Lithium-Ion Batteries are rechargeable battery that uses lithium ions as the primary component of its electrolyte. It is a type of battery that is composed of Lithium, the lightest metal that has the highest electrochemical potential. Because of its lightness and high energy density, Lithium-Ion batteries are ideal for portable devices, such as notebook computers. Uses of Lithium-Ion batteries include but are not limited to smartphones, tablets and more commonly notebooks, laptops, PDAs, cell phones, iPods, radio-controlled hobby vehicles, wearable devices, UAV, Electric Vehicles and drones. Compared with traditional battery technology, lithium-ion batteries charge faster, last longer and have a higher power density for more battery life in a lighter package
Advantages of Lithium Ion batteries include but limited to:
High Energy Density: One of the biggest advantages of a lithium-ion battery is its high energy density. Lithium-ion batteries can last way longer between charges all the while maintaining a high current output
Low Self Discharge: Lithium-ion batteries have a clear advantage when not being used as well when kept idle, the rate of self-discharge, a common phenomenon in batteries, is extremely low. In fact, in most cases, it is as good as being negligent
Low to Minimum Maintenance: Lithium-ion batteries are popular as low maintenance batteries, most other batteries like Nickel Cadmium batteries have a huge cost of ownership and maintenance
Options: One of the biggest advantages of lithium-ion batteries is the fact that they come in all shapes and sizes- presenting users with a large number of options to choose from according to their needs
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There are several types of lithium-ion batteries. The main difference between them is their cathode chemistry. Lithium-ion batteries can use several different materials as electrodes. The most common combination is that of lithium cobalt oxide (cathode) and graphite (anode), which is most commonly found in portable electronic devices such as cell phones and laptops. Other cathode materials include lithium manganese oxide (used in hybrid electric and electric automobiles) and lithium iron phosphate. Li-ion batteries typically use ether (a class of organic compounds) as an electrolyte. Different kinds of lithium-ion batteries offer different features, with trade-offs between cost, efficiency and safety. When it comes to safety, Lithium-ion batteries have been in the news lately. That’s because these batteries can burst into flames occasionally. It’s not very common, just two or three battery packs per million have a problem, but when it happens, it’s extreme. In some situations, the failure rate can rise, and when that happens, it ends up with a worldwide battery recall that can cost manufacturers millions of dollars. The market for lithium-ion batteries is expected to witness significant growth owing to increase in use in smartphones, tablets/PCs, digital cameras, power tools and electric vehicles, etc. Moreover, the demand for Li-ion batteries in the automobile industry is expected to increase in line with rise in demand for electric vehicles. These batteries have gained popularity among automobile manufacturers as they offer an alternative to nickel metal batteries used in electric vehicles, due to their small size and lightweight. Further, increasing purchasing power of consumers coupled with continuous decline in the price of electric vehicles will propel the market growth. In addition, implementation of stringent regulations to limit carbon emissions across transportation sector will positively impact the industry growth. For instance, in 2019 European Union has revised the Clean Vehicles Directive under which the national procurement target for green buses is set between 24% to 45% depending on the population and GDP of the respective countries.
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Future of Lithium-Ion batteries
When Tesla launched its Model S, it was then that Lithium-ion batteries became a household name. Post that the world stopped and took notice of a battery could virtually power a car for more than 300 miles. As the market for electric automotive would increase and as they become more and more accessible to the common man, the costs of lithium ion battery technology would decrease. Apart from that, with the world pushing for maximum portability of most gadgets, there is a huge market opportunity for lithium-ion technology.
Insights presented in the Report:
Based on technology, the Lithium-Ion Battery market is divided into Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Titanite Oxide (LTO), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Nickel Cobalt Aluminium Oxide (NCA), Lithium Manganese Oxide (LMO). Lithium iron phosphate (LFP) batteries are expected to witness substantial growth rate owing to its better performance in stationary and portable applications. Besides, Lithium Nickel Manganese Cobalt (Li-NMC) segment is projected to register commendable growth rate driven by increasing adoption in electric vehicles and cost-efficiency
Based on components, the report segments the global lithium-ion battery market into Anode, Cathode, electrolyte solution and other Components
In terms of power capacity, the market has been bifurcated into 0 to 3,000 mAH , 3,000 to 10,000 mAH , 10,000 to 60,000 mAH and more than 60,000 mAH. Lithium-ion batteries’ heavy power capacity makes it useful in electrical vehicles and industrial uses. The increasing market of consumer electronics and smartphones has increased the need for batteries with high power capacity that can keep the device running for long hours and at the same time giving an optimum experience of the device due to large screen and power back up service
Lithium-Ion Battery is majorly used in industries including consumer electronics, automotive, healthcare, marine, industrial and others. Continuous development in consumer electronics, as well as support from government and association for the adoption of lithium ion batteries, has boosted the growth of this market. The growing use of electronic devices such as cell phones, laptops, MP3 players, and GPS navigation systems is driving the growth of the consumer electronics industry for the lithium-ion battery market. Last but not the least, increasing demand for lithium-ion battery in electric vehicle would further propel the market growth at global level
For a better understanding of the market and its overall penetration, detailed analysis has been conducted for major regions/countries including North America (US, Canada), Europe (Germany, UK, Netherlands), Asia-Pacific (China, Japan, India, Singapore, Australia) and Rest of the World. Currently, Asia-Pacific dominates the market and is expected to maintain its dominance throughout the forecast period 2019-2025. China is likely to lead the regional market, owing to increase in the production of electric vehicles and lithium-ion batteries used in vehicles is driving the market in China. Furthermore, China is also one of the world’s leading producers of electronic devices. This is expected to drive the market across multiple applications in China
Some of the key players operating in the global lithium-ion battery market are LG Chem, Panasonic, Samsung SDI, BAK Group, Sony, Maxwell Technologies, Tianjin Lishen Battery, Hitachi, Toshiba
Reasons to buy:
The study includes market sizing and forecasting analysis validated by authenticated key industry experts
The report presents a quick review of overall industry performance at one glance
The report covers in-depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
Detailed examination of drivers, restraints, key trends and opportunities prevailing in the industry.
Examination of industry attractiveness with the help of Porter’s Five Forces analysis
The study comprehensively covers the market across different segments
Deep dive regional level analysis of the industry
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