Lithium Ion Battery Market growth possibilities and trends - Global Forecast to 2024

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.

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.

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“Market for Lithium Nickel Manganese Cobalt is expected to grow at a higher rate during the forecast period”

The energy density of NMC batteries is its primary strength. It achieves this energy density with good stability due to the use of an optimum ratio of nickel manganese and cobalt. It also has a good charge and discharge cycle. These features enable its application in industries such as automotive. NMC is used in batteries laptops, mobile phones, tablets, automotive, power tools, and electrical storage systems. It is expected to gradually replace LCO and NCA cathode materials in batteries of notebooks, mobile phones, and tablets. It is lightweight and can better serve slimmer and lighter tablets and smartphones. NMC is also used in HEV, EV, and PHEV as it offers higher safety, along with other desired properties. These advantageous properties of NMC are expected to increase its market share in next five years and ideally positioned it to be the best material available in this industry.

“Lithium ion battery market for power capacity range 3,000–10,000 mAH is expected to grow at the highest rate during the forecast period”

Lithium-ion battery’s heavy power capacity makes it useful in electrical vehicles and industrial uses. The increasing market of 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.

“Lithium ion battery market for consumer electronics is expected to hold the largest market during the forecast period”

Continuous development in consumer electronics as well as support from government and association for the adoption of lithium ion batteries has boosted the growth of this market. The growing use of electronic devices such as cell phones, laptops, MP3 players, and GPS navigation systems is driving the growth of the consumer electronics industry for the lithium ion battery market.

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