According to the new research report published by The Insight Partners, titled “Lithium-ion Battery – Global Analysis and Forecast to 2025”, The global lithium-ion battery market is expected to grow at a CAGR of 14.9% during the forecast period 2018 – 2025, to account to US$71.04 Bn by 2025.
In 2017, Asia Pacific accounted for the largest revenue share in the lithium-ion battery market. High market share is primarily due to presence of major PEV and PHEV vehicle and E-Bike manufacturers such as BYD, KANDI, Zotye, Phylion and others. The region also includes the presence of high volume (units) electronic device product manufactures such as Toshiba and Samsung. Further, banning of fuel powered motorcycles in China has also resulted the increase penetration of Li-Ion batteries from 6% to 17% in the country. Further, government initiatives to promote in-house manufacturing in developing countries across the region is driving the sales of electronic components in the region thereby the paving the way for growth of Li-ion battery market.
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For instance, under ‘Make in India’ initiative the government of India aims to reduce all electronic imports into India by 2020 in the country. The policy also seeks to incentivize the establishment of local operations by foreign firms hoping to penetrate the rapidly expanding and diversifying Indian market.
Li-ion batteries are used in a wide range of applications such as consumer electronics, automotive, energy storage systems, aerospace & defense, and medical & healthcare. These industries highly depend on Li-ion battery for powering electronic devices, medical devices, power systems, and electric vehicles including many others.
The leading players in this market are focusing on developing technologies in order to upgrade existing materials to reduce the charging time of Li-ion batteries and to overcome the limitations of the current materials. These up gradations in existing thermally unstable materials are expected to generate substantial growth opportunity for the industry players in the lithium-ion battery market.
Key findings of the study:
- Asia-Pacific is anticipated to account the largest lithium-ion battery market share and would register a CAGR of 14.6%.
- Based on the type, Li Co oxide is projected to dominate the lithium-ion battery market.
- >60,000 mAh led the lithium-ion battery market by power capacity in 2017.
- In 2017, automotive segment dominated the market by application.
Li-ion batteries are used in a wide range of applications such as consumer electronics, automotive, energy storage systems, aerospace & defense, and medical & healthcare. These industries highly depend on Li-ion battery for powering electronic devices, medical devices, power systems, and electric vehicles including many others. Lightweight is the major concern while choosing the batteries for the range of applications in order to reduce the product weight. Li-ion batteries are a quarter of the weight of lead-acid batteries, thus, the preferred solution for high-performance products.
Modern devices rely more on Li-ion batteries which are extensively used in different types of consumer electronics and hybrid & electric vehicles. Along with this, the demand for wearable devices is getting higher such as smart watches and healthcare bands etc. The customers are demanding more from these batteries in terms of energy storage, the speed of recharge, and working conditions. Currently, Li-cobalt oxide battery, Li-ion phosphate battery, Li-titanate battery, Li-manganese oxide, and Li-nickel manganese cobalt oxide battery are few of the highly used lithium-ion batteries. However, there are certain heat-related issues related to the use of Li-ion batteries. Thus, many of the several research institutes and organizations are experimenting with many alternative approaches to battery chemistry.
The top companies operating in the field of Lithium Ion Battery include Tesla Motors Inc., Panasonic Corporation, Toshiba Corporation, Samsung SDI Co. Ltd., Automotive Energy Supply Corporation, Hitachi Chemical Co. Ltd., LG Chem Power Inc., GS YUASA Corporation, A123 Systems LLC, and Johnson Controls, Inc. among others. Various other companies operating in the market and are coming up with new technologies and offerings which is helping the market for lithium ion battery to expand over the years.
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This post was originally published on Denton Chronicle