The global
market for lithium-ion battery is projected to have a considerable CAGR of
around 14.6% during the forecast period. Lithium-ion batteries are rechargeable
batteries in which lithium ions move from cathode to anode during discharge and
back through an electrolytic solution when recharged. Lithium-ion batteries
gained popularity due to their usage in major applications which include
automotive, consumer, and industrial owing to their additional features such as
high-open circuit voltage, low self-discharge, and low maintenance, and longer
shelf life. Lithium-ion batteries are majorly used in consumer electronics such
as laptops, smartphones, smartwatches, activity trackers, and many more. The
increasing demand for these applications augmented the growth of the
market.
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Moreover, the
other application of these batteries gaining ground in recent years is their
use in military, aerospace, and electric vehicles including BEVs, PHEVs, HEVs.
The supportive government initiatives for the adoption of electric vehicles to
curb the environmental pollution generated by ICE vehicles is the major factor
that accelerates the growth of electric vehicles which, in turn, further
increases the demand for lithium-ion batteries as its main component. However,
the main concern associated with the production of lithium-ion batteries is its
cost. The high cost of batteries is anticipated to restrain the market growth.
The technology innovations to reduce the cost of these batteries with high
power capacity can generate more opportunities in the lithium-ion battery
market.
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Asia-Pacific- A
Force to Reckon with in the Global Lithium-Ion Battery Market
Geographically,
Asia-Pacific region holds a prominent share in the lithium-ion battery market.
The market growth is mainly due to the increasing consumer electronics, R&D
activities for the production of cost-effective batteries, declining
lithium-ion battery cost, adoption of electric vehicles, and growing renewable
sectors. China is dominating in the Asia-Pacific lithium-ion battery market by
producing and selling a large number of electric vehicles and developing large
battery manufacturing plants in the region. Besides, the presence of key market
players such as BYD, BMW, and Nissan also boosting the market growth as these
companies investing high in the production of cost-effective lithium-ion
batteries. China also generates wind energy on large scale, for this energy
storage systems required which, in turn, increases the production of batteries
in the region that drives the market.
Market Players
Outlook
Some of the key
players in the lithium-ion battery market contributing significantly by
providing different types of products and increasing their geographical
presence across the globe. The key players of the market include BYD Company
Ltd., LG Chem., Panasonic Corp., SAMSUNG SDI CO. LTD, LITHIUMWERKS, GS Yuasa International
Ltd., and other marketing players. These market players adopt various
strategies such as product launches, partnerships, collaborations, mergers, and
acquisitions to sustain a strong position in the market. For instance, in
October 2019, Contemporary Amperex Technology Co. Ltd had started the
construction of its first overseas factory for lithium-ion battery production
in Thuringia, Germany. The production unit in Germany by the company has
accelerated the electrification of the automotive industry in Europe to provide
clean and reliable power for electro-mobility.
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