The global lithium ion battery market is growing at a significant rate, due to mounting requirement for an electric vehicle, and a mounting need for smart devices and other consumer electronic products. Different types of lithium-ion batteries contributed to the lithium-ion battery market size. The market has witnessed a high demand for lithium nickel manganese cobalt in the coming years due to depleted proportion of cobalt in the combination.
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The different types of lithium ion batteries are into lithium nickel manganese cobalt (Li-NMC), lithium titanate oxide (LTO), lithium manganese oxide (LMO), lithium cobalt oxide (LCO), lithium iron phosphate (LFP), and lithium nickel cobalt aluminum oxide (NCA).
On the basis of power capacity, the lithium ion battery market is subdivided into 0 to 3,000 mAh, 3,000 mAh to 10,000 mAh, 10,000 mAh to 60,000 mAh and more than 60,000 mAh. Among the all power capacity, the 3,000 mAh to 10,000 mAh is expected to grow at the fastest rate in the market due to increasing market of consumer electronics and smartphones. In addition, 0 to 3,000 mAh segment accounted for the largest share in the market.
Mounting requirement for electric vehicle, mounting need for smart devices and other consumer electronic products, mounting demand for grid storage, government directives on fuel economy and expansions toward the improvement of lithium ion batteries are the primary growth drivers for lithium ion battery market.
Geographically, Asia-Pacific accounted the major share and is observed to witness the highest growth in the lithium ion battery market due to mounting funding from the government. In addition, mounting disposable income, continuous development in automotive and consumer goods sector, mounting demand of electric vehicles, mounting consumer alertness to adopt environment-friendly technologies and mounting adoption of smart devices are also facilitating the growth of the Asia-Pacific lithium ion battery market.
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Key players in the lithium ion battery market are catering the demand by collaborating with small players and investing on technologically advanced batteries across the globe. In September 2018, Lithium Werks is merging with Super B, to facilitate global energy transition and to meet the growing demand of portable power solution.
BAK Group, Panasonic Corporation, Saft Groupe SA, BYD Company Ltd., Johnson Controls Inc., GS Yuasa Corporation, LG Chem, Ltd., Samsung SDI Co., Ltd., Lithium Werks, Hitachi Ltd., Toshiba Corporation and Valence Technology, Inc. are the key players offering lithium ion battery.
Source: VynZ Research