Lithium Ion Battery Market Growth Report and Outlook to 2025 by Key Players – Automotive Energy Supply, Samsung SDI, Tesla, A123 Systems, GS Yuasa International, Hitachi Chemicals, LG Chem

The Global Lithium Ion Battery Market was valued at US$ 23,489.0 Mn in 2017 and is expected to grow at a CAGR of 14.9% during the forecast period 2018 - 2025, to account to US$ 71,035.0 Mn by 2025.

Global Lithium ion battery market is segmented on basis of different types of Li-ion batteries available in the market for various applications. The different types of Li-ion batteries include; Lithium Cobalt Oxide batteries, Lithium Iron Phosphate batteries, Lithium Nickel Manganese Cobalt Oxide batteries, Lithium Manganese batteries, Lithium Titanate Oxide batteries and others. The other segment include Lithium Nickel Cobalt batteries and Lithium Nickel Cobalt Aluminum Oxide batteries. These batteries have several application areas including electric vehicle powertrain, industrial powertrain, energy storage systems, medical devices, and consumer electronics among others.

Leading Lithium Ion Battery Market Players:

1. Automotive Energy Supply Corporation
2. Samsung SDI Co. Ltd.
3. Tesla, Inc.
4. Toshiba Corporation
5. A123 Systems LLC
6. GS Yuasa International Ltd.
7. Hitachi Chemicals Co. Ltd.
8. LG Chem Ltd.
9. Panasonic Corporation
10. Johnson Controls International Plc

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The continuous research and development in the field of lithium cobalt oxide battery with an objective to improve the cathode and electrolyte solutions is helping the market to propel in the current times. Increasing the lifespan of lithium cobalt oxide (LCO) is anticipated to facilitate the market to propel in the years to come. On the other hand, the increasing investment in development of technologically robust medical devices, and the increase in procurement of technologically advanced medical devices is helping the market for Lithium Manganese Oxide (LiMnO2) batteries to surge in the current scenario.

The lithium ion battery market on a global perspective has been segmented on basis of application as consumer electronics, automotive, industrial, energy storage systems, aerospace & defense, medical & healthcare, and others. The automotive segment is a prominent application segment in the lithium ion battery market, attributing to the enormous demand for lithium ion batteries. Pertaining to the advantages of Li-ion batteries, the automotive industry is being able to reduce various environmental impacts, thereby, the demand for the same is constantly increasing. Additionally, the consumer electronics industry is rising at an exponential rate across geographies over the years, and the industry has shifted from Ni-Cd batteries and NiMH batteries to Li-ion batteries owing to the advantage of lightweight, energy saving capacity and higher performance.

The market for lithium ion batteries is anticipated to witness growth in aerospace & defense sector, due to the increasing defense budgets and aircraft orders. Similarly, the medical industry is also procuring large numbers of Li-ion batteries in the current scenario, with an objective to enhance their products and solutions with advanced technologies. The energy storage systems segment is also adopting Li-ion batteries attributing to the compact size and high energy density of the batteries. The global lithium ion battery market is expected to experience steep growth rate during the forecast period, due to the increased number of battery procurement for various industrial applications.

The global lithium-ion battery market by geography is segmented into five regions including; North America, Europe, Asia Pacific, Middle East and Africa, and South America. Asia Pacific accounted for the largest share in 2017 in global lithium ion battery market. Middle East and Africa region is foreseen to exhibit enormous growth in adopting lithium ion battery during the forecast period, thereby escalating at a prime rate over the years from 2018 - 2025.

With a view to suffice the huge demands for the lithium-ion battery, new manufacturing plants of these batteries are being set up globally. To achieve economies of scale, huge manufacturing setups termed as 'gigafactories' are being established in North America, Europe, and Asia Pacific. The Tesla/Panasonic lithium-ion battery 'gigafactory' under construction in Nevada USA will be the world's largest and most advanced battery factory. Additional factories are being built in Asia whilst a number of companies are proceeding with battery production projects in Europe. Lithium battery projects with cell production requiring lithium supply have been announced by LG Chem (Poland), SK Innovation (Hungary), Terra E Holding (Germany), and Northvolt (Sweden). Some of the world's famous car automakers have ventured into providing vehicles with lithium-ion batteries.

A lithium-ion battery is a type of rechargeable battery with greater stability and safety along with more energy capacity. The lithium-ion battery market is ramping up owing to the surging demand for electric vehicles, consumer electronics, and energy storage systems. It is extensively used in a wide range of electronic devices such as mobile phones, laptops, iPods, and PDA's including many others. Also, uses of lithium-ion battery comprise of radio-controlled hobby vehicles, notebooks, portable vaporizer, drones, and UAV. Currently, connected and smart consumer products are much in demand as compared to simple electronic products and purely mechanical devices. However, in such smart devices battery is the key power capacity taken into consideration while designing products. Thus, Li-ion batteries are the popular choice for consumer electronic products owing to their design flexibility, rechargeability, and ease of getting fit in a custom size.

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The lithium-ion battery market is fragmented with the presence of leading and well-established players as well as tier-2 and tier-3 companies across the globe. The companies in the lithium-ion battery market are continuously investing and innovating in order to introduce economical and energy-efficient battery technology in the market. In addition, the high rate of adoption of lithium-ion batteries in smart electronics devices in healthcare and medical is also boosting the growth of the lithium-ion battery market.

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This release was published on openPR.