The global Lithium-Ion Battery market was valued at US$ 23,489.0 Mn in 2017 and is expected to grow at a CAGR of 14.9% during the forecast period 2018 – 2025, to account to US$ 71,035.0 Mn by 2025.
The global lithium-ion battery market is witnessing a significant growth with regards to the extensive adoption of Li-ion batteries in consumer electronics, energy storage systems, medical & healthcare, and electric vehicle. Another factor boosting the lithium-ion battery market growth in the current scenario is the several initiatives taken by the various governments of developing countries as well as developing economies for the adoption of sustainable transportation. The lithium-ion battery market is fragmented with the presence of leading and well-established players as well as tier-2 and tier-3 companies across the globe. The companies in the lithium-ion battery market are continuously investing and innovating in order to introduce economical and energy-efficient battery technology in the market. In addition, the high rate of adoption of lithium-ion batteries in smart electronics devices in healthcare and medical is also boosting the growth of the lithium-ion battery market.
With a view to suffice the huge demands for the lithium-ion battery, new manufacturing plants of these batteries are being set up globally. To achieve economies of scale, huge manufacturing setups termed as ‘gigafactories’ are being established in North America, Europe, and Asia Pacific. The Tesla/Panasonic lithium-ion battery ‘gigafactory’ under construction in Nevada USA will be the world’s largest and most advanced battery factory. Additional factories are being built in Asia whilst a number of companies are proceeding with battery production projects in Europe. Lithium battery projects with cell production requiring lithium supply have been announced by LG Chem (Poland), SK Innovation (Hungary), Terra E Holding (Germany), and Northvolt (Sweden). Some of the world’s famous car automakers have ventured into providing vehicles with lithium-ion batteries.
A lithium-ion battery is a type of rechargeable battery with greater stability and safety along with more energy capacity. The lithium-ion battery market is ramping up owing to the surging demand for electric vehicles, consumer electronics, and energy storage systems. It is extensively used in a wide range of electronic devices such as mobile phones, laptops, iPods, and PDA’s including many others. Also, uses of lithium-ion battery comprise of radio-controlled hobby vehicles, notebooks, portable vaporizer, drones, and UAV. Currently, connected and smart consumer products are much in demand as compared to simple electronic products and purely mechanical devices. However, in such smart devices battery is the key power capacity taken into consideration while designing products. Thus, Li-ion batteries are the popular choice for consumer electronic products owing to their design flexibility, rechargeability, and ease of getting fit in a custom size.
The lithium-ion battery market report focuses on an in-depth segmentation of this market based by types, power capacity, and application. The geographic segmentation of the lithium-ion battery covers major regions including; North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). The regional segment for lithium-ion battery market has been further categorized by respective countries. Based on type segment, Li-Cobalt Oxide segment dominated the market globally with a significant market share in 2017, and the demand for the same is expected to remain same throughout the forecast period from 2018- 2025. Regionally, the lithium-ion battery market was heavily dominated by the Asia Pacific countries, while, the demand for the same is expected to bolster in the Middle East and Africa during the forecast period.
The prominent players operating in lithium-ion battery market globally include Automotive Energy Supply Corporation, Samsung SDI Co. Ltd, Tesla Inc., A123 Systems LLC, GS Yuasa International Inc., Hitachi Chemicals Co. Ltd., LG Chem Ltd., Panasonic Corporation, and Johnson Controls International Plc. among others. Various other players are also functional in lithium-ion battery market, which offers the end users with advanced technologies, thereby influencing the lithium-ion battery market.