June 12, 2020
According to the research report titled ‘Lithium Ion Battery Market By Chemistry, By Component, By Application, Analysis Report, Regional Outlook, Competitive Market Analysis & Forecast, 2020 – 2026’ available with Market Study Report LLC, global lithium ion battery market is expected to grow substantially during 2020-2026.
Growing adoption of battery technology in consumer electronics and electric vehicles, in consort with rising popularity of smart electronics among the consumers are propelling the growth of global lithium ion battery market.
As the name suggests, lithium ions are the main component of electrochemistry in these batteries. Lithium ion battery uses different materials for electrodes. Lithium cobalt oxide and graphite combination is prevalently found in portable devices like cellphones and laptops.
Other cathode materials like lithium iron phosphate and lithium manganese oxide are mainly used in electric and electric hybrid automobiles. As compared to other technologies, lithium ion batteries have several advantages. They are much lighter in comparison with other types of rechargeable batteries having same size.
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As lithium is highly reactive element, energy from its atomic bonds can be utilized for high energy density lithium ion batteries. The self-discharge of these batteries is less as compared to nickel-cadmium battery, making them ideal for current fuel gauge applications. The ability of handling numerous charge and discharge cycles is favoring the adoption of lithium ion batteries.
According to the report, global lithium ion battery market is classified in terms of chemistry, component type, application spectrum, and regional landscape.
With respect to chemistry, the market is divided into NCA, LMO, LFP, LCO, NMC, and LTO. Owing to growing demand for batteries with wide operating temperature range and high recharging efficiency, LTO segment is expected to witness tremendous growth over the forecast duration.
Meanwhile, inclination for batteries with high energy density and fast charging capabilities is boosting the popularity NCA chemistry, whereas surging deployment of LMO based batteries is fueled by their high voltage profile along with safe operations.
Based on the application spectrum, global lithium ion battery market is classified into consumer electronics, automotive, energy storage and industrial. The energy storage segment share is expected to grow considerably during 2020-2026, owing to increasing integration of clean energy sources to meet the rising energy demand.
In terms of the regional overview, Middle East & Africa market is slated to expand rapidly through 2026, owing to ongoing transition toward renewable energy technologies. Parallelly, rise in disposable income and booming sales of consumer electronics are fostering the demand for lithium ion batteries in Latin America.
GS Yuasa Corporation, Hitachi Chemical Co., Ltd., ProLogium Technology Co. Ltd., Koninklijke Philips N.V., Panasonic Corporation, Tesla, Exide Technologies, Clarios, Samsung SDI, LG Chem, Lithium Werks B.V., Duracell Inc., and Energus Power Solutions Ltd. are some major competitors in global lithium ion battery market.