Lithium Ion Battery Market Opportunities, Size, Share, Trends, Competitive Analysis, Revenue, Demand and Growth by 2023

The lithium ion battery market is growing at a considerable rate due to exponential growth of smartphones and tablet pc market, improving efficiency of lithium ion batteries, increased use, and growing demand of the lithium ion batteries from automotive sector. The high energy requirements of new consumer gadgets, increasing popularity of electric vehicles and hybrid electric vehicles, and increasing demand from applications of lithium ion batteries in military, medical, energy, and industrial sector are some of the factors providing ample opportunities to the growth of lithium ion battery market in the coming years.

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Asia-Pacific leads the lithium ion battery market due to the major economies of the region, such as China, India, Australia, and Japan. The increasing demand of the lithium ion batteries in China and Japan is one of the major factors driving the growth of the lithium ion battery market in Asia-Pacific region. Under Asia-Pacific region, Japan is the leading manufacturer of lithium ion battery. The Chinese lithium ion battery market is expected to grow at an exponential rate in the coming years due to strict government regulations regarding carbon emissions in vehicles in the country. Further, uses of lithium ion battery in hybrid buses of China are providing opportunities to the Asia-Pacific lithium ion battery market to grow in the coming years.

Increasing usage of lithium ion battery in automotive sector in trains, hybrid electric vehicles, and trams is supporting the growth of the lithium ion market. It is expected that the lithium ion batteries will replace lead acid batteries in coming years and applications of the lithium ion batteries is expected to increase faster in comparison to other batteries. Furthermore, increasing number of applications of lithium ion batteries in smartphone, slow battery discharge in the devices and necessity of longer life cycle of the battery are contributing to its growth.

The lithium ion battery market can be categorized on the basis of material type as anode, binders, cathode, separators and electrolytic solution. On the basis of applications, the lithium ion battery market can be categorized as energy, automotive, consumer, military, industrial, and medical. Industrial sector includes mining, cranes, smart grid and valves; automotive sector includes buses, trains, trucks, cars, airplanes, e-bikes and e-scooters; and consumer sector includes smartphones, uninterruptible power supply (UPS), mobile phones and tablet PCs.

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Some of the competitors in the global lithium ion battery market are Hitachi Chemical Co. Ltd., Panasonic Corporation, Automotive Energy Supply Corporation, Johnson Controls, Inc., Samsung SDI Co. Ltd., China BAK Battery, Inc. and Toshiba Corporation.

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