According to a report by Grand View Research, Inc.; the global lithium-ion battery market is anticipated to attain USD 93.1 billion by 2025. Growing requirement for cost-effective and light-weight energy storage solutions is anticipated to propel market growth over the forecast period (2018 to 2025). This battery can offer high safety level and energy density as compared to conventional batteries. This factor is anticipated to fuel demand in near future.
Increasing number of photovoltaic (PV) installations and nuclear power plants attributed to commencement of new wind energy projects can positively influence market growth. Rising adoption of lithium-ion batteries in medical equipment can stimulate market over the next few years. Rising use in portable electronics, electric vehicles, and grid storage systems attributed to high safety level and energy density can spur market growth during the forecast period.
The worldwide lithium-ion battery market can be segregated on the basis of product, application, and region. Based on product, the market can be categorized into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), lithium Nickel Cobalt Aluminum oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), and Lithium Nickel Manganese Cobalt (NMC). In 2016, NMC dominated the market and accounted for around 26% of market share. Growing adoption in e-bikes, powder tools, and other electronic powertrains on account of its higher energy density, longer lifecycle, and lower cost can fuel demand over the forecast period. In addition, NMC can offer high capacity, high power, high performance, and excels on specific energy.
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Similarly, the LFP segment is likely to expand at a CAGR of 17.5% from 2017 to 2025. LFP batteries can offer advanced safety and long life span to product. There is a high demand from stationary and portable applications due to requirement for high load currents and endurance. This, in turn, can positively influence market growth over the forecast period. In addition, continual R&D activities by manufacturing companies for development of high-quality and effective products can augment market expansion. Moreover, favorable government regulations coupled with provision of subsidiaries for Electric Vehicles (EVs) can fuel product sales.
Based on application, the market can be classified into automotive, energy storage systems, consumer electronics, and industrial. In 2016 consumer electronics dominated the market and accounted for largest market share equivalent to USD 11.92 billion. Reliability and high durability of these batteries in consumer appliances such as smartphones and laptops can influence market growth over next few years. In addition, expanding electronics sector in countries like Japan, Taiwan, China, and South Korea can fuel demand for lithium-ion batteries during the forecast period.
Similarly, energy storage systems segment is expected to expand at CAGR of 21% from 2017 to 2025 attributed to increasing off-grid installations. Favorable government initiatives coupled with growing number of solar PV installations in China, United States, and Germany can augment market growth. Moreover, rising concern for air pollution, carbon emissions, and greenhouse gases can fuel adoption of solar power during the forecast period.
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Regional segmentation includes Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa. Asia Pacific is expected to expand at CAGR of 17.7% from 2017 to 2025. Growing demand for tablets and mobiles in China, Japan, India, and Thailand among other countries can propel regional market. Rising lithium-ion battery production capacity in China by numerous market players including Panasonic, LG, and Contemporary Amperex Technology Ltd. (CATL) can further fuel expansion. Moreover, rising government subsidies for electric vehicles is likely to create immense market potential over the forecast period. Wind capacity output can cross 200GW by 2020 and can drive demand for energy storage systems in the country. This, in turn, can influence market growth over next few years.
In North America, the market is anticipated to witness substantial growth during the forecast period. This expansion can be attributed to increasing sale of consumer electronics and electric vehicles sales in countries including Mexico and United States. Rising demand for lithium-ion batteries in smartphones owing to their ability ty offer extended shelf life and enhanced efficiency can augment demand in the forthcoming years.
Some of the leading companies operating in the global lithium-ion battery market are BYD Co., Ltd, LG Chem, Panasonic, Samsung, and GS Yuasa Corporation.
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