Lithium ion battery is a rechargeable battery that has lithium along with various other materials. It is made up of 3 major components: cathode, anode, and electrolyte. The main characteristic of a lithium ion battery is that lithium ions flow from negative electrode to positive during discharge and reverse while charging. Li-Ion batteries are mainly used for applications in automotive and consumer electronics such as smartphones, laptops, tablets, wearable devices, and other home applications. There are many types of lithium ion batteries depending on the materials that are combined with lithium, such as cobalt, nickel, manganese, titanium, and iron.
The growth of the lithium ion battery market is driven by 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. 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.
In the type segment, the market for lithium cobalt oxide (LCO) accounted for the largest share of the lithium ion battery market in 2018. Lithium cobalt oxide is a unique chemistry in terms of its applications. It is mostly used in applications that require high energy density. LCO has the highest market share in the lithium ion battery market. It offers a unique combination of power and energy storage capacity, capacity retention, and excellent cycle life. It has the highest energy density and electronic conductivity. The use of LCO in mobile phones, notebooks, tablets, and prismatic cells is driving the demand for LCO. Also, due to its use in pouch cells, it is very much preferable in portable electronics.
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The lithium ion battery market for power capacity range 3,000–10,000 mAH is expected to grow at the highest CAGR between 2018 and 2024. The market for this range is expected to grow at a high CAGR due to the fact that it covers a majority of industries such as consumer electronics, electric vehicle, power tools, and aerospace & defense. This makes it more desirable in future for numerous applications.
The market for automotive industry is expected to grow at the highest CAGR between 2018 and 2024. The automotive industry is expected to be one of the major segments for lithium ion battery. The automotive segment includes battery-driven vehicles such as electric vehicles, which also include hybrid electric vehicles, plug-in electric vehicles, e-bikes, and automated guided vehicles, which are major consumers of lithium ion battery. There is an increasing competition between battery models installed in EVs owing to the need for operational excellence. Increasing adoption and awareness of EVs support the growth of the lithium ion battery market.
The lithium ion battery market in APAC is expected to grow at the highest CAGR during the forecast period. APAC has become an attractive automotive market. In recent years, this region has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for OEMs. Additionally, the increasing purchasing power of the population has stimulated the demand for consumer electronics and automobile resulting into the high demand for the lithium ion battery market in APAC.
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