Lithium ion battery is a rechargeable battery that
has lithium along with various other materials. It is made up of 3
major components: cathode, anode, and electrolyte. The main
characteristic of a lithium ion battery is that lithium ions flow from
negative electrode to positive during discharge and reverse while
charging. Li-Ion batteries are mainly used for applications in
automotive and consumer electronics such as smartphones, laptops,
tablets, wearable devices, and other home applications. There are many
types of lithium ion batteries depending on the materials that are
combined with lithium, such as cobalt, nickel, manganese, titanium, and
iron.
The growth of the lithium ion battery market is driven by
increase in demand for plug-in vehicles, growing need for automation
and battery-operated material-handling equipment in industries, growing
demand for smart devices and other industrial goods, and high
requirement of lithium-ion batteries for various industrial
applications. However, factors such as safety issues related to storage
and transportation of spent batteries hinder the market growth. The
lithium ion battery market is estimated to grow from USD 37.4 billion
in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2% between 2018
and 2024.
In the type segment, the market
for lithium cobalt oxide (LCO) accounted for the largest share of the
lithium ion battery market in 2018. Lithium cobalt oxide is a unique
chemistry in terms of its applications. It is mostly used in
applications that require high energy density. LCO has the highest
market share in the lithium ion battery market. It offers a unique
combination of power and energy storage capacity, capacity retention,
and excellent cycle life. It has the highest energy density and
electronic conductivity. The use of LCO in mobile phones, notebooks,
tablets, and prismatic cells is driving the demand for LCO. Also, due to
its use in pouch cells, it is very much preferable in portable
electronics.
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The lithium ion battery market for power capacity
range 3,000–10,000 mAH is expected to grow at the highest CAGR between
2018 and 2024. The market for this range is expected to grow at a high
CAGR due to the fact that it covers a majority of industries such as
consumer electronics, electric vehicle, power tools, and aerospace &
defense. This makes it more desirable in future for numerous
applications.
The market for automotive industry is expected to
grow at the highest CAGR between 2018 and 2024. The automotive industry
is expected to be one of the major segments for lithium ion battery. The
automotive segment includes battery-driven vehicles such as electric
vehicles, which also include hybrid electric vehicles, plug-in electric
vehicles, e-bikes, and automated guided vehicles, which are major
consumers of lithium ion battery. There is an increasing competition
between battery models installed in EVs owing to the need for
operational excellence. Increasing adoption and awareness of EVs support
the growth of the lithium ion battery market.
The lithium ion battery market in APAC is expected to
grow at the highest CAGR during the forecast period. APAC has become an
attractive automotive market. In recent years, this region has emerged
as a hub for automobile production. Recent infrastructure developments
and industrialization activities in emerging nations have opened new
avenues and opportunities for OEMs. Additionally, the increasing
purchasing power of the population has stimulated the demand for
consumer electronics and automobile resulting into the high demand for
the lithium ion battery market in APAC.
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