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.
APAC held the largest share of the overall lithium
ion battery market and the market for the same is expected to grow at
the highest rate during the forecast period. Continuous development in
consumer and automotive sector has led to increased application of
lithium ion batteries in APAC. The products of these industries require
high power capacity with safety and low rate of pollution. Lithium ion
batteries are capable to fulfill these requirements of consumer and
automotive industries. This makes them one of the highly adopted
batteries in recent products.
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.
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