Lithium-ion (Li-ion) battery market has an outstanding growth in the coming years

In 2018, the global lithium-ion (Li-ion) battery market attained a value of $33,720.8 million and is expected to generate $1,06,493.0 million, registering a 21.8% CAGR during the forecast period (2019-2024). The market is growing due to the rising demand from the automotive industry due to the increasing focus on electric vehicles, high adoption of lithium-ion batteries in consumer electronic products, and favorable government policies and surging requirement from renewable energy sector. Li-ion is a rechargeable battery that has high energy density and is lighter than other rechargeable batteries of the same size.

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In terms of type, the lithium-ion battery market is divided into, lithium cobalt oxide (LCO), lithium nickel cobalt aluminum oxide (NCA), lithium nickel manganese cobalt (Li-NMC), lithium manganese oxide (LMO), and lithium iron phosphate (LFP). Among these, the LFP type dominated the market during the historical period (2014-2018) due to their increased usage in various automotive applications, particularly in China. The NMC type is expected to register the fastest growth during the forecast period, as these batteries have high thermal stability, storage range, and longevity.

Among the different regions, namely Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), North America, and Latin America (LATAM), the APAC region accounted for the major share of thelithium-ion battery market during the historical period and is predicted to dominate the market during the forecast period as well. The rising demand from smart devices, technological advancements, and expanding market for electric vehicles are resulting in the growth of the market in APAC. China held the largest share of the regional market during the historical period and is projected to retain its position during the forecast period.

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The increasing power density of lithium-ion batteries is opening up wide opportunities for the players operating in the lithium-ion battery market. The development of advanced technologies with long-lasting batteries and increased adoption of wind and solar energy could be facilitated by increasing the energy density of lithium-ion batteries. Scientists have been continuously trying to enhance the properties of these batteries as their requirement from different sectors, including renewable energy, electronics, and automotive, is rising.

Recent Strategic Developments of Major Lithium-Ion Battery Market Players

In recent years, the major players in the global lithium-ion battery market have taken several strategic measures, such as product launches, joint ventures, and geographical expansions, to gain a competitive edge in the industry. For instance, in April 2019, LG Chem entered into a joint venture with VinFast Trading and Production LLC (a subsidiary of Vingroup) to produce battery packs for the Vietnamese start-up's electric scooters.

Moreover, in June 2018, Hitachi Chemical Co. Ltd. signed a license agreement with Silatronix Inc., for manufacturing electrolyte materials, by combining the electrolyte using Silatronix's organosilicon compounds, as an additive with its anode materials, for lithium-ion batteries, which will be used to lengthen the life of lithium-ion batteries and improve their storage stability at higher temperatures.

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This release was published on openPR.