The global lithium-ion battery market accounted for a value of USD 38.9 billion in 2019 and is projected to register growth at a CAGR of 12.5% during forecast period.
COVID-19 has impacted lithium-ion battery significantly. All the production and assembly activities were halted due to lockdown in many countries. The supply of raw material and finished products was immensely affected due to travel restriction and border closers. The sales of lithium-ion battery are immensely hit by the corona virus outbreak. The lithium-ion battery will foresee growth from the beginning of 2021.
For more details, visit: Global Lithium-ion Battery Market By Type (Li-NMC, LCO, Others), By Voltage (Below 12 V, 12-36 V, Others), By Power Capacity (0-3000 mAH, 3000-10,000 mAH, Others), By End-Users, By Region, Forecast & Opportunities to 2026
The automotive industry is developing rapidly around the world. The adoption of EVs is increasing as it does not affect environment. The EVs sales are increasing in many countries around the world and this increase market for lithium ion batteries. Governments in many countries are adopting several policies to promote sales of electric vehicle. The increase in nuclear power plants, wind farms and photovoltaic installation also increase the market for lithium ion battery. All these factors drive growth in lithium ion market during forecast period.
On the basis of type, the lithium-ion battery market is segmented into lithium nickel manganese cobalt, lithium iron phosphate, lithium cobalt oxide, lithium titante oxide, lithium manganese oxide and lithium nickel cobalt aluminum oxide. The lithium nickel manganese cobalt (NMC) segment is estimated to register growth at highest CAGR during forecast period. The NMC batteries have excellent stability and good discharge and charge cycle. It is suitable for industrial application and it is adopted in automotive industry. NMC batteries have wide application in laptops, mobile phones, power tools and electrical storage system. It is very lightweight and suitable for slim tablets and smartphones. This drives growth in NMC battery segment during forecast period.
On the basis of voltage, the lithium-ion battery market is segmented into low (below 12 V), medium (12 V- 36 V), high (above 36 V). The high voltage (above 36 V) segment is estimated to hold largest market share during forecast period. The manufacturers prefer high voltage batteries. The above 36 V batteries power high current applications and these batteries have long life span. These batteries are used in telecom, military, electric vehicles, marine etc. They have in-built battery management system. The demand and adoption for such batteries is increasing and this drives growth in above 36 V segment during forecast period.
On the basis of end-users, the lithium-ion battery market is segmented into automotive, medical, marine, aerospace & defense, consumer electronics, power, telecom and industrial. The automotive segment is estimated to hold largest market share during forecast period. The adoption of Lithium ion battery is increasing in automotive industry due to increase in electric vehicle sales. The awareness about environment is increasing among people and they are adopting EVs and government is also implementing many policies and regulations which support EV’s market. The increasing adoption of lithium ion battery by automotive industry drives growth in this segment during forecast period.
Asia-Pacific region is estimated to dominate the market during forecast period. China and India are major growth contributors in this region. These countries have wide opportunities for lithium ion batteries. China is a hub for automotive manufacturing industry and it provides major growth opportunities for lithium-ion battery market. The Indian market is emerging rapidly which leads to rapid increase in Li-ion battery market. The production electric vehicle is increasing in this region which increases the adoption of Li-ion battery. This drives growth in Asia-Pacific region during forecast period.
The key market players in lithium ion battery market are BYD Company, LG Chem, Panasonic, Samsung, BAK, GS Yuasa Corporation, Hitachi, Johnson Controls, Toshiba Corporation, Lithium Werks, Calb, Saft Groupe, Varta Storage, Farasis Energy, Sila Nanotechnologies, Lithium Energy Japan and Tesla.
- What are the expected industry trends over the next three to five years?
- Which of the lithium-ion battery type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?