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.
The study has involved 4 major activities to estimate the current market for lithium ion batteries. Exhaustive secondary research has been conducted to collect information on the market, peer market, and parent market. Validation of these findings and assumptions with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation procedures have been used to estimate the market size of each segment and subsegment.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
The study has involved 4 major activities to estimate the current market for lithium ion batteries. Exhaustive secondary research has been conducted to collect information on the market, peer market, and parent market. Validation of these findings and assumptions with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation procedures have been used to estimate the market size of each segment and subsegment.
Report Objectives
- To describe and forecast the lithium ion battery market, in terms of value, by type, power capacity, and industry
- To describe and forecast the lithium ion battery market, in terms of value, by region—North America, Europe, Asia Pacific (APAC), and RoW
- To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets with regard to individual growth trends, prospects, and contributions to the total market
- To study the complete value chain of the lithium ion battery market
- To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
- To analyze strategic approaches such as product launches, acquisitions, contracts, agreements, and partnerships in the lithium ion battery market
Lithium cobalt oxide (LCO) held the largest size, in
terms of value, of the lithium ion battery market in 2018. The market of
LCO battery type is the largest due to its application in consumer
electronics, which have the major share of the overall lithium ion
battery market. High energy density acts as a power source for consumer
electronics. The energy density of any LCO battery is very high, but it
has low stability and power density. Its life cycle is not as long as
its counterparts, whereas the cost of manufacturing these batteries is
fairly reasonable owing to the use of graphite carbon and cobalt.
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Power capacity range of 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 near future for numerous applications. Its heavy power capacity makes
it useful for industries such as in electrical vehicles and industrial
uses. The increasing market for consumer electronics and smartphones has
increased the need for batteries with high power capacity that can keep
the device running for long hours and at the same time giving an
optimum experience of the device due to large screen and power back up
service.
APAC held the largest size of the lithium ion battery market during the forecast period
APAC held the largest size of the lithium ion battery
market in 2018. APAC is home to a large number of semiconductor and
electronics companies and increasing trend to implement high power
battery and safety with low energy wastage are expected to open up new
market opportunities for lithium ion battery in APAC. China and India
are the fastest growing economies in the world. Demand for lithium ion
batteries is very high in Asia Pacific owing to the ever-increasing
population and its need for consumer electronics. The market in China is
expected to grow mainly because of the huge number of lithium ion
battery manufacturing companies in China and Japan. A major share of
lithium ion batteries are manufactured in APAC—specifically in China,
Japan, and South Korea.
Key players operating in the lithium ion battery
market include 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).
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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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