The overall lithium ion battery market size 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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Need for high power and energy density has created demand for reliable and safe batteries for industries such as automotive and consumer electronics. Factors such as increasing 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 are driving the growth of the lithium ion battery market.
“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.
Power capacity range of 3,000–10,000 mAh is expected to grow at the highest CAGR during the forecast period
Lithium ion batteries with power capacity range of 3,000–10,000 mAh is expected to grow at the highest CAGR between 2018 and 2025. These batteries are often grouped together to form modules, and these modules are used in applications requiring heavy loads. Its heavy power capacity makes it useful for industries such as in electrical vehicles and industrial uses. Besides, the market for 0–3,000 mAh held the largest market, in terms of value, in 2018. This range is majorly used in consumer electronics industry. Around 90% of consumer applications have the power capacity in range of 0–3000 mAh.
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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USA : 1-888-600-6441
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