The overall lithium ion battery market is expected to grow from USD 37.4
billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2%.
The growth of this market is being fueled 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 industrial applications.
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The growth of this market is being fueled 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 industrial applications.
The market mainly comprises China and India, which
have a huge potential for many application areas within the lithium ion
battery market. China being a global automotive manufacturing hub holds
immense potential for the growth of the market. Increase in the
production of electric vehicles and lithium ion batteries used in
vehicles is driving the market in China. Furthermore, China is also one
of the world's leading producers of electronic devices. This is expected
to drive the lithium ion battery market across multiple applications in
China. Also, the presence of a number of electronic manufacturers such
as Panasonic (Japan), Sony Corp. (Japan), Samsung SDI (South Korea), and
LG Electronics (South Korea) in the region is one of the key factors
driving the market for lithium ion batteries in APAC.
Key Market Players
Some major companies operating in the global lithium
ion battery market are BYD Company (China), LG Chem (South Korea),
Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS
Yuasa (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba
(Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe,
(France), VARTA Storage (Germany), Farasis Energy (California), and Sila
Nanotechnologies (California).
LG Chem has an energy solution division that works on
developing differentiated materials for automotive and mobile batteries
with integration of the latest technology. Under its energy solution
segment, it provides mobile batteries, automotive batteries, and energy
storage systems. Under its mobile batteries division, it delivers
cylindrical, prismatic, polymer batteries for mobile devices, electric
tools, electric bicycles, and smart watches. LG Chem plans to build a
41,300 m2 sized production base in Wroclaw, Poland, by investing USD 380
million in its Polish subsidiary, LG Chem Wroclaw Energy. After the
completion of production base in 2018, it will have capacity to supply
lithium-ion batteries for 100,000 electric vehicles every year resulting
into the production capacity for 280,000 electronic vehicles by
leveraging company’s production system (Korea, US, China, and Poland).
Panasonic Corporation undertakes various strategic
investments, which sum up around 1 trillion Yen (~USD 9 billion), and
has spent part of this total since FY 2016 to achieve sustainable growth
in sales and profit. In FY 2018, the company’s lithium-ion battery
plant commenced operation inside Tesla’s Gigafactory in the US. The
company’s plant is in charge of producing the high performance
cylindrical “2170 cell” used in Tesla’s new model 3 electric vehicles
and energy storage system. The company is planning to continue investing
capital in FY 2019 to achieve annual production capacity of 35 GWh.
Recent Developments
- In July 2018, BYD Company signed strategic cooperation agreement with Changan Automobile to jointly manufacture batteries for electric vehicles. The groundbreaking agreement will see both companies collaborate in the production and sale of these batteries through a new legal entity based in Chongqing, a mega city of 33 million people in central China.
- In March 2018, Samsung SDI launched its new ESS product, a high-capacity 111Ah (Ampere hour) ESS battery cell, in which the energy density is substantially increased
- In September 2017, Panasonic Corporation has decided to start the production of automotive lithium-ion batteries at a factory in Himeji, Hyogo Prefecture, and expanding domestic production amid increasing demand for such batteries.
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Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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