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Lithium Ion Battery Market:Forecast to 2027
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The global lithium-ion battery market is growing at a rapid pace. The market growth attributes to the increasing demand for high power and capacity batteries. These lithium-ion batteries are extensively used across end-use industries due to their extended life cycle, high energy density, better performance, and higher reliability. The increasing usages of these batteries in a range of applications boost the growth of the market. Moreover, the augmenting demand for smart devices and other consumer electronics escalates market growth to furthered height.
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According to Market Research Future (MRFR), the global lithium-ion battery market is estimated to create a valuation of approximately USD 62 BN by 2023, growing at 16% CAGR throughout the review period (2017-2023). Substantial investments and significant funding for R & D activities to improve the lithium supply technology that can cut down the battery's overall cost influence market growth. The increasing proliferation of electric and hybrid vehicles positively impacts the growth of the market.
Additionally, increasing production capacities and advanced lithium-ion battery plant manufacturing future-generation electric vehicle batteries push the market growth. Conversely, high costs of lithium-ion batteries are a key factor projected to impede the growth of the market. Also, the demand-supply gap in a key raw material graphite anode restricts the market growth, disrupting the entire lithium-ion battery supply chain. Nevertheless, the increasing demand from the consumer electronics and automotive sectors worldwide would support the market growth throughout the assessment period.
Global Lithium-ion Battery Market - Segment
The report is segmented into four dynamics;
By Type : Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Titanate Oxide (LTO), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), and others.
By Power Capacity: 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than 60000mAh.
By Vertical : Automotive, Aerospace & Defense, Consumer Electronics, Industrial, Marine, Medical & Power, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Lithium-ion Battery Market -Regional Analysis
Asia Pacific leads the global lithium-ion battery market. The largest market share attributes to the spurring demand from the automotive sector in the region. Besides, rising technological advancements in battery technologies and the increased adoption of consumer electronic products across various industry verticals in the region foster the growth of the market. Furthermore, increased R&D activities and the rapid economic growth in the region propel market growth. The APAC lithium-ion battery market is projected to retain its dominance throughout the estimated period.
Europe region is another lucrative market for lithium-ion batteries. The market is especially driven by the presence of the well established automotive industry in the region. Moreover, the increasing adoption of the battery across industry verticals such as aerospace & defense, consumer electronics, industrial, marine, and medical & power, fuel the lithium-ion battery market size.
Substantial investments by the existing major industry players in R & D activities required for product and technology developments fuel the lithium-ion battery market demand. Additionally, the government's increasing focus towards reducing greenhouse gas emissions and the rise in the number of power outages boost the European lithium ion battery market share.
North America also holds a sizable share in the global lithium-ion battery market. Factors such as the increasing adoption and implementation of battery technologies across vehicle applications foster market growth. Besides, the presence of many automakers and industry players in the region drives the lithium ion battery market growth.
Moreover, substantial investments to incorporate increasing eco-friendly initiatives & raising technological advances in vehicles influence regional market growth. The North American lithium-ion battery market is estimated to grow at a significant pace during the assessment period.
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Global Lithium-ion Battery Market – Competitive Analysis
Highly competitive, the lithium-ion battery market appears fragmented due to the presence of several well-established players. Industry players run programs featuring easy lookup on an online application catalog that can be accessed through the world. They strive to offer an extended range of batteries for replacement vehicle applications, from motor mounts to hose assemblies.
To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, innovation, brand reinforcement, and expansion. Due to the expected innovations and improvements in product, service, and product innovations, the market is soon expected to witness an intensified competition.
Major Players:
Players leading the global lithium-ion battery market include Automotive Energy Supply Corporation (AESC - Japan), Panasonic Sanyo (Japan), LG Chem. (South Korea), Li-Tec Battery GmbH (Germany), SAMSUNG SDI Co., Ltd. (South Korea), Toshiba (Japan), GS Yuasa (Japan), A123 Systems (US), SK Energy (South Korea), Sony Corporation (Japan), BYD (China), Beijing Pride Power (BPP) (China), Toshiba Corporation (Japan), BAK Group (China), Valence Technology, Inc.(US), Johnson Controls, Inc.(US), Hitachi Chemical Co. Ltd.(Japan), Saft Groupe SA (France), and TDK Corporation(Japan), among others.
Industry/ Innovation/ Related News:
July 30, 2020 ---- Northvolt AB (Switzerland), a leading battery developer and manufacturer, announced raising funds for lithium-ion battery cell factories consortium of commercial banks, pension funds, and public financial institutions to develop factories and R&D investments. The company is also making notable investments in battery cell technology & process development, and recycling at the recently established industrialization factory, Northvolt Labs in Vasteras Sweden, which produced its first battery cells in late 2019.
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