America, Europe, and the Rest of the World.
The Asia Pacific region has the largest market share worldwide, followed by Europe and the North American region. Development in the region is due to growing technological improvements and increasing government emphasis on reducing greenhouse gas emissions and increasing number of power outages. The region also has a well-established infrastructure that allows for faster implementation of advanced technologies. In addition, the increasing number of manufacturers providing lithium ion batteries at relatively lower prices is another primary driver of the growth of the lithium-ion battery market in the region.
Europe is the second-largest market for lithium-ion batteries, followed by North America.
Key Players
Notable players in the global lithium-ion battery market are Panasonic Sanyo (Japan), SAMSUNG SDI Co., Ltd. (South Korea), Automotive Energy Supply Corporation (AESC) (Japan), Li-Tec Battery GmbH (Germany), SK Energy (South Korea), Toshiba (Japan), A123 Systems (U.S.), GS Yuasa (Japan), BYD (China), LG Chem. (South Korea), Sony Corporation (Japan), Beijing Pride Power (BPP) (China), BAK Group (China), Toshiba Corporation (Japan), Hitachi Chemical Co. Ltd.(Japan), Johnson Controls, Inc.(U.S.), Valence Technology, Inc.(U.S.), Saft Groupe SA (France), TDK Corporation(Japan).
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