DUBLIN--(BUSINESS WIRE)--The "Lithium Ion Battery Market by Type (Li-NMC, LFP, LCO, LTO, LMO, NCA), Power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh), Industry (Consumer Electronics, Automotive, Medical, Industrial), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The lithium ion battery market is estimated to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2% between 2018 and 2024.
The growth of the lithium ion battery market is driven by an increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications. However, factors such as safety issues related to storage and transportation of spent batteries hinder the market growth.
High energy density boosts the demand for lithium nickel manganese oxide (Li-NMC) witnessing the highest CAGR during the forecast period
The market for lithium nickel manganese oxide (Li-NMC) is estimated to grow at a higher CAGR during the forecast period. The automotive industry has dominated the lithium ion battery market. Electric vehicles require high capacity and high power that can only be provided by the use of NMC battery type.
The use of new electrolytes and additives support the charging of cell up to 4.4 V/cell. The NMC cell is growing in its range as three components involved are easy to blend together and be made useful for a wide range of applications from the automotive industry to energy storage system (ESS).
Rise in demand for EVs contributing to the growth of the automotive industry with the highest CAGR during the forecast period
The market for the automotive industry is estimated to grow at a higher CAGR during the forecast period. Semiconductors and electronic products require high accuracy and extreme precision, along with high output.
Factors contributing to the growth of the automotive industry in the lithium ion battery market include rising demand for energy-efficient solutions, high power and energy density, high-level safety, increased venture capital funding, and initiatives taken by government bodies to encourage the adoption of lithium ion batteries worldwide.
Furthermore, owing to environmental concerns and awareness about clean and sustainable fuel, there is a rise in the demand for EVs. Government initiatives and regulations support the adoption of EVs worldwide. This has resulted in an increase in the demand for lithium ion batteries.
The market in APAC is expected to witness the highest CAGR during the forecast period
The market in APAC is estimated to grow at a higher CAGR during the forecast period. Countries such as China, the Netherlands, and Germany have taken many initiatives and are setting strict regulations to support the growth of the electric vehicles market, which is expected to support the growth of the lithium ion batteries market.
Key Players
- BYD Company
- LG Chem
- Panasonic Corporation
- Samsung SDI
- Bak Group
- GS Yuasa Corporation
- Hitachi
- Johnson Control
- Toshiba Corporation
- Lithium Werks
Other Prominent Players
- Calb
- Saft Groupe
- Varta Storage
- Farasis Energy
- Sila Nanotechnologies
Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Materials Used in Lithium Ion Battery
8 Resources Used for Lithium Ion Battery
9 Lithium Ion Battery Market, By Type
10 Lithium Ion Battery Market, By Power Capacity
11 Lithium Ion Battery Market, By Industry
12 Lithium Ion Battery Market, By Region
13 Competitive Landscape
14 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/tgm2wd/the_worldwide?w=4
