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Lithium Ion is a type of rechargeable battery that has multiple applications across industries. The global Lithium Ion battery market can attain USD 62 billion valuation with a 16% CAGR during the forecast period (2017-2023), reports Market Research Future (MRFR). The report puts great emphasis on its features such as long life cycle with high energy density and the ability to get charged from portable sources. It further covers drivers such as increasing demand for high power and high capacity cells. Lithium Ion market is also expanding as it is gaining traction from large applications. But the Lithium Ion market is gaining unprecedented boost from the burgeoning electronics industry. Smart devices and consumer electronics are giving the Lithium Ion market much-needed tailwind.
Technological advancements can be of great importance for Lithium Ion battery market’s endeavor in widening its scope. The weight of the battery and cost are getting reduced with new innovations and power output is becoming more efficient which can make the battery the choicest option for many industries.
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However, it can witness a bit of friction owing to the lack of awareness regarding its power storage capability and high cost. But its rising application in the automotive industry can steer it away from any long-term damage.
Researchers from the Oak Ridge National Laboratory has revealed a new method using which Lithium Ion batteries can be made non-inflammable. This would definitely give Lithium Ion battery market a thrust and turn the negative reviews obsolete. The process involves mixing of additive in the electrolyte to make it more impact-resistant. This prevents the electrodes from touching each other during a crash or fall of the battery and hinder it from catching fire.
Dendrite growth confinement within the structure of electrolyte itself can be seen as a possible solution for power storage in batteries. Cornell University researchers have found this method using which Lithium Ion batteries can store power for a much longer time.
The global Lithium Ion battery market can be segmented by type, power capacity and vertical.
Type-based segmentation of the Lithium Ion battery market can be segmented into lithium nickel manganese cobalt (LI-NMC), lithium iron phosphate (LFP), lithium cobalt oxide (LCO), lithium titanate oxide (LTO), lithium manganese oxide (LMO) and lithium nickel cobalt aluminum oxide (NCA).
Based on power capacity, the Lithium Ion battery market can be segmented into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than 60000mAh.
Vertical-wise, the Lithium Ion battery market includes automotive, aerospace & defense, consumer electronics, industrial, marine, medical and power.
Geographical analysis of the Lithium Ion market covers Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
The APAC region accounts for the largest market share and is expected to continue its dominance during the forecast period. The region is showing substantial growth in consumer electronics section. With a huge consumer base, this sector is going to experience unprecedented growth. Furthermore, a number of electronics giants are based out of this region and are ensuring its progress. Europe has the second largest market, whereas, North America stands third. Both the places have good infrastructure owing to which their regional markets are getting momentum.
The intense market has several big players investing much in strategic implementations. These tactics often include mergers, acquisitions, collaborations and other methods for better sector-wise penetration and improving market scope.
For instance, Suzuki, Toshiba, and Denso had announced in 2017 that they would like to form alliance in their bid to explore Indian market for Lithium Ion batteries.
Lithium Werks, on the other hand, in 2018 acquired A123 Systems’ plant in Changzhou, China to expand their market revenue.
Prominent players dominating the global Lithium Ion battery market are Panasonic Sanyo (Japan), Automotive Energy Supply Corporation (AESC) (Japan), LG Chem. (South Korea), SAMSUNG SDI Co., Ltd. (South Korea), Li-Tec Battery GmbH (Germany), Toshiba (Japan), A123 Systems (U.S.), GS Yuasa (Japan), SK Energy (South Korea), BYD (China), Sony Corporation (Japan), Beijing Pride Power (BPP) (China), BAK Group (China), Toshiba Corporation (Japan), Valence Technology, Inc.(U.S.), Hitachi Chemical Co. Ltd.(Japan), Johnson Controls, Inc.(U.S.), Saft Groupe SA (France), TDK Corporation(Japan), and others.
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