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.
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LCO Dominated the Global Lithium Ion Battery Market Share in 2018
Lithium cobalt oxide (LCO) batteries are one of the most commonly used batteries in a range of applications, including mobile phones, laptops, and digital cameras, among more. LCO dominated the global lithium-ion battery market share in 2018.
Lithium nickel manganese cobalt (Li-NMC) batteries are expected to witness the highest growth rate during the forecast period on account of its high energy density. NMC batteries are used in application areas like e-bikes, power tools, medical equipment, and other electric powertrains. The NMC cell is growing in its range as the three components involved are easy to blend and be made useful for a wide range of applications from the automotive industry to ESS.
Lithium ion battery market for Automotive to garner the highest gains during the forecast period
The lithium-ion battery market is segmented by industry into consumer electronics, automotive, aerospace & defense, medical, power, marine, and industrial. Demand for Li-ion batteries is increasing because of the growing need for miniature and lightweight source of power in EVs, portable devices, and industrial equipment. Li-ion batteries can deliver adequate power while managing manufacturing costs and the weight and size of products, which are the major factors for manufacturing specific products according to the requirements.
Europe expected to be the fastest-growing market for Lithium-ion Battery during the forecast period
Europe is expected to be the fastest-growing market for lithium ion battery from 2018 to 2025. Europe is home to some of the largest battery manufacturers such as Saft (France) and FIAMM (Italy). The consumer electronics market for wearable devices is witnessing a positive growing curve in Europe. Presence and active association in Europe such as Association of European Automotive Industrial Battery Manufacturers and PRBA is supporting the use of lithium ion battery in different application in safe mode by their set standards and certification.
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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