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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Lithium-Ion Battery Market and Top Companies
- BYD Company (China) −The Company was established in 1995 and is headquartered in Shenzhen, China. BYD Company has three business segments: automobiles and related products, handset components and assembly services, and rechargeable batteries and photovoltaic business. BYD’s rechargeable batteries mainly include lithium-ion batteries and nickel batteries, which are widely used in portable electronic devices, including handsets, digital cameras, power tools, and electrical toys. The company also focuses on research and development activities to develop batteries for automobiles, especially for electric vehicles.
- LG Chem (South Korea) − LG Chem, Ltd. is a subsidiary company of LG Corporation, which was founded in January 1947 and headquartered in Seoul, South Korea. LG Chem is involved in the basic materials & chemicals business, IT & electronics materials, energy solutions, and advanced materials business. The company manufactures and supplies various chemicals, displays, and battery materials for industrial, commercial, and consumer use. LG Chem is a leading provider of energy solutions to the global battery market.
- Panasonic Corporation (Japan) − Panasonic Corporation is a manufacturer of electronics and electrical products. The company operates through four segments: appliances, automotive and industrial systems, eco-solutions, and connected solutions. These segments deliver products and services in consumer electronics, housing, automotive, and business-to-business domains. The automotive and industrial systems segment develops, manufactures, sells, and provides product and services for car-use-multimedia-related equipment, electrical components, lithium-ion batteries, along with other products. In FY 2018, the company’s lithium-ion battery plant commenced operation inside Tesla’s Gigafactory in the US. The company’s plant produces high performance cylindrical 2170 cell used in Tesla’s new model 3 electric vehicles and energy storage system.
- Samsung SDI (South Korea) − Samsung SDI engages in the manufacture and sale of secondary cells and plasma display panels. The company started its secondary Li-ion battery business in 2000; since then, Li-ion battery manufacturing has become Samsung SDI’s core business. The company’s wide product portfolio comprises small-sized lithium-ion batteries, automotive batteries & energy storage systems, chemicals, and electronic materials. It operates in two business segments: Display segment and Energy segment. The Energy segment is engaged in the manufacture of batteries. . It has a strong presence in Asia, the US, and Europe.
- BAK Group (China) – BAK Group was founded in 2001 and is headquartered in Shenzhen, Guangdong, China. The company operates in three major segments: lithium battery, electric vehicle, and batteries recycle. It is engaged in R&D, production, and sales of electric vehicles and lithium batteries. BAK Group operates through Shenzhen BAK Battery Co., Ltd. The core business of BAK is lithium batteries. BAK has over 10 years of experience in lithium battery production, with 1,000+ technical patents in its portfolio, and its own manufacturing technology.
- Hitachi (Japan) – Founded in 1910 and headquartered in Tokyo, Japan, Hitachi designs, manufactures, and sells electrical equipment and electronic systems. One of the largest conglomerates in the world, it has diversified operations in electronic systems and equipment, telecommunication equipment, construction machinery, information systems, and power plants. Hitachi Automotive Systems, Ltd. (Japan), a subsidiary, is engaged in the production and manufacture of lithium-ion batteries for hybrid electric vehicles (HEVs), fuel cell electric vehicles (FCEVs), hybrid electric small-sized trucks, buses, and hybrid railway motorcars.
- Johnson Controls (Ireland) – Johnson Controls is engaged in providing products, services, and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries & advanced batteries for hybrid and electric vehicles; and interior systems for automobiles. It has two business segments: building technologies and solutions and power solutions. The power solutions segment is responsible for the manufacture and sale of automotive batteries, including lead-acid batteries and lithium-ion batteries for utility vehicles, electric vehicles, hybrid vehicles, cars, and trucks. It sells batteries under the Optima, Varta, LTH, and Heliar brand names.
- Toshiba Corporation (Japan) – Toshiba Corporation is one of the leading players in the field of electronic products and home appliances. It operates under five major segments: energy and infrastructure, community solutions, electronic devices and components, lifestyle products and services, and others. The company offers the SCiB rechargeable battery made of lithium titanium oxide (LTO), which is used for automotive, industrial, and infrastructure applications. Toshiba has R&D centers across Japan, Europe, the US, India, and China.
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.
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