A rechargeable battery with a high energy density is called a lithium-ion battery (LIB). Anode, cathode, and electrolyte are the three parts that make up a lithium-ion battery. These batteries have a far lower self-discharge rate than nickel-cadmium batteries, are lighter when compared to other rechargeable versions of the same size, and require no maintenance. The lithium-ion battery market is expanding as a result of the increased use of these batteries in plug-in vehicles in the field of renewable energy.
The demand for the lithium-ion battery market in the United States is anticipated to increase throughout the forecast period because of the rising sales of electric vehicles in the country and favourable federal legislation. There is also a presence of key market participants there. Sales of portable electronic devices like mobile phones and laptops have surged as a result of increased internet usage and consumer spending power, particularly in emerging nations, thereby propelling the market growth globally.
The lithium-ion battery market is also expected to expand due to the multiple benefits offered by these batteries. Additionally, backup power supplies for office buildings, data centres, and institutions are provided by lithium-ion batteries. Further, household solar PV systems favour lithium-ion batteries for energy storage. During the projection period, these factors will accelerate the expansion of the application segment for energy storage systems.
The growing number of manufacturing plants are expected to propel the growth of the lithium-ion battery market globally. For instance, in an effort to grow its company internationally, Panasonic Corporation announced in February 2022 that its Energy Company would build a production plant at its Wakayama Factory in western Japan to create new, ‘4680’ lithium-ion batteries for electric vehicles (EVs). Panasonic has been working to improve its selection of automotive lithium-ion batteries to aid in the quick uptake of EVs.
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In order to be ready for the complete deployment, the corporation will gradually expand its production capacities. At the Wakayama Factory, two additional production lines will be constructed up along with structural upgrades, as well as utility facilities. Productivity verification and mass production are expected to start in the fiscal year ending in March 2024.
Market Analysis by Product Types, Power Capacities, Applications, and Regions:
- On the basis of product type, the lithium-ion battery market is categorised into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, and lithium manganese oxide, among others.
- Based on power capacity, the market is segmented into 0 to 3,000 mAh, 3,000 mAh to 10,000 mAh, 10,000 mAh to 60,000 mAh, and more than 60,000 mAh.
- The major applications of the market are consumer electronics, electric vehicles, and energy storage, among others.
- The regional markets for lithium-ion battery include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
Key Findings of the Report:
- The lithium-ion battery market is being driven by various advancements in lithium-ion batteries, which has increased the focus on research and development.
- The market is anticipated to develop in the near future as a result of the increasing use of lithium-ion batteries in new applications and the declining cost of these batteries.
- Government laws that are strict in order to maintain a pollution-free environment are helping the lithium-ion battery industry flourish.
- Due to increased auto production and significant financial investments in lithium-ion battery research initiatives, the demand for lithium-ion batteries is rising quickly.
Key Offerings of the report:
- The EMR report gives an overview of the global lithium-ion battery market for the periods (2018-2023) and (2024-2032).
- The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for product types, power capacities, applications, and major regions of lithium-ion battery.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
The major players in the global lithium-ion battery market are Contemporary Amperex Technology Co., Limited (CATL), LG Energy Solution, Panasonic Corporation, BYD Company Ltd., Samsung SDI Co., Ltd., SK Innovation Co., Ltd., CALB-CALB Co., Ltd. (CALB), and Shenzhen Grepow Battery Co., Ltd., Toshiba Corporation, A123 Systems LLC, Envision AESC Group Ltd., Tianjin Lishen Battery Joint-Stock Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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