Lithium-ion Battery Market: Growing Use of Low Power Capacity Lithium-ion Batteries in Consumer Electronics

The global market for lithium-ion battery is prognosticated to witness a promising growth in the coming years, as reported by Transparency Market Research (TMR). The market’s vendor landscape features a consolidated ecosystem at the moment, with the leading three players vying for the top spot in the market. These players held roughly 57% of the overall market share in 2016, the companies namely being Samsung SDI Co., Panasonic Corporation and LG Chem Power Inc. A number of vendors are focusing on development of products while ensuring they are imbibed with the latest electronic innovations that aim at providing the highest battery performance possible. Companies are additionally looking into leveraging their product in a way so as to gain a strategic advantage over their competitors.

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Key vendors operating in the global lithium ion battery market include Hitachi Chemical Company, Ltd., Automotive Energy Supply Corporation (ASEC), Johnson Controls Inc., GA Yuasa Corporation, Panasonic Corporation, and Toshiba Corporation. The vendors are further engaging in strategies such as mergers and acquisitions, joint ventures and collaborations in order to thrive in the stiff market competition. Recently, LG Chem Ltd. signed an agreement with Daimler AG, a Germany-based multinational automotive firm, to supply lithium-ion batteries for installation in their smart electric vehicles. This strategy is likely to enhance its distribution network and boost its presence as a key automotive battery provider.

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The dire need for adoption of renewable energy sources is driven by surge in concerns about environmental change, positive government motivators, diminishing cost of solar photovoltaic cells, and declining cost of batteries. Electric and hybrid vehicles will witness development because of substitution from fuel to electric batteries. Also, government's stringent directions on exhaust standards with a specific end goal to protect environment and to lessen the polluting factors are likely to fuel the growth of the global lithium-ion market in the coming years.

China's electric vehicle market is anticipated to witness substantial traction in the coming years attributable to government regulations and reduction in conventional vehicles in large urban areas coupled with the presence of significant electric vehicles players, including Tesla, Nissan, Chevrolet, BMW, Ford, Fiat, and Toyota, mostly in the U.S., the UK, China, and Germany.

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This release was published on openPR.