Published: May 2019 | Report Code: PE10258 | Available Format: PDF | Pages: 171
The lithium-ion battery market revenue stood at $33,720.8 million in 2018, and it is predicted to grow to more than $106,493.0 million by 2024. Furthermore, the market is expected to advance at a CAGR of 21.8% from 2019 to 2024.
The demand for lithium-ion batteries is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region in the coming years. This is credited to the surging requirement for smartwatches, smartphones, laptops, smart vacuum cleaners, smart bulbs, and various other smart devices and electrical vehicles (EVs) and rapid technological innovations. Besides, the falling prices of EVs, because of the implementation of favorable government policies, including the provision of subsidies, are fueling the market growth.
The rapid changes in the anode material and advancements in the electrolyte are the major lithium-ion battery industry trends. As the electrolyte plays the role of a limiting agent and increases the cell power, the rapid improvements being made in it allow the battery output to rise beyond 4.2 V. For example, Tesla Inc. is building a massive ‘Gigafactory’ with Panasonic for producing advanced lithium-ion batteries, which will subsequently reduce their costs in the coming years.
In recent years, the demand for EVs has grown massively due to the fluctuating oil prices and soaring environmental concerns, and this has positively impacted the lithium-ion battery market growth. Additionally, many governments are supporting their deployment, thereby fueling the expansion of the market. As per the Global EV Outlook 2018 report of the International Energy Agency (IEA), 3.1 million electric cars were sold in 2017, registering an increment of 57% from 2016.
The increasing energy density of these energy storage devices is creating growth opportunities for the players in the market for lithium-ion batteries, and this can fuel the development of technologically advanced and long-lasting batteries. Companies are actively focusing on improving the properties of these energy storage devices, as their requirement in the automotive, renewable energy, and consumer electronics sectors is growing rapidly. It has been found that the energy density of lithium-ion batteries can be tripled by using a modified form of iron trifluoride (FeF3) as the cathode material.
The highest growth rate in the forthcoming years, in terms of revenue, will be demonstrated by lithium–nickel–manganese–cobalt (Li–NMC) category, under the type segment. This is credited to the surging usage of NMC batteries in consumer electronics and automobiles on account of their high thermal stability and storage capacity and longer life.
The consumer electronics category, within the application segment, held the largest share, in terms of value, in the lithium-ion battery market in 2018. Lithium-ion batteries are used for powering numerous electrical and electronic devices such as electric shavers, lamps, electric toothbrushes, flashlights, motorized toys, vacuum cleaners, tablets, smartphones, cameras, handheld gaming consoles, laptops, and MP3 players. This is due to their higher energy density than other batteries, such as nickel–metal hydride (NiMH) and nickel–cadmium (NiCd).
APAC held the largest share in the market between 2014 and 2018, and it is predicted to retain its market dominance in the coming years. This is ascribed to the existence of established industry players and burgeoning demand for EVs and portable electronic devices in the region. Furthermore, APAC is predicted to be the fastest-growing region till 2024 due to the rapid technological advancements in these energy storage devices. China is predicted to dominate the APAC market in the coming years, with expected revenue of $45,614.0 million in 2024.
The lithium-ion battery market is highly fragmented in nature, as a result of the presence of a number of established companies, such as BYD Company Limited, LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd., Shenzhen BAK Battery Co. Ltd., GS Yuasa Corporation, Hitachi Chemical Company Ltd., Johnson Controls International plc, Toshiba Corporation, Tesla Inc., Amperex Technology Limited, and Tianjin Lishen Battery Joint-Stock Co. Ltd.
|Market Size by Segments||Type, Application|
|Market Size of Geographies||U.S., Canada, U.K., Germany, France, Netherlands, Norway, Sweden, China, Japan, India, South Korea, Australia, Brazil, Mexico, Saudi Arabia, South Africa|
In recent years, the major players in the global lithium-ion battery market have taken several strategic measures, such as product launches, joint ventures, and geographical expansions, to gain a competitive edge in the industry. For instance, in April 2019, LG Chem entered into a joint venture with VinFast Trading and Production LLC (a subsidiary of Vingroup) to produce battery packs for the Vietnamese start-up’s electric scooters.
Moreover, in June 2018, Hitachi Chemical Co. Ltd. signed a license agreement with Silatronix Inc., for manufacturing electrolyte materials, by combining the electrolyte using Silatronix’s organosilicon compounds, as an additive with its anode materials, for lithium-ion batteries, which will be used to lengthen the life of lithium-ion batteries and improve their storage stability at higher temperatures.
The Lithium-Ion Battery Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2024.
Based on Type
Based on Application
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