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.
Factors that are driving the growth of the market include increase in
demand for electric vehicle (EV), 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 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 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.
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.
The automobile industry in Europe is strategic
industry with the leanest production processes and optimized use of
energy for manufacturing. Increasing market share of EV in Europe is
prominently supporting the adoption of lithium ion batteries. Increasing
funding from the government is supporting the adoption of lithium ion
batteries in electric cars. GREENLION is a project funded by EU for
manufacturing cheaper and dependable lithium ion batteries for electric
cars. These are some of the factors contributing to the growth of the
lithium ion battery market in Europe.
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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