Lithium-Ion batteries are rechargeable batteries used widely in various industries for various purposes. These batteries consist of a great life cycle which creates a tremendous impact on the market, thus helping increase the demand for it. Increasing demand for consumer electronic products around the world has triggered the impact that the lithium-ion battery market makes globally. Moreover, emerging concepts of smart cities where the supply of power is an important concern as well as IoT, lithium-ion batteries are proving to be widely popular battery source. Considerable growth in the automotive sector and concept of electric vehicles also propel the growth rate of the market. Lithium-ion batteries are proving to be an important source of energy for new devices that need portable power source, as well as emergence of new technologies. Also, increasing scarcity of fossil fuel and government initiatives towards the use of natural energy is coercing the companies to develop energy efficient systems which can support the increasing demand for energy. According to Market Research Future (MRFR) report, lithium-ion battery market is perceived to surge with a staggering CAGR of 16% from 2017 to 2023, due to influencing factors driving the market.
Furthermore, increasing use of smartphones, digital cameras, tablets/PCs, and power tools, will help the market witness significant growth in the coming years. These batteries have gained immense popularity among the automobile manufacturers as they are ideal substitutes for nickel metal batteries, primarily due to their small size and light weight. However, the high purchase price of these batteries proves to be a major limitation for the consumers that use lithium battery in their devices or systems.
The lithium-ion battery market is segmented by type namely Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Manganese Oxide (LMO), Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Titanate Oxide (LTO), and Lithium Nickel Cobalt Aluminum Oxide (NCA). Lithium Nickel Manganese Cobalt (LI-NMC) is a popular choice for laptops, mobile phones, and digital cameras. Low internal cell resistance enables fast charging and high-current discharging are some of the properties that lithium manganese oxide (LMO) batteries possess.
The different power capacities covered in the market are 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than 60000mAh
Furthermore, Lithium Ion Battery Market is segmented by vertical, which is fragmented into Automotive, Consumer Electronics, Industrial, Marine Aerospace and Defense, Medical and Power as well.
The market spans across North America, Asia Pacific, Europe as well as the Rest of the World. Among these, the Asia Pacific region is gauged to experience a remarkable growth and holds the largest market share during the forecast period. Dense number of manufacturing companies in Japan, China, India, South Korea and Taiwan along with high demand for consumer electronic devices catapults the market of lithium-ion battery market in the region. Moreover, presence of global players such as Panasonic Sanyo, LG, Toshiba Corporation, Samsung in the region is also affecting the market growth positively. Just behind Asia Pacific, the North America region holds the second largest market for lithium-ion batteries due to the steady development in the field of technology and high demand for electric vehicles. The region is also technologically advanced and is expected to show positive growth rate during the forecast period. Notwithstanding of the competition, Europe is projected to witness a significant expansion during the forecast period owing to the contributory factors such as growing adoption of lithium-ion batteries for automotive sector in the region.
Panasonic Sanyo (Japan), Automotive Energy Supply Corporation (AESC) (Japan), LG Chem. (South Korea), SAMSUNG SDI Co. Ltd. (South Korea), BAK Group (China), Toshiba Corporation (Japan), Valence Technology, Inc.(U.S.) are some of the prominent key players active in the lithium-ion battery market.
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