Lithium ion Battery Market Growth, Research Report, Growth, Trends and Forecast by 2024February 24, 2021
According to the latest report by IMARC Group, titled “Global Lithium-ion Battery Market Report: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global lithium-ion battery market reached a value of more than US$ 28.5 Billion in 2017, growing at a CAGR of 12% during 2011-2018. A lithium-ion battery, also known as a Li-ion battery (LIB), is a type of rechargeable battery in which lithium ions move from the anode to the cathode. Unlike nickel-cadmium batteries, lithium-ion batteries are able to endure more charge/discharge cycles and do not need to be discharged prior to recharging. Some of the other advantages offered by these batteries include lightweight, low maintenance, high energy density and minimal memory impact. Owing to these factors, lithium-ion batteries can be used for a wide range of applications ranging from automobiles to mobile devices and personal computers.
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On account of a rise in environmental concerns across the globe, the governments of several countries have imposed strict policies on the consumption of non-renewable resources like oil, coal and natural gas. In line with this, the utilization of solar electric systems and electric vehicles (EVs) is proliferating. The growing demand for lithium-ion batteries in these systems is providing a thrust to the lithium ion battery market growth. Several governments are also offering tax incentives and subsidies to EV manufacturers to curb GHG emissions. For instance, the European Union recently funded the ‘GREENLION’ collaborative project for manufacturing affordable lithium-ion batteries for EVs. Apart from this, technological advancements are expected to assist in the introduction of low-cost batteries with higher power output, thereby creating a positive outlook in the upcoming years. Due to these factors, the global lithium Ion battery market is projected to reach around US$ 53.8 Billion by 2024, expanding at a CAGR of more than 11% during 2019-2024.
- Based on type, the market has been segmented as lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide and others. Currently, lithium cobalt oxide batteries dominate the market, holding the largest market share. This can be attributed to their high energy density which assists in enhancing the battery-life of portable electronic devices like laptops, cameras, etc.
- On the basis of power capacity, batteries with a capacity of 0 to 3000mAh account for the majority of the total market share. Other segments include 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than 60000mAh.
- On the basis of application, the market has been segregated into consumer electronics, electric vehicles and energy storage. Lithium-ion batteries are one of the most preferred choices for consumer electronic products, such as tablets, laptops and smartphones, on account of their various advantages.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Amongst these, Asia Pacific is the leading market, accounting for around a half of the global market share. Increasing penetration of electric vehicles in the region is providing a boost to the market growth.
- The competitive landscape of the market has also been examined with some of the key players being A123 Systems, Automotive Energy Supply Corp., LG Chem, Panasonic, SAMSUNG SDI, Toshiba, Amperex Technology (ATL), BAK Group, Blue Energy, BYD, CBAK Battery, Tianjin Lishen Battery, Valence Technology, SK Innovation and Hitachi Ltd.
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