Technology Update And Future Scope: Lithium Ion Battery Market

The lithium ion battery market is expected to be valued at USD 68.97 Billion by 2022, growing at a CAGR of 16.6% between 2016 and 2022. The growth of this market is propelled by the increase in demand for electric vehicle, strict government mandates on fuel economy, growing demand for smart devices and other consumer electronics, and development toward enhancement of lithium ion batteries.

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Lithium cobalt oxide (LCO) battery type is expected to hold the largest share of the overall lithium ion battery market in 2016. The energy density of any LCO battery is very high, and the cost of manufacturing these batteries is fairly reasonable owing to the use of graphite carbon and cobalt. The market for lithium nickel manganese cobalt battery type is expected to grow at the highest rate between 2016 and 2022. The combination of nickel and manganese gives the required accuracy and effectiveness. Separately, both of them are not very effective as nickel has high energy density but poor stability and manganese forms a spinel structure achieving low internal resistance but has a low energy density.

The 0 to 3000mAh power capacity batteries accounted for the largest share of the lithium ion battery market segmented on the basis of power capacity. There is huge range of applications that are powered by batteries within the capacity of 3,000mAh. These include DVD players, portable CD players, digital cameras, smartphones, camcorders, wearable devices, power tools, power banks, toys, bluetooth, GPS, blackbox, tablet, and various other consumer electronics. These batteries can also be assembled together in a module format for applications requiring higher capacity. The market for 10000mAh to 60000mAh power capacity batteries is expected to grow at the highest rate during the forecast period. The lithium ion batteries having capacity between 10000mAh to 60000mAh are used in industries where high power capacity is required. These applications include electric vehicles, material handling equipment, marine industry applications, robots, industrial applications, telecommunication systems, energy storage system (ESS) platforms, military applications, and GEO, LEO, and MEO satellites.

The consumer electronics industry is expected to dominate the market during the forecast period. For better performance and higher reliability, the consumer electronics products are highly dependent on portable power source. Lithium ion batteries are a preferred choice for consumer electronics products as a portable power source because of the features of high energy density and less recharge time. The market for the automotive industry is expected to grow at the highest rate. The implementation of lithium ion batteries in automotive sector for plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV) helps to improve the efficiency and reduce the maintenance cost of the vehicle.

The major players involved in the lithium ion battery market are LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co., Ltd. (South Korea), BYD Co. Ltd. (China), BAK Group (China), A123 Systems, LLC. (U.S.), GS Yuasa Corporation (Japan), Hitachi, Ltd. (Japan), Johnson Controls Inc. (U.S.), Saft Groupe S.A. (France), Toshiba Corporation (Japan), and Valence Technology Inc. (U.S.).

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