Lithium Ion Battery Market ( worth 68.97 Billion USD by 2022 ) Analysis Global Forecast to 2022

The increasing demand of energy-efficient, safe, and low-cost batteries is the key factor driving the growth of the lithium ion battery market. The market was valued at USD 23.51 Billion in 2015 and is expected to grow at a CAGR of 16.6% between 2016 and 2022. The base year considered for the study is 2015 and the forecast period is between 2016 and 2022. The objective of the report is to provide a detailed analysis of the lithium ion battery on the basis of type, power capacity, industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the market. The report also provides a detailed overview of the value chain in the market and analyzes the market trends with Porter’s five forces.

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The research methodology used to estimate and forecast the market begins with capturing data on revenue of the key vendors through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the lithium ion battery market from the revenue of key players. After arriving at the overall market size, the total market has been split into several segments and subsegments which have been verified through primary research by conducting extensive interviews with key experts such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all the segments and subsegments. 

One of the key restraining factors for the lithium ion battery market are overheating of lithium ion batteries which poses security concerns and inadequate charging infrastructure. The key market players such as LG Chem Ltd. (South Korea) and Panasonic Corporation (Japan) are focusing on the strategies such as contracts, agreements, and partnerships to enhance their geographical presence and expand their business.

“Lithium ion battery market for lithium nickel manganese cobalt battery type expected to grow at the highest rate between 2016 and 2022”
 

Lithium nickel manganese cobalt (Li-NMC) type batteries are used in application areas like e-bikes, power tools, medical equipment, and other electric powertrains. Use of cobalt in 1:1:1 ratio with a combination of nickel and manganese gives the optimum result while keeping the cost low, in spite of cobalt being expensive, owing to a low proportion of cobalt in the combination. The energy density of Li-NMC batteries is its primary strength.

“The market for 3000mAh to 10000mAh power capacity batteries expected to grow at the highest rate during the forecast period”

The heavy power capacity of the batteries, ranging from 3000mAh to 10000mAh, makes them suitable for the use in EVs and industrial applications. The increasing market of consumer electronics and smartphones has increased the need of batteries with higher power capacity which can keep the device running for longer hours and at the same time giving an optimum experience of the device due to large screen and power backup service. All these factors would lead to the higher adoption of lithium ion battery systems having 3000mAh to 10000mAh power capacity.

“Consumer electronics industry expected to hold the largest share of the lithium ion battery market”

The consumer electronics industry is expected to hold the largest share of the overall lithium ion battery market. Lithium ion batteries are a preferred choice for consumer electronics products as a portable power source because of the features such as high energy density and less recharge time. These are low on maintenance and light in weight compared to other rechargeable batteries; therefore, these are widely adopted in consumer electronics products such as mobile phones, tablets, and laptops.

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