The global lithium-ion battery market size reached US$ 28.5 Billion in 2018. A lithium-ion battery, or Li-ion battery (LIB), is a rechargeable battery with a high energy density. A typical Li-ion battery includes three components, namely the anode, cathode and electrolyte. Currently, there are various types of Li-ion batteries available in the market that operate by releasing Li-ion from different forms of compounds. As compared to nickel-cadmium batteries, these batteries require low maintenance and have a much lower self-discharge. Owing to these properties, they are considered ideal for modern fuel gauge applications.
Over the years, there has been a rise in the demand for Li-ion batteries in grid energy storage due to the increasing demand for electricity and rapid fluctuations in supply. Also, the development of new technologies has led to the increased usage of various electronic devices worldwide, such as digital cameras, smartphones and tablets. These devices are being embedded with unique features that consume more energy, owing to which the devices require to be recharged frequently. Such advancements have given rise to the demand for high-quality rechargeable batteries. However, the industry can witness fluctuations in the logistics costs of Li-ion batteries due to changes in the regulatory framework regarding their transportation. In 2019, the US Department of Transport’s Pipeline and Hazardous Materials Safety Administration (USDOT/PHMSA) harmonized its Hazardous Materials Regulations (HMR) with the international regulations. The new rules include various requirements, prohibitions and allowances, including a ban on the transportation of li-ion or batteries as cargo, on passenger aircraft. Looking forward, IMARC Group expects the market to reach a value of US$ 53.8 Billion by 2024, at a projected CAGR of 11% during 2019-2024.
Breakup by Product Type:
Currently, Li-ion cobalt oxide represents the largest product type as it has high specific energy, which makes it suitable for use in various electronic equipment and consumer items.
Breakup by Power Capacity:
At present, batteries with power capacity from 0 to 3000mAh represent the largest category. They are utilized in consumer electronics, including digital cameras and camcorders, mobile phones and handheld gaming consoles.
Breakup by Application:
Presently, most of the Li-ion batteries are used in consumer electronics, owing to the demand for safe and inexpensive batteries with a higher energy density.
On the geographical front, Asia Pacific is the biggest industry for lithium-ion batteries, accounting the majority of the total market share. This can be accredited to the presence of numerous leading battery original equipment manufacturers (OEMs) in the region.
The competitive landscape of the industry has also been examined with some of the lithium ion battery manufacturers being A123 Systems LLC, AESC SDI CO.,LTD., LG Chem Ltd., Panasonic Corporation, SAMSUNG SDI CO.,LTD., Toshiba Corporation, Amperex Technology Limited, BAK Group, Blue Energy Limited, BYD Company Ltd., CBAK Energy Technology, Inc., Tianjin Lishen Battery Joint-Stock CO.,LTD., Valence Technology, Inc., SK innovation Co., Ltd, and Hitachi, Ltd.
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