Li-ion Battery Market - Business Development and Global Forecast 2023

Posted by Savni on January 13th, 2020

Market Scenario:

Li-ion Battery refers to a kind of rechargeable battery which is used in various industries for various purposes. These batteries consists great life cycle with the high energy density. From the last decade, Li-ion Battery market has seen tremendous growth due to the high demand from the consumer electronics and automotive sectors. As new devices are coming in market and runs on portable power source, Li-ion Battery has become a great option.

Global Li-ion Battery Market: by Type (Lithium Nickel Manganese Cobalt, Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Titanate Oxide, Lithium Manganese Oxide, and Lithium Nickel Cobalt Aluminum Oxide) Forecast till 2023

Lithium-Ion Battery Market Research Report- Global Forecast till 2023

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Increasing demand for high power and high capacity cells are major factors driving the growth of the global Li-ion Battery market. Furthermore, increasing penetration into large applications is boosting the growth of the market. Growing demand for smart devices and other consumer electronics is another major factor responsible for the growth of lithium ion battery market.

The global Li-ion Battery market has been segmented on the basis of type, power capacity and vertical. The vertical segment is further classified into automotive, aerospace and defense, consumer electronics, industrial, marine, medical and power. However, consumer electronics sub segment is expected to hold the major share of the market owing to the increasing demand for highly efficient and portable products. Lithium ion batteries provide better performance and higher reliability. Whereas, the automotive sub segment is expected to grow at the highest CAGR during the forecast period. This is owing to the increasing implementation of lithium ion batteries in plug-in hybrid electric vehicles and other battery electric vehicles. This eventually helps in improving efficiency and reducing maintenance costs.

Technology giants such as BYD, SK Energy, Sony Corporation and A123 Systems are some of the major players in the Li-ion Battery market. In April 2016, BYD Company announces the plans of obtaining the lithium supply to cut down the cost of battery. In April 2016, SK Energy announces the expansion plans for production of Li-ion Battery separator. In December 2015, Sony Corporation announces the plan of boosting the Li-ion Battery performance up to 20% by 2020. In June 2015, A123 Systems announced the increase in the production capacity 3.3 million cells to 4.3 million cells. Moreover, Daimler AG invested USD 586.7 million to install second lithium-ion batteries facility in Germany for electric vehicles and hybrids under the Mercedes-Benz brand. Whereas, Nissan invested USD 31.0 million to manufacture future-generation electric vehicle batteries at its advanced Li-ion Battery plant in Sunderland.

The Asia Pacific region holds the largest share of the market across the globe followed by Europe, and North American region. The growth in the region is attributed to the rising technological enhancements and increasing focus of government towards reducing greenhouse gas emission and rise in number of power outages. The region also has a well-established infrastructure, which allows faster implementation of advanced technologies. Additionally, the growing number of manufacturers providing lithium ion batteries at comparatively lower prices is another major factor driving the growth of Li-ion Battery market in the region.

The global Li-ion Battery market is expected to grow at a CAGR of approximately 16% during the forecast period 2017-2023.

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Regional Analysis:

The global Li-ion Battery market is studied for Asia Pacific, North America, Europe, and Rest of the World. It has been observed that Asia Pacific is estimated to account for the largest share of the market, whereas Europe is expected to rank second in terms of market share during the forecast period. The Asia Pacific market growth is attributed to technological advancements and increased adoption of consumer electronic products across various industry verticals. Europe stands as the second biggest market of Li-ion Battery, followed by North America

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