Lithium ion battery enables to deliver highly efficient products with high power and energy density and provides greater efficiency and accuracy for products with a range of different power capacities. The combination of lithium with other materials helps to add various features such as low cost, high power and energy density, increased shelf life, and chargeability factors important for different products such as consumer electronics and automotive.
The lithium ion battery market is expected to be valued at USD 68.97 Billion by 2022, growing at a CAGR of 16.6% between 2016 and 2022. The growth of this market is propelled by the increase in demand for electric vehicle, strict government mandates on fuel economy, growing demand for smart devices and other consumer electronics, and development toward enhancement of lithium ion batteries.
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The major players involved in the lithium ion battery market are LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co., Ltd. (South Korea), BYD Co. Ltd. (China), BAK Group (China), A123 Systems, LLC. (U.S.), GS Yuasa Corporation (Japan), Hitachi, Ltd. (Japan), Johnson Controls Inc. (U.S.), Saft Groupe S.A. (France), Toshiba Corporation (Japan), and Valence Technology Inc. (U.S.).
The objective of the report is to provide a detailed analysis of the lithium ion battery on the basis of type, power capacity, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. The report also provides a detailed overview of the value chain in the market and analyzes the market trends with Porter’s five forces.
“Lithium ion battery market for lithium nickel manganese cobalt battery type expected to grow at the highest rate between 2016 and 2022”
Lithium nickel manganese cobalt (Li-NMC) type batteries are used in application areas like e-bikes, power tools, medical equipment, and other electric powertrains. Use of cobalt in 1:1:1 ratio with a combination of nickel and manganese gives the optimum result while keeping the cost low, in spite of cobalt being expensive, owing to a low proportion of cobalt in the combination. The energy density of Li-NMC batteries is its primary strength.
“The market for 3000mAh to 10000mAh power capacity batteries expected to grow at the highest rate during the forecast period”
The heavy power capacity of the batteries, ranging from 3000mAh to 10000mAh, makes them suitable for the use in EVs and industrial applications. The increasing market of consumer electronics and smartphones has increased the need of batteries with higher power capacity which can keep the device running for longer hours and at the same time giving an optimum experience of the device due to large screen and power backup service. All these factors would lead to the higher adoption of lithium ion battery systems having 3000mAh to 10000mAh power capacity.
“Consumer electronics industry expected to hold the largest share of the lithium ion battery market”
The consumer electronics industry is expected to hold the largest share of the overall lithium ion battery market. Lithium ion batteries are a preferred choice for consumer electronics products as a portable power source because of the features such as high energy density and less recharge time. These are low on maintenance and light in weight compared to other rechargeable batteries; therefore, these are widely adopted in consumer electronics products such as mobile phones, tablets, and laptops.
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