Lithium-Ion Battery Market Triggered by Improvements in Design and Performance

A lithium-ion battery refers to a type of rechargeable battery that was first introduced by G. N. Lewis in 1912. It is lightweight, compact and has a lower self-discharge rate, and higher energy density and efficiency than other batteries. Owing to this, they are extensively utilized in the consumer electronics and automotive industries. In recent years, lithium-ion batteries have gained momentum since these batteries are ideal for modern fuel gauge applications and their self-discharge is much lower than that of nickel-cadmium batteries. According to IMARC Group, the global lithium-ion battery market size reached US$ 28.5 Billion in 2018.

Over the years, the use of various electronic devices has rapidly increased across the globe due to which there has been a rise in the demand for efficient and durable rechargeable batteries. As a result, manufacturers have designed advanced Li-ion batteries which can last up to several hours without charging. This has increased the applicability of Li-ion batteries in diverse areas ranging from wearable devices to electric vehicles. Apart from this, with the rising environmental concerns, governments of various nations have shifted their focus toward developing green technologies to reduce carbon emissions. For instance, the European Commission has launched the GREENLION project to manufacture sustainable Li-ion batteries via the use of water-soluble, fluorine-free, thermally stable binders which eliminate the use of VOCs and reduce the cell assembly cost. On account of these factors, the market is further projected to reach a value of US$ 53.8 Billion by 2024, exhibiting a CAGR of 11% during 2019-2024.

Lithium cobalt oxide batteries dominate the market

Based on the product type, lithium cobalt oxide batteries represent the most popular product type. The high specific energy of lithium-cobalt oxide makes it suitable for various electronic or consumer items such as e-readers, mobile phones, digital cameras and laptops. It is followed by lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide and others.

Power Capacity of 0-3000mAh accounts for the majority of the global market share

The market has been segregated on the basis of the power capacity into 0-3000mAh, 3000-10000mAh, 10000-60000mAh and more than 60000mAh. Lithium-ion batteries with a power capacity of 0-3000mAh currently hold the largest market share as they are majorly utilized in consumer electronics including digital cameras and camcorders, mobile phones, handheld game consoles, electronic cigarettes, MP4 players, and flashlights.

Lithium-ion batteries are mostly used in consumer electronics

On the basis of the application, the report finds that consumer electronics represent the dominant application segment due to the growing demand for safe and inexpensive batteries with a higher energy density. Consumer electronics are followed by electric vehicles, energy storage and others.

Asia Pacific enjoys the leading position in the global market

Asia Pacific currently exhibits a clear dominance in the market owing to the presence of numerous original equipment manufacturers (OEM). Moreover, the demand for lithium-ion batteries is increasing with the growing penetration of electric vehicles (EVs) in the region. Other major regions include North America, Europe, Latin America, and Middle East and Africa.

The industry is fragmented in nature with the presence of a large number of players. Some of the key manufacturers include A123 Systems, Automotive Energy Supply Corp., LG Chem, Panasonic, SAMSUNG SDI, Toshiba, Amperex Technology (ATL), BAK Group, Blue Energy, BYD, CBAK Battery, Tianjin Lishen Battery, Valence Technology, SK innovation and Hitachi Ltd.

Other Report by IMARC Group:

Interior Architectural Coatings Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the lithium-ion battery industry, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
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• Marketing and sales
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• Innovation and Product Development

Imarc Group is a leading market research and consulting company that offers management strategy and market research worldwide.