According to the new market research report "Lithium-Ion Battery Market by Type (Li-NMC, LFP, LCO, LTO), Power Capacity (0-3,000 mAh, 3,000 mAh-10,000 mAh, 10,000 mAh-60,000 mAh, above 60,000 mAh), Industry (Consumer Electronics, Automotive, Industrial), Voltage, Region – Global Forecast to 2025", is estimated to grow from USD 44.2 billion in 2020 to reach USD 94.4 billion by 2025 at a CAGR of 16.4%. The lithium-ion battery industry is likely to exhibit lucrative growth potential during the forecast period. Factors such as increasing demand for plug-in vehicles, growing need for automation & battery-operated material-handling equipment in industries, increasing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications are driving the growth of the lithium-ion battery market.
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Lithium-Ion Battery Market and Top Applications
- Consumer Electronics – Continuous technological developments in consumer electronics have boosted the growth of lithium-ion battery market. Li-ion batteries are in high demand for the consumer electronics application because they offer higher density, better durability, offers less recharge time, and more energy storage than other batteries. Lithium-ion batteries are a state-of-the-art power source for all modern consumer electronic devices. Being environment-friendly, lithium-ion batteries are widely accepted by electronics manufacturers.
- Automotive − The automotive industry is expected to be one of the major segments for lithium-ion batteries. Battery-driven vehicles such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of lithium-ion batteries. The market for these vehicles is expected to grow due to increasing adoption and awareness of EVs, partly driven by the adoption of various environmental norms and emission regulations. This has resulted in an increase in the demand for Li-ion and Ni-Mh batteries.
- Industrial – Lithium-ion batteries are used in various industrial applications. These batteries provide advantages in terms of carbon emissions and safety in underground environments. Batteries with high energy density and longer backup are required to improve the efficiency and performance of industrial equipment. Rapid infrastructural growth and support from governments and industry associations for the adoption of lithium-ion batteries are boosting the demand for construction and mining equipment, which is further leading to the growth of lithium-ion batteries in the industrial sector.
- Power − The power industry is working on generating renewable energy and storing it for multiple uses. Attributes such as low cost, less space required for installation, and low self-discharge rate are some of the driving factors for the adoption of lithium-ion batteries in smart grid and renewable energy storage systems. The lithium-ion battery technology is being used in power plants to achieve maximum efficiency. These batteries are more resistive to extreme temperature situations, making them suitable for use in remote locations and for thermal management options.
Lithium-Ion Battery Market and Top Battery Types
- Lithium Nickel Manganese Cobalt (Li-NMC) – Li-NMC batteries are preferred due to their low self-heating rate. Electric vehicles require high capacity and high power, which can only be provided by the NMC battery type. These batteries have a very low self-heating rate and are used in electric vehicles such as Nissan Leaf, Chevy Volt and BMW. Like other lithium-ion battery varieties, NMC batteries can have either a high specific energy density or a high specific power. Other application areas of Li-NMC batteries are e-bikes, power tools, medical equipment and other electric powertrains.
- Lithium Iron Phosphate (LFP) – The LFP technology is used in medium-power traction applications (AGV, E-mobility) or heavy-duty applications (marine traction, industrial vehicles, etc.) due to its high power density. The long service life of the LFP battery and the possibility of deep-cycling make it suitable for energy storage applications (stand-alone applications, off-grid systems) or stationary use in general. The LFP battery has a long life cycle, high current rating, good thermal stability, enhanced safety due to better tolerance, and better performance and competence. These attributes make it fit for use in numerous high-power applications.
- Lithium Cobalt Oxide (LCO) − The Lithium Cobalt Oxide (LCO) battery is the most popular type of lithium-ion battery after the LFP battery. LCO batteries have high energy density and are favoured as a power source in consumer electronics such as smartphones, tablets, laptops and digital cameras, among others. The LCO battery is made up of a graphite carbon anode and a cobalt oxide cathode with a layered structure. However, a short life span (two to three years), low thermal stability and limited power density make them unsuitable for most other applications.
APAC held the largest size of the lithium-ion battery market during the forecast period
APAC held the largest size of the lithium-ion battery industry in 2018. APAC is home to a large number of semiconductor and electronics companies and the increasing trend to implement high power battery, and safety with low energy wastage are expected to open up new market opportunities for lithium-ion battery in APAC. China and India are the fastest-growing economies in the world.
Demand for lithium-ion batteries is very high in Asia Pacific owing to the ever-increasing population and its need for consumer electronics. The market in China is expected to grow mainly because of the huge number of lithium-ion battery manufacturing companies in China and Japan. A major share of lithium-ion batteries is manufactured in APAC—specifically in China, Japan, and South Korea.
Key players operating in the lithium-ion battery market include BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa Corporation (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba (Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe, (France), VARTA Storage (Germany), Farasis Energy (California), and Sila Nanotechnologies (California).
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