Lithium ion battery is a rechargeable battery with longer lifecycle. It is used in applications which require high energy density solutions. It is used in notebook computers, hybrid automobiles and cellular phones. The global lithium ion battery market is growing at a significant rate, due to mounting requirement for electric vehicle, and mounting need for smart devices and other consumer electronic products. Different types of lithium ion batteries contributed to the lithium ion battery market size. The market has witnessed high demand for lithium nickel manganese cobalt in the coming years due to depleted proportion of cobalt in the combination.
Insight by Type
The different types of lithium ion batteries are into lithium nickel manganese cobalt (Li-NMC), lithium titanate oxide (LTO), lithium manganese oxide (LMO), lithium cobalt oxide (LCO), lithium iron phosphate (LFP), and lithium nickel cobalt aluminum oxide (NCA). Among Of all types, lithium nickel manganese cobalt (Li-NMC) segment is expected to grow at fastest rate in the market due to depleted proportion of cobalt in the combination, accuracy and effectiveness. In addition, lithium cobalt oxide (LCO) accounted the largest share in the lithium ion battery market.
Insight by Power Capacity
On the basis of power capacity the lithium ion battery market is subdivided into 0 to 3,000 mAh, 3,000 mAh to 10,000 mAh, 10,000 mAh to 60,000 mAh and more than 60,000 mAh. Among the all power capacity, the 3,000 mAh to 10,000 mAh is expected to grow at fastest rate in the market due to increasing market of consumer electronics and smartphones. In addition, 0 to 3,000 mAh segment accounted the largest share in the market.
Insight by Vertical
On the basis of vertical the lithium ion battery market is subdivided into consumer electronics, automotive, industrial, power, medical, aerospace and defense, and marine. Among the all vertical, the consumer electronics accounted the largest share in the lithium ion battery market, as lithium ion batteries are the preferred for consumer electronics, due to mounting need for smartphones and laptops, decreasing prices of smart devices, mounting disposable income, budding acceptance of IoTs, less recharge time and high energy density.
The consumer segment is further subdivided into smartphones, laptops, UPS and others. The automotive segment is further subdivided into battery electric vehicles and plug-in hybrid electric vehicles. The industrial segment is further subdivided into construction equipment and mining equipment. The marine segment is further subdivided into commercial, defense and tourism. The aerospace and defense segment is further subdivided into commercial aircraft and defense.
Mounting requirement for electric vehicle, mounting need for smart devices and other consumer electronic products, mounting demand for grid storage, government directives on fuel economy and expansions toward improvement of lithium ion batteries are the primary growth drivers for lithium ion battery market.
Mounting acceptance of novel technologies in lithium ion batteries, stringent government regulations for the disposable of lead, mounting disposable income, and decreasing prices precedents to implementation of lithium ion batteries in novel application areas are also facilitating the growth for the lithium ion battery market.
Safety concerns due to high temperature of lithium ion batteries and insufficient charging infrastructure are the major challenges for the growth of lithium ion battery market. In addition, advance of lithium-air, sodium-ion, and lithium–sulfur batteries to act as substitutes for lithium ion batteries are also hindering the growth of the lithium ion battery market.
Globally industry players are leveraging market growth through launching new products. The manufacturing companies trying to enter the needle-free injection system market are required to maintain stringent regulatory standards.
Geographically, Asia-Pacific accounted the major share and is observed to witness highest growth in the lithium ion battery market due to mounting funding from the government. In addition, mounting disposable income, continuous development in automotive and consumer goods sector, mounting demand of electric vehicles, mounting consumer alertness to adopt environment friendly technologies and mounting adoption of smart devices are also facilitating the growth of the Asia-Pacific lithium ion battery market.
Key players in the lithium ion battery market are catering the demand by collaborating with small players and investing on technologically advanced batteries across the globe. In September 2018, Lithium Werks is merging with Super B, to facilitate global energy transition and to meet the growing demand of portable power solution.
In addition, in March 2018, Lithium Werks acquired the A123 Systems manufacturing plants located in China, to improve its position in market. BAK Group, Panasonic Corporation, Saft Groupe SA, BYD Company Ltd., Johnson Controls Inc., GS Yuasa Corporation, LG Chem, Ltd., Samsung SDI Co., Ltd., Lithium Werks, Hitachi Ltd., Toshiba Corporation and Valence Technology, Inc. are the key players offering lithium ion battery.