A Li-ion battery or lithium-ion battery is a type of rechargeable battery. Lithium-ion batteries are more commonly used in portable electronics, electric vehicles in aerospace and military applications. Lithium ion battery demand from automotive applications is set to witness strong growth on account of rising focus toward zero emission vehicles coupled with introduction of extensive subsidy schemes & incentives toward EV adoption. Lithium-ion battery is being adopted in the electric vehicles market owing to its light weight and its ability to hold the charge better than any other conventional batteries.
According to study, “Global Lithium ion battery Market to reach USD 122.6 billion by 2026” the key companies operating in the global lithium ion battery market are BYD Co Ltd., LG Chem Ltd., Panasonic Corporation, Samsung SDI Co Ltd., BAIC Group, GS Yuasa Corporation, Hitachi Ltd., Johnson Controls, Toshiba Corporation, Lithium Works
Based on type, lithium ion battery market is segmented as Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA) and Lithium Titanate Oxide (LTO). Lithium nickel manganese cobalt (LI-NMC) is one of primary segment of lithium-ion battery. This type of batteries is used in application areas power tools, like e-bikes, medical equipment, and other electric power trains. Based on power capacity, market is segmented as 0-3,000 mAH, 3,000 mAH -10,000 mAH, 10,000 mAH-60,000 mAH and more than 60,000 mAH. In addition, based on industry, market is segmented as consumer electronics, marine, automotive (cars, buses & trucks, trains & aircraft and scooters & bikes), aerospace & defense, power, medical and others. Consumer electronics segment is expected to exhibit substantial growth rate due to rise in demand for low power capacity lithium-ion batteries to be used in Smartphone’s and tablet during the forecast period.
The lithium ion battery market is driven by increase in demand for plug-in vehicles, followed by rise in demand for smart devices and other industrial goods, increase in need for automation & battery-operated material-handling equipment in industries, rise in number of research & development (R&D) initiatives by manufacturers for improvements in Li-ion batteries and high requirement for lithium-ion batteries for various industrial applications. However, safety issues related to storage and transportation of spent batteries and high price of lithium-ion batteries may impact the market. Moreover, higher energy efficiency requirements in technologically updated consumer gadget are a key opportunity for market.
Based on geography, the North-American region dominates the global lithium ion battery market owing to matured electric vehicles and increase in government support in terms of grants & tax rebates in the region. Whereas, the Asian-Pacific and European regions are anticipate witnessing higher growth rate due to growth in automotive industry coupled with rise in need for industrial applications over the forecast period. The global lithium ion battery market is valued approximately US $43.4 billion in 2019 and is expected to grow with a healthy growth rate of more than 16% over the forecast period 2020 to 2026.
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Global Lithium ion battery Market Research Report
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