The overall lithium ion battery market is expected to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2%.
The growth of this market is being fueled by increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for industrial applications.
Key Market Players
Some major companies operating in the global lithium ion battery market are BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa (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).
LG Chem has an energy solution division that works on developing differentiated materials for automotive and mobile batteries with integration of the latest technology. Under its energy solution segment, it provides mobile batteries, automotive batteries, and energy storage systems. Under its mobile batteries division, it delivers cylindrical, prismatic, polymer batteries for mobile devices, electric tools, electric bicycles, and smart watches. LG Chem plans to build a 41,300 m2 sized production base in Wroclaw, Poland, by investing USD 380 million in its Polish subsidiary, LG Chem Wroclaw Energy. After the completion of production base in 2018, it will have capacity to supply lithium-ion batteries for 100,000 electric vehicles every year resulting into the production capacity for 280,000 electronic vehicles by leveraging company’s production system (Korea, US, China, and Poland).
Panasonic Corporation undertakes various strategic investments, which sum up around 1 trillion Yen (~USD 9 billion), and has spent part of this total since FY 2016 to achieve sustainable growth in sales and profit. In FY 2018, the company’s lithium-ion battery plant commenced operation inside Tesla’s Gigafactory in the US. The company’s plant is in charge of producing the high performance cylindrical “2170 cell” used in Tesla’s new model 3 electric vehicles and energy storage system. The company is planning to continue investing capital in FY 2019 to achieve annual production capacity of 35 GWh.
Lithium cobalt oxide (LCO) held the largest size of lithium ion battery market during the forecast period
Lithium cobalt oxide (LCO) held the largest size, in terms of value, of the lithium ion battery market in 2018. The market of LCO battery type is the largest due to its application in consumer electronics, which have the major share of the overall lithium ion battery market. High energy density acts as a power source for consumer electronics. The energy density of any LCO battery is very high, but it has low stability and power density. Its life cycle is not as long as its counterparts, whereas the cost of manufacturing these batteries is fairly reasonable owing to the use of graphite carbon and cobalt.
Power capacity range of 3,000–10,000 mAh is expected to grow at the highest CAGR during the forecast period
Power capacity range of 3,000–10,000 mAh is expected to grow at the highest CAGR between 2018 and 2024. The market for this range is expected to grow at a high CAGR due to the fact that it covers a majority of industries such as consumer electronics, electric vehicle, power tools, and aerospace & defense. This makes it more desirable in near future for numerous applications. Its heavy power capacity makes it useful for industries such as in electrical vehicles and industrial uses. The increasing market for consumer electronics and smartphones has increased the need for batteries with high power capacity that can keep the device running for long hours and at the same time giving an optimum experience of the device due to large screen and power back up service.
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 market in 2018. APAC is home to a large number of semiconductor and electronics companies and 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 are manufactured in APAC—specifically in China, Japan, and South Korea.
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