Global Lithium-Ion Battery Market Booming to Witness Astonishing Growth in the coming year : SAMSUNG SDI CO.,LTD., Lithium Energy Japan (a subsidiary of GS Yuasa International Ltd.), Tianjin Lishen Battery Co.
According to the International Energy Agency (IEA), in 2018, the global electric car fleet surpassed 5.1 million, which is 2 million more as compared to previous year.
Growing adoption of 5G technology in mobile networks is expected to drive growth of global lithium-ion battery market.
According to Statista, in 2018, the global 5G network infrastructure market reached around US$ 0.53 billion. In 2019, shipments of 5G-enabled smartphones are forecast to reach 0.9% of the total smartphone shipments worldwide.
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High cost of manufacturing lithium-ion battery is expected to restrain growth of the global lithium-ion battery market.
Asia Pacific is expected to dominate global lithium-ion battery market due to increasing demand of electric vehicles.
For instance, in 2018, Volkswagen Group announced its plan to manufacture 22 million EVs by 2026, half of which are to be manufactured in China.
North America is expected to grow rapidly in near future due to growing consumer electronics and automotive sales across countries such as the U.S. and Mexico.
Key competitors of global lithium-ion battery market are SAMSUNG SDI CO.,LTD., Lithium Energy Japan (a subsidiary of GS Yuasa International Ltd.), Tianjin Lishen Battery Co., Ltd., Shenzhen A&S Power Technology Co., Ltd., LITHIUMWERKS, GlobTek, Inc., BYD Company Ltd, Panasonic Corporation, LG Chem, VARTA Microbattery GmbH (a subsidiary of VARTA AG), and Dalian CBAK Power Battery Co., Ltd.
In December 2019, LG Chemicals partnered with General Motors to produce electric vehicle batteries. Investment of about US$ 2.30 billion helped in the starting of a new factory in Lordstown, Ohio for electric vehicle batteries manufacturing in mass volume.
In December 2019, XALT Energy launched XALT Battery Viewer (XBV) as a telematics system. The system is for battery-electric powertrains and can be used as a companion tool for the heavy-duty lithium-ion batteries.
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