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lithium ion battery market

Lithium-Ion Battery Market Share, Size, Trends, Industry Analysis Report, By Product Type (LCO, LMO, LFP, NCA, Lithium Nickel Manganese Cobalt, Lithium Titanate); By Cell Type (Cylindrical, Prismatic, Pouch); By Battery Capacity; By End Use; By Regions - Segment Forecast, 2020 – 2027

  • Published Date: Dec 2020
  • Pages: 118
  • Format: PDF
  • Report ID: PM1744
  • Base Year: 2019
  • Historical Data: 2016 - 2018

Report Summary

Global lithium-ion battery market was valued at USD 32.26 billion in 2019 and is expected to grow at a CAGR of 12.6% during the forecast period. The prominent factors favoring the market growth are surge in adoption of electric vehicles, demand in household energy storage system, increased use of high energy density batteries in the electronic components, and favorable government policies.

Innovation & improvement in battery technology and declining prices is expected to drive market growth over the forecast period. Rising production of electric passenger cars and heavy vehicles is expected to boost the demand for li-ion batteries globally over the coming years. Growth in renewable energy in residential sector is likely to have a high impact on li-ion battery market.

Production of lithium is being hampered due to nationwide lockdown in lithium mining countries such as Argentina, South Korea, and Chile. The mines in these countries are operating at 50% capacity, which is likely to reduce the supply of the key material. For instance, France-based Eramet Group’s production has stooped owing to the rising cases of COVID-19 in the country.

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Industry Dynamics

Growth Drivers
Recent developments in the competitive landscape of the li-ion battery market mainly include strategic collaborations between automakers and battery manufacturers. Leading manufacturers in the market are establishing partnerships with leading automotive manufacturers to gain a competitive edge over the other market players at a global scale.

Some of the examples include:

  • Leading automotive manufacturer – Toyota Motor Corporation recently announced a joint-venture along with business-integration contract with Panasonic Corporation – a Japanese multinational electronics corporation – to start a joint automotive prismatic battery business.
  • Mahindra & Mahindra Ltd. – an Indian multinational car manufacturing corporation – announced its collaboration with LG Chem Ltd., – a leading Korean chemical company – to establish its presence in the field of advanced li-ion battery technology.
  • Honda Motor Company, Ltd. – a Japanese public multinational company – established a strategic partnership with General Motors Company – an American multinational corporation – to develop new li-ion batteries that can help the automaker to boost the charging rate of its cars and establish a strong presence in North America’s electric vehicles landscape.
  • Cummins Inc. – an American Fortune 500 corporation – recently announced that it has acquired the automotive battery systems business of Johnson Matthey – a British multinational specialty chemicals and sustainable technologies company – in UK. The company declared that the acquisition was aimed at expanding its electrification and energy storage capabilities and ultimately, to become a leading energy storage supplier on a global platform

Lithium-ion Battery Market Report Scope

The lithium-ion Battery market is primarily segmented on the basis of Product Type, Cell Type, By Battery Capacity, By End-Use, and geographic region.

By Product Type

By Battery Capacity

By Cell Type

By End Use

By Region

  • Lithium Cobalt Oxide (LCO)
  • Lithium Magnesium Oxide (LMO)
  • Lithium Iron Phosphate (LFP)
  • Lithium Nickel Manganese Cobalt
  • Lithium Nickel Cobalt Aluminum Oxide (NCA)
  • Lithium Titanate

 

  • 0 to 3,000 mAh
  • 3,000 to 10,000 mAh
  • 10,000 to 60,000 mAh
  • Over 60,000 mAh
  • Cylindrical
  • Prismatic
  • Pouch

 

  • Automotive
  • Consumer Electronics
  • Medical Devices
  • Industrial & Grid Energy
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Taiwan. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • MEA (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Product Type

Based upon product-type, the market is bifurcated into lithium cobalt oxide, lithium magnesium oxide, lithium iron phosphate, lithium nickel manganese cobalt oxide, lithium nickel cobalt aluminum oxide, and lithium titanate. In 2019, the lithium nickel manganese cobalt oxide segment is expected to register highest growth owing to high density and excellent stability with optimum ratio of cobalt, nickel, and manganese. In addition, these batteries also possess perfect charge and discharge cycles and are applicable in power tools, tablets, laptops, smartphones, and other slimmer electronic devices.

Insight by Battery Capacity

Based on battery capacity, the market is bifurcated into 0 to 3,000 mAh, 3,000 to 10,000 mAh, 10,000 to 60,000 mAh, Over 60,000 mAh. In 2019, the 3,000 to 10,000 mAh segment is expected to witness fastest growth over the projected period owing to the preference by manufacturers as it can be used in high-performance applications seeking longer life span. These types of batteries are equipped with in-built automatic battery management system (BMS) feature. This feature keeps battery running without overcharging and over-heating.

Insight by End-Use

Based on end-use, the global market is bifurcated into automotive, consumer electronics, medical devices, and industrial & grid energy. In 2019, the automotive segment accounted for a significant revenue share. This high share is attributed to the increasing adoption of electric vehicles, favorable government policies, tighter control on emission norms to contain global warming, and increased funding from business investors to make EVs affordable among all strata of population. This has increased the demand of lithium batteries in automotive industry.

Geographic Overview

North America is a significant contributor to sales in the global lithium-ion battery market. Though Fast charging and lower self-discharge rate has retained the popularity of li-ion batteries as compared to other rechargeable batteries. Manufacturers are constantly improving performance characteristics of lithium-ion batteries amidst rising emergence of economical alternatives. The higher cost of these batteries makes them unreasonable for certain end-use industries. Operations for prolonged usage and introducing competitive prices has remained the major challenge for li-ion battery manufacturers.

Thereby, manufacturers and research organizations in the Li-ion battery market are likely to improve their focus on developing innovative ways to improve cost-efficiency and reliability of li-ion batteries. For instance, researchers at the Dallas University announced that they are developing an innovative lithium-air battery technology to make use of oxygen as an oxidizer, which can improve the life cycle of the battery while reducing its production cost to make it nearly five times cheaper.

Next area of innovation for li-ion batteries is grid-scale battery installations to improve their energy storage capability. This can lead to improving the energy density of li-ion batteries in comparison to other rechargeable batteries, which ultimately translates into reduced weight and size and improved energy storing capability of li-ion batteries.

In addition to this, incorporating innovative materials for the manufacturing of li-ion batteries to slash the production cost is emerging as a popular trend among manufacturers. Thereby, customization achieved by reducing the quantity of cobalt proportionally inside the cathode is likely to become an integral part of business strategies of most manufacturers in the lithium-ion battery market over the coming years.

Competitive Insight

The key players operating in the li-ion battery market are BYD Company, Panasonic, Exide Technologies, LG Chem, Saft Batteries, Samsung SDI, EaglePicher Technologies, LLC, GS Yuasa, Hitachi, BAK Group, Energus Power Solutions, Ltd., Lithium Werks, Roofer Technology Co. Ltd, Toshiba, CALB, Akku Tronics New Energy Technology Co., VARTA Storage, Saft Groupe, Farasis Energy, Ding Tai Battery Company Ltd., A123 Systems and Sila Nanotechnologies, among others.

The players in the market are collaborating with industry players to establish themselves as a dominant player and to retain their market share. For instance, in January 2019, Panasonic Corporation and Harley-Davidson entered into a partnership to introduce its first electric motorcycle.

Key Take-Away
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Lithium-Ion Battery Market Size, Share | Industry Growth Report, 2027