Lithium Ion Battery Market Growing at CAGR of 16.4% During the Forecast Period
The global lithium ion battery market was valued at USD 29.27 billion in 2018 and is expected to reach USD 95.89 billion in 2026, growing at a CAGR of 16.4% during the forecast period.
Lithium ion battery features high energy density, high discharge power, and low impact of time. The lithium ion battery can be formed in any shape and provide a high current density and are ideal for consumer mobile electronic equipment.
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Lithium ion battery has a huge application in the consumer and automotive industry. It is used in a variety of electric vehicles. The electric vehicles require high energy storage and rechargeable battery packs and recyclable batteries, hence the lithium ion batteries are the ideal solution for an electric vehicle. The supportive government initiatives towards the adoption of lithium ion batteries and the growing development of laptops, smartphones, and an increase in demand for consumer electronics across the globe further boost the demand for lithium ion batteries.
Rising demand for lithium ion battery in end-use industries like material handling equipment, automotive, consumer electronics, and industrial usage in emerging countries is the key factors attributed to the market growth. Furthermore, the increasing awareness of the environment and increase in demand for high battery capacity with less maintenance is expected to fuel the market growth during the forecast period. On the other hand, safety issues and storage, transportation and aging of batteries are acting as a restraint to this market. However, continuous development in lithium ion battery for various new applications in end-use industries is expected to create major growth opportunities during the forecast period.
Based on type, the lithium nickel manganese cobalt segment is expected to grow at the highest CAGR of around 19.5% during the forecast period
Based on power capacity, the 3,000 TO 10,000 mAH segment is expected to grow at the highest CAGR of around 19.9% during the forecast period
Based on application, the consumer electronics segment is accounted for the largest share in the market and held for around 33% of the total market, in 2018
Asia-Pacific accounted for around 38% share of the global lithium ion battery market in 2018
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In June 2019, LG Chem formed joint venture agreement with Geely Automobile Holdings Ltd. for manufacturing lithium-ion batteries for EVs in China.
In July 2018, BYD Company signed partnership agreement with Changan Automobile. The partnership focuses to manufacture batteries for electric vehicles and sale of these batteries through a new legal entity based in Chongqing, a mega city of 33 million people in central China.
In March 2018, Samsung SDI developed new ESS product. This new product has high-capacity 111Ah (Ampere hour) ESS battery cell, in which the energy density is substantially increased.
In September 2017, Panasonic Corporation inaugurated new manufacturing facility in Himeji, Hyogo Prefecture. The new manufacturing facility will produce the automotive lithium-ion batteries and expanding domestic production amid increasing demand for such batteries.
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