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 energy density of lithium ion batteries is higher than that of nickel-metal hydride and lead–acid batteries. This means that a lithium ion battery of the same sized cell can store more electricity than its counterparts, with a comparatively longer life cycle and with no effects on memory. However, initially, the power stored in a lithium ion battery was insufficient for larger applications.
The first cobalt-based lithium ion battery was launched in 1991, which was able to deliver a capacity of 1,100 mAh. The LFP battery introduced in 1996 could deliver a capacity of 1,900 mAh by 2001. Currently, the capacity that a lithium ion battery delivers has increased to more than 4,000 mAh. Continuous R&D at Tesla Motors Inc. (US) has developed EVs which have enough power compared to its other cars.
According to the report US Energy Storage Monitor, lithium ion batteries are the most preferred storage technology. These are used for storing the energy of renewable sources such as solar and wind energy owing to competencies in the factors of weight, space, and low-temperature capacity. These factors make lithium ion batteries preferable to lead-acid batteries. There is a huge increase in the adoption of renewable energy generation and storage across the world due to depleting fossil fuels and their increasing costs.
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 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.
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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