Market Research Future published a research report on “Lithium-Ion Battery Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global lithium-ion battery market is growing at a rapid pace. The market growth attributes to the increasing demand for high power and capacity batteries. These lithium-ion batteries are extensively used across end-use industries due to their extended life cycle, high energy density, better performance, and higher reliability. The increasing usages of these batteries in a range of applications boost the growth of the lithium-ion battery market. Moreover, the augmenting demand for smart devices and other consumer electronics escalates market growth to furthered height.
According to Market Research Future (MRFR), the global Lithium-Ion Battery Market is estimated to create a valuation of approximately USD 62 BN by 2023, growing at 16% CAGR throughout the review period (2017-2023). Substantial investments and significant funding for R & D activities to improve the lithium supply technology that can cut down the battery’s overall cost influence market growth. The increasing proliferation of electric and hybrid vehicles positively impacts the growth of the lithium-ion battery market.
Additionally, increasing production capacities and advanced lithium-ion battery plant manufacturing future-generation electric vehicle batteries push the market growth. Conversely, high costs of lithium-ion batteries are a key factor projected to impede the growth of the market. Also, the demand-supply gap in a key raw material graphite anode restricts the market growth, disrupting the entire lithium-ion battery supply chain. Nevertheless, the increasing demand from the consumer electronics and automotive sectors worldwide would support the market growth throughout the assessment period.
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Top Market Players
Automotive Energy Supply Corporation (AESC) (Japan), Panasonic Sanyo (Japan), SAMSUNG SDI Co., Ltd. (South Korea), LG Chem. (South Korea), Toshiba (Japan), A123 Systems (U.S.), Li-Tec Battery GmbH (Germany), SK Energy (South Korea), GS Yuasa (Japan), Sony Corporation (Japan), BYD (China), BAK Group (China), Beijing Pride Power (BPP) (China), Johnson Controls, Inc.(U.S.), Saft Groupe SA (France), Hitachi Chemical Co. Ltd.(Japan), and TDK Corporation(Japan).
Segmentation of Market: Lithium-Ion Battery
The global lithium-ion battery market has further been studied over segmentation, which includes segments of type, power capacity, and vertical.
Among the vertical segment, the lithium-ion battery market has included aerospace and defense, automotive, industrial, marine, consumer electronics, medical, and power. However, the consumer electronics sub-segment might occupy a significant share of the market owing to the escalating demand for highly efficient and portable products. Lithium-ion batteries offer better performance and higher reliability. This ultimately helps in improving efficiency and reducing the costs of maintenance.
In terms of type segment, the lithium-ion battery market has included Lithium Iron Phosphate (LFP), Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Titanate Oxide (LTO), Lithium Cobalt Oxide (LCO), Lithium Nickel Cobalt Aluminum Oxide (NCA) and Lithium Manganese Oxide (LMO).
In terms of power capacity segment, the market has included 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh.
The global lithium-ion battery market is studied for the main regions of Asia Pacific, North America, Europe, and the Rest of the World. The study observed that the Asia Pacific estimated to gain more shares or could earn the largest share of the market. The Asia Pacific market expansion is attributed to technological advancements and improved adoption of consumer electronic products across various industry verticals.
The region of Europe is also expected to rank second in terms of market share during the forecast period. The region stands as the second biggest market of the lithium-ion battery, followed by North America.
The U.S. lithium-ion battery market is probable to witness growth in support of a positive outlook toward the utilization of ESS coupled with variable trends toward the deployment of clean energy technologies. The country is the early adopter of battery storage systems. As per EIA, by 2018, virtually 80% of the nation’s large-scale operational battery storage capacity was provided by li-ion technology. Escalating demand for EVs on account of changing consumer preference toward energy-efficient vehicles will further augment the industry growth.
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