June 05, 2020
According to the research report titled ‘Global Lithium ion battery Market Size study, by Type (Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Titanate Oxide (LTO), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA)), by Power Capacity (0 TO 3,000 mAH, 3,000 TO 10,000 mAH, 10,000 TO 60,000 mAH More Than 60,000 mAH), by Industry (Consumer Electronics, Automotive, Marine, Aerospace and Defense, Medical, Industrial, Power) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global lithium ion battery market was valued at USD 43.4 billion in the year 2019 and is expected to register a growth rate of 16% between 2020 and 2026.
For the record, lithium ion battery is a form of rechargeable battery which is widely used in aerospace & military applications as well as in electric vehicles and portable electronics.
Rising adoption of consumer electronics such as tablets, cameras, and smartphones is a major factor driving the growth of lithium ion battery market. Shifting preferences towards adopting zero emission vehicles along with favorable incentives and reimbursement policies pertaining to electric vehicles have impelled the adoption of lithium ion batteries in automotive applications. The product is highly utilized in electric vehicles since it can hold better charge and is relatively lightweight as compared to other conventional batteries.
For instance, the International Renewable Energy Agency states that the worldwide production capacity of lithium-ion batteries will grow by 521% during 2016-2020. The agency further specified that the lithium ion factories in China are predicted to increase their respective capacities by six times through 2020.
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Similarly, the IEA (International Energy Agency) cited that global deployment of electric vehicles has been witnessing continuous growth in recent past. The stock of electric passenger vehicles surpassed 5 million in the year 2018 which grew by 63% in 2017. However, factors such as rising concerns regarding storage and transportation of lithium ion batteries may act as a restraining factor to the overall market growth.
In terms of power capacity, the market divided into more than 60,000 mAH, 10,000-60,000 mAH, 3,000 to 10,000 mAH and 0-3000 mAH. Citing the industry landscape, the market is classified into power, industrial, medical, aerospace & defense, marine, automotive and consumer electronics.
As per the regional scope, the North America lithium ion battery industry is presumed to expand significantly during the analysis timeframe, primarily due to rising penetration of electric vehicles and favorable regulatory scenario. On the other hand, the Asia-Pacific market is poised to collect substantial revenues in the ensuing years. Factors such as favorable policies, growing demand for the product in industrial applications and rapid expansion of automotive industry are augmenting the regional market growth.
Lithium Werks, Toshiba Corp., Johnson Controls, Hitachi Ltd., GS Yuasa Corp., BAIC Group, Samsung SDI Co. Ltd., Panasonic Corp., LG Chem Ltd. and BYD Co. Ltd. are the prominent companies operating in lithium ion battery industry.