A new research report from ResearchAndMarkets.com ("R&M") says that the global Lithium-ion battery market reached a total value of US$28.5 Billion in 2018. R&M projects the market to reach a value of US$ 53.8 Billion by 2024, exhibiting a CAGR of 11% during 2019-2024.
This report provides insight into the global Lithium-ion battery market covering all its essential aspects, ranging from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc.
The report says that Li-ion technology holds several advantages over its predecessor Nickel Cadmium. Li-ion batteries provide a significantly high energy density which can be used for powering electronic devices over a longer duration. This is one of the major factors which has been proliferating the growth of the market. Additionally, their low rate of self-discharge and low maintenance effort offer Li-ion batteries an edge over the other substitutes available in the market. Also, with the development of new variants, the Lithium-ion Battery technology can be enhanced to handle different types of market needs ranging from powering smartphones to electric or plug-in hybrid vehicles. This has, in turn, contributed towards an augmented demand for lithium ion batteries across the globe.
Apart from this, there is a persistent demand for batteries which are energy-efficient, low cost and environment friendly in nature. Moreover, the market growth is further catalysed by the strict regulations being implemented by several governments across the globe to reduce pollution.
On the basis of product type, Lithium Cobalt Oxide currently represents the largest product type. Other segments covered in the report include Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide and Others (Lithium Nickel Cobalt Aluminium Oxide and Lithium Titanate Oxide).
Based on the power capacity, the market has been segmented into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than 60000mAh. Currently, 0 to 3000mAh represents the largest category.
On the basis of application, the market has been segmented into consumer electronics, electric vehicles, energy storage and others. Consumer electronics currently represent the largest segment.
Region-wise, the market has been segmented into Asia-Pacific, North America, Europe, Middle East and Africa and Latin America.
The competitive landscape of the market has also been examined with some of the key players being A123 Systems, Automotive Energy Supply Corp., LG Chem, Panasonic, SAMSUNG SDI, Toshiba, Amperex Technology (ATL), BAK Group, Blue Energy, BYD, CBAK Battery, Tianjin Lishen Battery, Valence Technology, SK innovation, and Hitachi Ltd.
The full report is available for purchase here.