Global Lithium-ion Battery Market is expected to grow at a CAGR of 19.1% during the forecast period 2022-2029.Market Overview
The lithium battery is also called Li-ion Battery. Lithium-ion batteries are mostly used for portable electronics and electric vehicles. Li-ion batteries are growing in popularity for military, aerospace, and many other applications. Lithium-ion is a low-maintenance battery and has an advantage that most other chemistries cannot claim. Lithium-ion is the fastest growing and most promising battery chemistry. Lithium is the lightest of all metals, has the greatest electrochemical potential, and provides the largest energy density for weight.
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Market Dynamics
Rising demand for Lithium-ion batteries, increasing usage in smart devices and also rise in demand for electric vehicles are the key drivers for the growth of the market globally.
Increasing usage and demand for electronics especially for smart devices is the foremost driver for market growth. The lithium-ion battery is turning into the preferred battery option in smart applications and devices. The lithium-ion battery industry is tremendously meeting the electronics market demand globally, including cell phones, personal computers, and digital/video cameras. Most modern portable electronic devices like iPhones use lithium-ion batteries. Li-ion batteries are a more convenient choice for electronics due to their high charging backup capacity. Lithium-ion batteries are cleaner, live longer, recycle better, and require much less maintenance. All these characteristics are playing a crucial role in adopting Li-ion batteries globally by the key electronic manufacturers. For instance, from 2001 to 2016, the value of electronics exports from Asia jumped from USD 537.3 billion to USD 1,758 billion, at an average growth rate of 8.2% each year.
Expensive to manufacture lithium-ion batteries is the major market restraint hindering the market growth globally. Lithium-ion battery cost is about 40% higher than nickel-cadmium. Protection issues related to overheating are the other key restraint hampering the growth of the Lithium-ion battery market. A lithium-ion battery requires a protection circuit to maintain voltage and current within safe limits.
Market Segmentation
By Material Type
- Cathode
- Anode
- Electrolyte Solution
- Others
By Applications
- Electronics
- Automotive
- Industrial
- Others
Competitive Analysis
Key players in the industry are expanding their production capacities to meet increasing demand. Major battery producers plan to invest over USD 50Bn in expanding manufacturing capacity over the next 5 years in China, the USA and Europe, which is scheduled to increase annual battery capacity production to over 1.2 TWh by 2030.
Some of the key players in the Global lithium-ion battery market are LG Chem Ltd, Panasonic Corporation, Samsung SDI Co Ltd, BYD Co Ltd, BAK Group, A123 Systems, GS Yuasa Corporation, Hitachi Ltd, Johnsons Controls Inc. and Saft Groupe S.A.
There has been significant investment by incumbent and new battery producers into constructing additional manufacturing capacity to meet demand. For instance, In September 2017, Panasonic Corporation decided to start the production of automotive lithium-ion batteries at a factory in Himeji, Hyogo Prefecture, and expand domestic production amid increasing demand for such batteries.
In July 2018, BYD Company signed a strategic cooperation agreement with Changan Automobile to jointly manufacture batteries for electric vehicles. The groundbreaking agreement will see both companies collaborate in the production and sale of these batteries through a new legal entity based in Chongqing, a megacity of 33 million people in central China.
Key Players Covered in the Global Market Report:
The major players in the market are LG Electronics, Panasonic, Sony Corp., and Samsung SDI
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