As per the report published by Fior Markets, the global lithium Ion battery market is expected to grow from USD 26.4 Billion in 2017 to USD 107.6 Billion by 2025 at a CAGR of 19.2% during the forecast period from 2018-2025. The Asia Pacific region is dominating the market as it has a huge potential in many application areas within the lithium ion battery market. Also, due to rise in the production of electric vehicles, the use of lithium ion batteries has substantially increased, thus, driving the growth of the market.
Global Lithium Ion Battery Market by Type (Cathode Material, Anode Material, Electrolyte Material, Separator Material, Other), Materials, Power Capacity, Industry, Region Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2025.
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Prominent companies in the industry include are Automotive Energy Supply Corporation, Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Power (LGCPI), LITEC Co., Ltd among others. Leaders are providing better opportunities and continuously focused on new product developments and venture capital investments to capture market share. For instance, In October 2016, Sanitarium opened an office in Shanghai to multiply its products and services globally.
The materials segment is classified into cathode material, anode material, electrolyte material, separator material and other materials. The others segment is dominating the lithium Ion battery market and valued with USD 9.39 Billion in 2017. The others segment is expanding in terms of shares because of the use of materials like foils, binders, and separators which are of high importance. Type segment is divided into segments such as a Lithium Nickel Manganese Cobalt (LI-NMC) Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Titanate Oxide (LTO), Lithium Manganese Oxide (LMO) and Lithium Nickel Cobalt Aluminum Oxide (NCA). Lithium Nickel Manganese Cobalt (LI-NMC) is dominating the market with a share of 28.90% in 2017. The NMC batteries have better energy density due to good stability and the proportionate use of nickel manganese and cobalt. It also has a good charge and discharge cycle. The power capacity segment includes 0 to 3,000 mAH, 3,000 to 10,000 mAH, 10,000 to 60,000 mAH and More Than 60,000 mAH. The 3,000 to 10,000 mAH segment is dominating the market and valued around USD 10.13 Billion in 2017. Due to the rising number of consumer electronics and smartphones, the need for batteries with high power capacity has also increased. The industry segment includes consumer electronics, automotive, aerospace and defense, marine, medical, industrial and power. The consumer electronics segment is dominating with the highest share of 28.50% in 2017. The increasing use of electronic devices such as cell phones, laptops, MP3 players, and GPS navigation systems is driving the growth of the consumer electronics industry for the lithium ion battery market.
Increasing demand for smart devices and other industrial goods is a major factor driving the market. In addition, growing need of lithium-ion batteries for numerous industrial applications and increased adoption of automation and battery-operated material-handling equipment in industries are two factors fuelling the growth of market. However, there are some issues regarding storage and transportation of spent batteries which may obstruct the growth of market. Nevertheless, downfall in the prices of lithium Ion batteries may boost the market in forthcoming years.
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