Lithium-Ion Battery Market
Lithium-Ion Battery Market is expected to witness a boom over the forecast period (2020-2027)
Increasing globalization and digitalization has encouraged consumers seek for smart devices, which is a prime force strengthening the lithium-ion battery market size. Also, rising deployment of consumer electronics, intensified research and development activities by several battery producers, and evolving need for battery-driven material handling equipment has augmented the lithium-ion battery market share. Moreover, the demand for lithium-ion batteries is driven by the growing off-shore installation, primarily across the US, Germany, and China. The exceptional benefits of lithium-ion batteries have increased their application across electronic devices such as digital cameras, power tools, and smart phones, which has driven the market growth. Besides this, growing installation of nuclear power plants and PV along with the implementation of several wind energy projects will fuel the market lithium-ion market share.
By Industry, the automotive segment is expected to capture the highest share in the lithium-ion battery market over the forecast period due to the enforcement of stringent environmental norms. Rising support by government to encourage the adoption of electric vehicles will further strengthen the market growth.
By voltage, the high (above 36V) segment is anticipated to expand at a higher CAGR over the coming years, owing to the enhanced safety and more power as compared to other lead acid batteries. As per the lithium-ion battery market report, enlarged lifespan of these batteries makes them suitable to be used across power, vehicles, military, electric telecom, and marine sector, which will strengthen the market growth.
By region, the North American region is forecast to dominate the market over the forecast period, owing to the growing production of automotives and lithium-ion batteries in vehicles.
Leading players operating in the market include Panasonic Corporation, LG Chem Ltd., Hitachi Ltd., Johnson Controls, BAK Group, BYD Company Ltd., GS Yuasa Corporation, Samsung SDI Co. Ltd., Toshiba Corporation, and Valence Technology, Inc., among others.
In 2020, BYD Company Ltd., launched Blade Battery to raise fire safety in electric vehicles. The surface temperature of the battery is 30-60 degrees Celsius and is effective over other traditional batteries.
Lithium-Ion Battery Market Segmentation:
Lithium-Ion Battery Market by Type
- Lithium Nickel Manganese Cobalt (Li-NMC)
- Lithium Iron Phosphate (LFP)
- Lithium Cobalt Oxide (LCO)
- Lithium Titanate Oxide (LTO)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
Lithium-Ion Battery Market by Products
- Battery Pack
Lithium-Ion Battery Market by Power Capacity
- Less Than 3,000 mAH
- 3,000 TO 10,000 mAH
- 10,000 TO 60,000 mAH
- More Than 60,000 mAH
Lithium-Ion Battery Market by Voltage
- Low (Below 12 V)
- Medium (12 V – 36 V)
- High (Above 36 V)
Lithium-Ion Battery Market by Industry
- Consumer Electronics
- Others(Games, Gardening Tools, and Drilling)
- Battery Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Aerospace & Defense
- Commercial Aircrafts
- Mining equipment
- construction equipment
- Forklifts, automated guided vehicles (AGV), and automated mobile robots (AMR).
Lithium-Ion Battery Market by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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