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.
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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.
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 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. There is increasing competition among
the battery models installed in electric vehicles owing to the need for
operational excellence.
“Europe expected to hold the second-largest share of the lithium ion battery market during the forecast period”
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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