Lithium-Ion Battery Market | Opportunity and Challenge

The global lithium-ion battery market size is estimated to grow from USD 44.2 billion in 2020 to USD 94.4 billion by 2025; it is expected to grow at a CAGR of 16.4%. The growth of this market is likely to be driven by the excellent features of li-ion batteries, increasing adoption of consumer electronics, and growing R&D initiatives by different organizations & battery manufacturers. Moreover, an increase in demand for plug-in vehicles, rising need for automation and battery-operated material-handling equipment in industries, propelling demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for industrial applications are other key driving factors.

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• DRIVERS
  
  1. Increase in demand for plug-in vehicles
  2. Growing need for automation and battery-operated material-handling equipment in industries
  3. Growing demand for smart devices and other industrial goods
  4. High requirement for lithium-ion batteries for various industrial applications
  5. Growing number of R&D initiatives by manufacturers for improvements in Li-ion batteries
   
• RESTRAINTS

          1. Safety issues related to storage and transportation of spent batteries

• OPPORTUNITIES

           1. Declining prices of lithium-ion batteries increase adoption in new applications
           2. Developing applications in energy secto

•  CHALLENGES
     
      1. Overheating of lithium-ion batteries
      2. Upcoming technologies such as chemical energy storage, compressed energy       storage, and pumped hydro

APAC held the largest size of the lithium-ion battery market during the forecast period

APAC held the largest size of the lithium-ion battery industry in 2018. APAC is home to a large number of semiconductor and electronics companies and the increasing trend to implement high power battery, and safety with low energy wastage are expected to open up new market opportunities for lithium-ion battery in APAC. China and India are the fastest-growing economies in the world.

Demand for lithium-ion batteries is very high in Asia Pacific owing to the ever-increasing population and its need for consumer electronics. The market in China is expected to grow mainly because of the huge number of lithium-ion battery manufacturing companies in China and Japan. A major share of lithium-ion batteries is manufactured in APAC—specifically in China, Japan, and South Korea.

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 Corporation (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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LG Chem has an energy solution division that works on developing differentiated materials for automotive and mobile batteries with the 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 smartwatches. LG Chem built 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 the production base in 2018, it could supply lithium-ion batteries for 100,000 electric vehicles every year, resulting in the production capacity for 280,000 electric vehicles by leveraging the company's production system (Korea, US, China, and Poland).

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