Increasing use of lithium-ion batteries in cars to drive the growth of global lithium-ion battery market in the forecast period, 2022-2026.
According to TechSci Research report, “Lithium-Ion Battery Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026” The global lithium-ion battery market stood at USD42.30 billion in 2020 and is expected to grow at a CAGR of 26.04% during the forecast period on account of increasing sales of electric vehicles and adoption of lithium-ion batteries in energy storage system, consumer electronics and other applications.
The growing demand for lithium-ion batteries for electric vehicles, consumer electronics, among others is expected to drive the market growth through 2026. Additionally, increasing focus of automakers on manufacturing electrical vehicles with lithium-ion battery in comparison to other battery alternatives is contributing to the growth of the market. Lithium and carbon are commonly used as electrodes that are lightweight on their own, producing much compact and lighter batteries than their older alternatives such as lead-acid batteries, etc. Also, high energy density of the battery due to lithium being highly reactive and its ability to release and store large amount of energy makes a lithium -ion battery of high energy contained in small size. Due these particular characteristics, lithium-ion is being adopted globally and is being used in microelectronic devices, mobiles, laptops, watch, uninterruptable power supply (UPS), electric vehicles passenger cars, hybrid trucks & buses, plug-in hybrid electric vehicles(PHEVs), two wheelers, robots, military applications, solar PV backup power material handling equipment, industrial, telecommunication systems, energy storage systems, smart grid, aviation industry, and geostationary or geosynchronous orbit (GEO) satellites, etc. Such huge applications of lithium-ion battery is further expected to support the market growth over the next few years. Besides, advancements such as use of lithium chalcogen batteries, lithium oxygen battery among others are expected to create lucrative opportunities for the market growth through 2026.
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The global lithium-ion battery market is segmented based on type, shape, application, company, and regional distribution. In terms of type the market can be categorized into lithium cobalt oxide, lithium nickel manganese cobalt oxide, lithium manganese oxide and lithium iron phosphate and others. Lithium nickel manganese cobalt oxide type dominated the market in 2020 with an overall share of 47.62% on account of its lower cost and compact design. A Lithium-ion battery consists of cathode, anode, electrolyte, and separator. The Battery type is usually named after its cathode materials such as NCM battery which is composed of Lithium, Nickel, Cobalt and Manganese. The traditional lithium-ion battery being lithium cobalt oxide is costlier than NMC due to higher cost of cobalt. The cost depends on the percentages of lithium, nickel, cobalt in lithium battery. In all the chemistries the lithium nickel manganese cobalt chemistry enables the highest energy storage density for rechargeable batteries and feature among the higher cycle life compared to other cathode materials. Moreover, the energy required to manufacture NCM batteries does not require significant amount of energy. Due to these factors major players are adopting NMC technology. All these factors are going to spur the growth of the global lithium-ion battery market in forecast period.
Key market players in the global lithium-ion battery market include:
- LG Chem Ltd.
- Contemporary Amperex Technology Co. Limited (CATL)
- Samsung SDI Co Ltd
- Panasonic Corporation
- BYD Co. Ltd.
- SK Innovation Co., Ltd.
- Envision AESC Group Ltd.
- A123 Systems LLC
- Toshiba Corporation
- Vehicle Energy Japan Inc.
Global lithium-ion battery market is consolidated with a lot of well-established players having presence in several countries: with several domestic players possessing leadership in certain regions and countries, among others. LG Chem Ltd. holds the highest market share and is among the top five market players globally. Contemporary Amperex Technology Co. Limited (CATL) ranks second in terms of market share in the overall lithium-ion battery market. The company has a strong presence worldwide and a huge brand value. People in emerging countries are also aware of the presence, product portfolio and business of the company and are preferring it over other competitor brands.
Additionally, there are other prominent players such as Samsung SDI Co Ltd., Panasonic Corporation. BYD Co. Ltd., among others, holding a significant position in the Global Lithium-Ion Battery Market.
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“Asia Pacific region is anticipated to hold the largest market share and remain dominant in the upcoming five years on account of rapidly increasing sales of electric vehicles and consumer electronics in countries like China, Japan, South Korea, India. Increasing carbon emission and pollution levels from fuel-based vehicles is generating the demand for electric vehicles, which is further expected to aid the growth of lithium-ion battery market. China is the world’s largest producer of lithium-ion battery and has the greatest number of electric vehicles in the country and exports lithium battery to all over the world. Countries like Japan, South Korea, India are increasing production units for electric vehicles that will increase the demand for lithium batteries in the countries. The Europe region is expected to register the fastest growth during the forecast period due to government initiatives and private companies to increase production of electric vehicle and increase use of renewable sources which will increase demand for lithium-ion battery for energy storage supporting the market growth. New market players may focus on studying the consumer demands and extended research along with the smart product launches thus aiding their brand establishment and technological advancement in lithium batteries may influence the growth of the global lithium-ion battery market in the upcoming five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Lithium-ion battery market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026 Segmented By Type (Lithium Nickel Manganese Cobalt Oxide, Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Manganese Oxide, Others), By Shape (Pouch Cell, Cylindrical Cell, Prismatic Cell, Button Cell), By Application (Automotive & Traction, Consumer Electronics, Utilities & ESS, Medical Devices, Telecom Towers, Manufacturing, Others), By Region”, has evaluated the future growth potential of global lithium-ion battery market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Lithium-Ion Battery Market.
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