Global Lithium Ion Battery Market, 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, Telecom), By Voltage ( Low (Below 12 V), Medium ( 12 V – 36 V), High (Above 36 V))and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The lithium ion battery market size was valued at US$ 45.3 Bn in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.7% from 2020 to 2028.
Lithium-on batteries are popularly considered as the powerhouse for the digital electronic revolution in the present day world which is a modern mobile society. The lithium ion batteries are exclusively employed in mobile phones, computers and laptops across the world. The triumph of commercial lithium-ion batteries back in the 1990s was not an all-night victory, but an outcome of extensive research and support and involvement by numerous great engineers and scientists.
A lithium-ion (Li-ion) battery can be basically perceived as an electrically powered battery, which uses lithium ions as the vital elements of its electrochemistry. Lithium-ion batteries find its significant application in PDAs. laptops, iPods, and cell phones.
The constantly evolving and flourishing telecommunication industry, in the present day and age, is majorly driving the demand of smartphones, laptops, computers and all other electronic devices, which in turn, is positively accelerating the demand of lithium ion batteries across the global markets. Owing to which, the global lithium ion batteries market is projected to witness major breakthroughs over the forecast period.
In addition to that, the accelerating demand for electric vehicles on account of the continuous concerns toward rising pollution levels is further estimated to positively influence the growth of the global lithium ion battery industry growth in the coming years.
However, the heavy cost of lithium-ion batteries is estimated to curb the growth of the global lithium ion batteries in the given timeframe. On the contrary, the greater energy efficiency needs in technologically advanced consumer gadgets are estimated to offer a developing lithium-ion batteries market in the coming years.
MMC Study identifies some of the key participating players in the lithium ion battery market globally are BYD Company, LG Chem, Panasonic, Samsung SDI, BAK Group, GS Yuasa Corporation, Hitachi, Johnson Controls, Toshiba, Lithium Werks, CALB, Saft Groupe, VARTA Storage, Farasis Energy, and Sila Nanotechnologies, among others.
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