Market Research Future (MRFR), in its recent research report, asserts that the global Lithium-Ion Battery market 2020 is prosperous and expected to grow exponentially over the review period, recording a substantial market valuation of USD 62 billion by 2023, and a healthy 16% CAGR in the forecast period.
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Drivers and Restraints
From the past decade, lithium-ion battery market has seen tremendous growth due to the high demand from the consumer electronics and automotive sectors. As new devices are releasing in market and runs on portable power source, lithium-ion battery has become a great option. Increasing demand for high power and higher capacity cells are major factors fueling the growth of the global lithium-ion battery market. Furthermore, increasing penetration into large applications is boosting the growth of the market. Growing demand for smart devices and other consumer electronics is another major factor responsible for the growth of lithium ion battery market. On the other hand, consumer electronics sector is expected to hold the major share of the market owing to the growing demand for highly efficient and portable products. Lithium ion batteries provide enhanced performance and higher reliability. Whereas, the automotive sector is also expected to expand at the maximum CAGR during the forecast period. This is owing to the increasing deployment of lithium ion batteries in plug-in hybrid electric vehicles and other battery electric vehicles. This in the long run, helps in improving efficiency and reducing maintenance costs.
The global lithium-ion battery market is analyzed on the bais of type, power capacity and vertical. Based on the type, the Lithium-Ion Battery market is segmented into Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Titanate Oxide (LTO), and Lithium Nickel Cobalt Aluminum Oxide (NCA). Furthermore, Based on power capacity, the market is segmented into 3000mAh to 10000mAh, 0 to 3000mAh, 10000mAh to 60000mAh, and more than 60000mAh. While, based on vertical, the market is divided into automotive, aerospace and defense, industrial, consumer electronics, marine, medical and power. the consumer electronics segment is poised to lead the market with the most signifcnat market share whereas the automative segment is slated to record the highest CAGR over the review period.
The geographical overview of Li-ion Battery Market has been conducted in four major regions, comprising North America, the Asia Pacific, Europe, and the rest of the world (Latin America, the Middle East and Africa). The Asia Pacific region accounts for the largest share of the market over the globe followed by Europe, and North American region. The development in the region is attributed to the rising technological enhancements and increasing focus of government towards plummeting greenhouse gas emission and growth in number of power outages. Moreover, the region also has a well-established infrastructures, which enables faster implementation of advanced technologies. Furthermore, the growing number of manufacturers providing lithium ion batteries at comparatively lower prices is another chief factor driving the growth of lithium-ion battery market in the region.
The major market players operating in the global market as identified by MRFR are Panasonic Sanyo (Japan), Toshiba (Japan), Automotive Energy Supply Corporation (AESC) (Japan), LG Chem. (South Korea), Valence Technology, Inc.(U.S.), SAMSUNG SDI Co., Ltd. (South Korea), Li-Tec Battery GmbH (Germany), A123 Systems (U.S.), SK Energy (South Korea), GS Yuasa (Japan), Sony Corporation (Japan), BYD (China), Beijing Pride Power (BPP) (China), Saft Groupe SA (France), BAK Group (China), Toshiba Corporation (Japan), Hitachi Chemical Co. Ltd.(Japan), Johnson Controls, Inc.(U.S.), TDK Corporation(Japan). These players are incessantly focused on new product development, strategic partnerships, mergers and acquisitions and promotional activities among others, in order to upsurge their competitiveness in the industry.
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