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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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.
“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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