Lithium ion battery market Asia Pacific (APAC) to witness the fastest growth

The report "Lithium Ion Battery Market by Type (Li-NMC, LFP, LCO, LTO, LMO, NCA), power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh), Industry (Consumer Electronics, Automotive, Medical, Industrial), and Region - Global Forecast to 2025"  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.

Lithium ion battery market Asia Pacific (APAC) to witness the fastest growth

The lithium-ion battery industry is segmented into North America, Europe, APAC, and the Rest of the World (RoW). APAC accounted for the largest share in 2017, followed by Europe. The lithium-ion battery market is growing at a rapid pace owing to the growth in electric vehicles, industrial and power applications, and the need for clean and sustainable fuel.

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The emerging market of electric vehicles and renewable energy storage systems are driving the market. Countries such as China, the Netherlands, and Germany have undertaken many initiatives and are setting strict regulations to support the growth of the electric vehicles market, which is expected to support the growth of the lithium-ion battery market.

China and Japan are the world’s second- and third-largest countries, respectively, in the electric vehicles market. Leading players contributing to the growth of the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan) among others.

Continuous development in the consumer and automotive sectors has led to increased application of lithium-ion batteries. The products of these industries require high power capacity with safety and a low rate of pollution. Lithium-ion batteries are capable of fulfilling these requirements of consumer and automotive industries. This makes them one of the highly adopted batteries in recent products.

Key Market Players

The lithium ion battery market is highly competitive, with the presence of several big and small market players. In 2017, leading players in the lithium-ion battery industry were LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BYD Company (China), and BAK Group (China). Product launches and developments, partnerships, agreements, collaborations, and acquisitions are some of the major strategies adopted by the players to grow in the lithium-ion battery market.

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