High Requirement of Lithium-Ion Batteries for Various Industrial Applications Driving the Growth

The report "Lithium Ion Battery Market by Type (Li-NMC, LFP, LCO, LTO, LMO, NCA), power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh), Industry (Consumer Electronics, Automotive, Medical, Industrial), and Region - Global Forecast to 2025" The overall lithium ion battery market is expected to grow from USD 37.4 billion in 2018 to USD 98.0 billion by 2025, at a CAGR of 15% from 2018 to 2025.

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The lithium-ion battery market is segmented by industry into consumer electronics, automotive, aerospace & defense, medical, power, marine, and industrial. Demand for Li-ion batteries is increasing because of the growing need for miniature and lightweight source of power in EVs, portable devices, and industrial equipment. Li-ion batteries can deliver adequate power while managing manufacturing costs and the weight and size of products, which are the major factors for manufacturing specific products according to the requirements.

Lithium ion battery market Asia Pacific (APAC) to witness the fastest growth

The lithium-ion battery industry is segmented into North America, Europe, APAC, and the Rest of the World (RoW). APAC accounted for the largest share in 2017, followed by Europe. The lithium-ion battery market is growing at a rapid pace owing to the growth in electric vehicles, industrial and power applications, and the need for clean and sustainable fuel.

The emerging market of electric vehicles and renewable energy storage systems are driving the market. Countries such as China, the Netherlands, and Germany have undertaken many initiatives and are setting strict regulations to support the growth of the electric vehicles market, which is expected to support the growth of the lithium-ion battery market.

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 (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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