Lithium Ion Battery Market Witness to Growth Acceleration On Tesla, Panasonic, Samsung, Hitachi Chemical, GS Yuasa, Philips, A123 Systems, Sanyo, LG Chem, EnerDel, Toshiba, Prologium, Valence, Exide, Saft Batteries

The global lithium ion battery market growth rate is predicted to experience an upward trend in the coming years attributed to rising demand for electronic devices along with stringent regulatory outlook pertaining to lead use & disposal. Lithium ion batteries are being extensively used in aerospace and defense, automotive, consumer electronics, industrial, marine, medical, and power sectors.

Indeed, the energy density of these batteries is higher than that of traditional counterparts such as lead–acid batteries and nickel-metal hydride, which allows them to store more electricity in the same sized cell with a relatively longer lifespan. Last year, Tesla, an American energy and automotive company, reportedly installed the world's largest lithium-ion battery at the Hornsdale Wind complex. Tesla claims that with this battery it would be able to supply power 24/7 to residents across South Australia. When fully charged, the colossal battery can power up to 30,000 houses for just over an hour.

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Rising adoption of electric and hybrid vehicles along with favorable government policies for promoting sustainable technologies would bolster lithium ion battery market growth. Lately, countries such as China, UK, U.S., and Germany have witnessed a significant increase in electric vehicles demand attributed to cost-effectiveness and emission control regulations. For instance, plug-in vehicle sales in Europe reached 291000 units at the end of the third quarter of 2018, which is 35 percent higher than that of the same quarter of 2017. This includes all battery electric vehicles and plug-in hybrid vehicles in Europe. Pertaining to the worldwide adoption of electric & hybrid vehicles, lithium ion battery market share is anticipated to soar high in the years to come.

Growing adoption of electric vehicles coupled with government initiatives to promote sustainable energy utilization will drive the lithium ion battery market . In 2015, electric car registrations witnessed a 70% increase from the previous year with 550,000 vehicles sold across the globe. According to EIA, China and the U.S accounted for 336 and 159 thousand electric vehicle sales respectively in 2016.

Key players in lithium ion battery market include Tesla, Panasonic, Samsung, Hitachi Chemical, GS Yuasa, Philips, A123 Systems, Sanyo, LG Chem, EnerDel, Toshiba, Prologium, Valence, Exide, Saft Batteries, Energies Power, Roofer, Padre Electronics, Ding Tai, Johnson Controls and Duracell.

The U.S. in 2016, accounted for over 80% of North America lithium ion battery market share. Ongoing digitization of healthcare industry along with shifting trend toward IoTs has resulted increased demand for smart devices in the country. Government initiatives toward adoption of non-conventional fuel vehicles will further enhance the business outlook. Ongoing investments toward distributed generation coupled with growing demand for off-grid generation technologies will stimulate the product penetration across the energy storage applications. Rapid expansion of micro-grid networks will further provide impetus to industry growth. Nickel manganese cobalt oxide, lithium iron phosphate, and nickel cobalt aluminum oxide are prominent secondary batteries deployed for these applications.

Lithium cobalt oxide (LCO) market is projected to witness gains over 6% on account of rising demand for portable electronic devices. These products are predominantly deployed across mobile phones, smart watches, activity tracker, digital cameras, and laptops owing to its ability to offer high specific energy. LCO consist of carbon graphite carbon anode and a lithium cobalt oxide cathode. However, low thermal stability, short life span and limited load capabilities of lithium cobalt oxide batteries may hamper the business growth.

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Global lithium ion battery market will exceed USD 60 billion by 2024, as reported in the latest study.

Middle East and Africa lithium ion battery market in 2016, was valued over USD 1 billion and is projected to witness growth owing to ongoing investment towards renewable energy grid infrastructure development. Investment toward expansion of micro grid across remote areas will further stimulate the product demand.

Complete report for 2017-2024 on Lithium Ion Battery market is now available at https://www.marketstudyreport.com/reports/lithium-ion-battery-market

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