Global Lithium Ion Battery Market was valued US$27 Bn in 2017 and is estimated to reach US$102 Bn by 2026 at a CAGR of about 18.07 % during a forecast.
The report on “Lithium Ion Battery Market” is segmented by product, by power capacity, by end user and by region. In terms of end-use industry lithium ion battery market is fragmented into consumer electronics, automotive, and industrial. Lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt are product segments of lithium ion battery market. Based on power capacity, lithium ion battery market is segmented into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh. Geographically lithium ion battery market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Lithium-ion battery market is driven by the rising appetite for electric vehicle and portable consumer devices. High energy density and high safety level has resulted into increased usage of lithium-ion batteries in electric vehicles, portable consumer electronics and grid storage systems driving the lithium ion batteries market. Government norms toward the disposal of lead coupled with growing demand for electronic devices like smartphones, tablets/PCs, digital cameras, and power tools further accelerates the lithium ion battery market. Longer discharge cycles along with improved shelf life are some of the key underlying parameters which will further provide impetus to the business growth. Reduction in weight of batteries, cost and increase their power output are challenges before lithium ion battery market. Requirement protection circuit, storage temperature limitation, transportation restrictions and high manufacturing market are factors restraining the lithium ion battery market.
Global Lithium Ion Battery Market
Lithium cobalt oxide was the dominant product segment in 2017 attributed to its high usage in mobile phones, tablets, laptops, cameras. Most lithium-ion batteries are used for portable consumer electronic are cobalt-based. Lithium cobalt-based battery offers high energy density. Long run-time making it attractive for cell phones, laptops and cameras. However low discharge current restrains the lithium cobalt oxide segment in Lithium ion battery market.
Consumer electronics was the largest application segment with almost half of the share in base year. Increasing demand for portable devices including mobiles, and tablets in China and India is expected to drive demand. Automotive segment is about to gain a growth at high CAGR owed to increased promotion and expansion electric vehicle.
Battery power capacity ranging from 3000mAh to 10000mAh, makes them suitable for the use in EVs and industrial applications hence is the leading power capacity segment of lithium ion battery market. Increased use of consumer electronics and smartphones has increased the need of batteries with higher power capacity which can keep the device running for longer time.
High disposable income further impel growth to the market.
China and Japan in Asia Pacific is the region with highest lithium ion battery market. China emerged as the largest electric car market housing 40% of the global EVs. Government of India had a plan of converting the entire fleet of vehicles to fully electric by 2030 thereby fuelling the growth to the lithium ion Market in Asia Pacific. North America is the second largest market and is expected to exhibit significant growth.
Panasonic Corporation, Hitachi Chemical Co., Ltd., GS Yuasa International Ltd., Samsung SDI Co., Ltd., LG Chem, and BYD., Energy Supply Corporation, Samsung SDI Co. Ltd., LG Chem Power (LGCPI), LITEC Co., Ltd., A123 Systems, LLC., Toshiba Corporation, Hitachi Chemical Co., Ltd., China BAK Battery Co. Ltd., and GS Yuasa International Ltd are players operating in the lithium ion battery market.
This Report Is Submitted By @Global Market Research Company
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