“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.
The overall lithium ion battery market is expected to grow from USD 37.4 billion in 2018 to USD 98.0 billion by 2025, at a CAGR of 15% from 2018 to 2025.
“APAC is expected to account for the largest market share during the forecast period”
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 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).
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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