The lithium ion battery market is estimated to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2% between 2018 and 2024.
The growth of the lithium ion battery market is driven by an increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications. However, factors such as safety issues related to storage and transportation of spent batteries hinder the market growth.
High energy density boosts the demand for lithium nickel manganese oxide (Li-NMC) witnessing the highest CAGR during the forecast period
The market for lithium nickel manganese oxide (Li-NMC) is estimated to grow at a higher CAGR during the forecast period. The automotive industry has dominated the lithium ion battery market. Electric vehicles require high capacity and high power that can only be provided by the use of NMC battery type. The use of new electrolytes and additives support the charging of cell up to 4.4 V/cell. The NMC cell is growing in its range as three components involved are easy to blend together and be made useful for a wide range of applications from the automotive industry to energy storage system (ESS).
Rise in demand for EVs contributing to the growth of the automotive industry with the highest CAGR during the forecast period
The market for the automotive industry is estimated to grow at a higher CAGR during the forecast period. Semiconductors and electronic products require high accuracy and extreme precision, along with high output. Factors contributing to the growth of the automotive industry in the lithium ion battery market include rising demand for energy-efficient solutions, high power and energy density, high-level safety, increased venture capital funding, and initiatives taken by government bodies to encourage the adoption of lithium ion batteries worldwide. Furthermore, owing to environmental concerns and awareness about clean and sustainable fuel, there is a rise in the demand for EVs. Government initiatives and regulations support the adoption of EVs worldwide. This has resulted in an increase in the demand for lithium ion batteries.
The market in APAC is expected to witness the highest CAGR during the forecast period
The market in APAC is estimated to grow at a higher CAGR during the forecast period. Countries such as China, the Netherlands, and Germany have taken many initiatives and are setting strict regulations to support the growth of the electric vehicles market, which is expected to support the growth of the lithium ion batteries market.
BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa (Japan), Hitachi (Japan), Johnson Controls (Ireland), and Toshiba (Japan) are a few leading players in the lithium ion battery market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Lithium Ion Battery Market Opportunities 4.2 Lithium Ion Battery Market, By Type, 2018-2024 4.3 Lithium Ion Battery Market in APAC, By Type and Country, 2024 4.4 Lithium Ion Battery Market Size, By Industry, 2018-2024 4.5 Lithium Ion Battery Market, By Region, 2018-2024
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Increase in Demand for Plug-In Vehicles 5.2.1.2 Growing Need for Automation and Battery-Operated Material-Handling Equipment in Industries 5.2.1.3 Growing Demand for Smart Devices and Other Industrial Goods 5.2.1.4 High Requirement of Lithium-Ion Batteries for Various Industrial Applications 5.2.2 Restraints 5.2.2.1 Safety Issues Related to Storage and Transportation of Spent Batteries 5.2.3 Opportunities 5.2.3.1 Declining Prices of Lithium Ion Batteries Increase Adoption in New Applications 5.2.3.2 Developing Application Within Energy Sector 5.2.4 Challenges 5.2.4.1 Overheating of Lithium Ion Batteries 5.2.4.2 Upcoming Technologies Such as Chemical Energy Storage, Compressed Energy Storage, and Pumped Hydro Technology 5.2.4.3 High Cost of Battery-Operated Industrial Vehicles
6 Industry Trends 6.1 Value Chain Analysis 6.2 Emerging Trends 6.2.1 Growth in E-Commerce Industry 6.2.2 Development of Battery-Operated Equipment for Mining Industry 6.2.3 Replacement of Conventional Batteries With Lithium-Ion-Based Batteries 6.3 Manufacturing Process of Lithium-Ion Battery 6.3.1 Electrode Coating 6.3.2 Cell Assembly 6.4 International Regulations for the Transportation of Lithium Ion Battery Packs 6.4.1 Responsibilities 6.4.2 Legislation 6.4.3 Exempt Products 6.4.4 Battery Tests
7 Materials Used in Lithium Ion Battery 7.1 Introduction 7.2 Cathode Material 7.2.1 Cathode Material for Lithium Ion Battery 7.2.1.1 Lithium Iron Phosphate (LFP) 7.2.1.2 Lithium Cobalt Oxide (LCO) 7.2.1.3 Lithium Nickel Manganese Cobalt (NMC) 7.2.1.4 Lithium Nickel Cobalt Aluminum (NCA) 7.2.1.5 Lithium Manganese Oxide (LMO) 7.3 Anode Material 7.3.1 Anode Material for Lithium Ion Battery 7.3.1.1 Natural Graphite 7.3.1.2 Artificial Graphite 7.3.1.3 Other Anode Materials 7.4 Electrolyte Material 7.5 Separator Material 7.6 Other Materials
8 Resources Used for Lithium Ion Battery 8.1 Introduction 8.2 Proven Reserves 8.2.1 Chile 8.2.2 China 8.2.3 Argentina 8.2.4 Australia 8.2.5 Others 8.3 Pricing Trend 8.4 Companies Exploring Lithium 8.4.1 Albemarle Corporation 8.4.2 Sqm 8.4.3 Jiangxi Ganfeng Lithium 8.4.4 Fmc 8.4.5 Tianqi Lithium
9 Lithium Ion Battery Market, By Type 9.1 Introduction 9.2 Lithium Nickel Manganese Cobalt (LI-NMC) 9.2.1 High Energy Density Boost the Demand for NMC Battery 9.3 Lithium Iron Phosphate (LFP) 9.3.1 High Power Density and Stability Boosts the Adoption of LFP Batteries 9.4 Lithium Cobalt Oxide (LCO) 9.4.1 High Energy Density Increases the Demand of LCO Batteries 9.5 Lithium Titanate Oxide (LTO) 9.5.1 High Stability, Energy and Power Density Expected to Create Demand for LTO Batteries 9.6 Lithium Manganese Oxide (LMO) 9.6.1 Cost Factor Boosts the Growth of LMO Batteries 9.7 Lithium Nickel Cobalt Aluminum Oxide (NCA) 9.7.1 High Energy Density of NCA Batteries Increases Its Demand in Automotive Industry
10 Lithium Ion Battery Market, By Power Capacity 10.1 Introduction 10.2 0 to 3,000 mAH 10.2.1 Holds the Largest Share of Lithium Ion Battery Market in 2017 10.3 3,000 to 10,000 mAH 10.3.1 Expected to Grow at the Highest CAGR Between 2018 and 2024 10.4 10,000 to 60,000 mAH 10.4.1 Market for Automotive Expected to Grow at the Highest Rate During the Forecast Period 10.5 More Than 60,000 mAH 10.5.1 Industrial Application Industry is Expected to Have the Highest CAGR During Forecast Period
11 Lithium Ion Battery Market, By Industry 11.1 Introduction 11.2 Consumer Electronics 11.2.1 Smartphones 11.2.1.1 to Meet the Need for Power Supply to Complex Smart Phone Devices, Manufacturers Depend on High-Power Lithium Ion Batteries. 11.2.2 UPS 11.2.2.1 Growing Need for Continuous and High-Quality Power Supply in Both Commercial and Industrial Sectors 11.2.3 Laptops 11.2.3.1 Demand for Reduced Size and High Power Requirement is Boosting Up the Need of Lithium Ion Batteries 11.2.4 Others (Games, Gardening Tools, and Drilling) 11.2.4.1 Lithium Ion Batteries Enable the Use of Other Equipment in Remote Areas 11.3 Automotive 11.3.1 Battery Electric Vehicles 11.3.1.1 Lithium Ion Batteries Provide High Thermal Stability, and are Safe to Be Used in Electric Vehicle 11.3.2 Plug-In Hybrid Electric Vehicles 11.3.2.1 Low Self-Discharge Rate, High Output and High Energy Density are Driving the Adoption of Lithium Ion Batteries in Hybrid Electric Vehicles 11.4 Aerospace and Defense 11.4.1 Commercial Aircrafts 11.4.1.1 Factors Such as Higher Cranking Voltage, No Oxidization, and Less Toxicity, is Driving the Lithium Ion Batteries for Commercial Aircrafts 11.4.2 Defense 11.4.2.1 Lithium Ion Batteries are Used in Equipment Like Handheld Radios, Thermal Imaging and Tactical in the Defense Industry. 11.5 Marine 11.5.1 Commercial 11.5.1.1 Use of Lithium Ion Batteries has Increased in Commercial Ships in Countries Such as China, Us, Finland and Others 11.5.2 Tourism 11.5.2.1 Lithium Ion Batteries are Lighter in Weight and Provide Higher Output Voltage Which Acts as A Driving Factor in Electric Boats 11.5.3 Defense 11.5.3.1 Lithium Ion Battery Technology is Used in Weapons Deployed on Defense Ships 11.6 Medical 11.6.1 Market for LCO to Hold the Largest Share During Forecast Period 11.7 Industrial 11.7.1 Mining Equipment 11.7.1.1 Mining Equipment Industry is Adopting Lithium Ion Battery Technology Considering the Safety Concern Over Lead Acid Batteries 11.7.2 Construction Equipment 11.7.2.1 High Energy Density and Longer Battery Backup Over Congenital Batteries Make Lithium Ion Batteries More Popular in This Segment 11.8 Power 11.8.1 Market in APAC Holds the Largest Share During Forecast Period
14 Company Profiles 14.1 Key Players 14.1.1 BYD Company 14.1.2 LG Chem 14.1.3 Panasonic Corporation 14.1.4 Samsung SDI 14.1.5 Bak Group 14.1.6 GS Yuasa Corporation 14.1.7 Hitachi 14.1.8 Johnson Control 14.1.9 Toshiba Corporation 14.1.10 Lithium Werks 14.2 Other Prominent Players 14.2.1 Calb 14.2.2 Saft Groupe 14.2.3 Varta Storage 14.2.4 Farasis Energy 14.2.5 Sila Nanotechnologies