Lithium ion battery enables to deliver highly efficient products with high power and energy density and provides greater efficiency and accuracy for products with a range of different power capacities. The combination of lithium with other materials helps to add various features such as low cost, high power and energy density, increased shelf life, and chargeability factors important for different products such as consumer electronics and automotive.

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The lithium ion battery market is expected to be valued at USD 68.97 billion by 2022, growing at a CAGR of 16.6% between 2016 and 2022. The growth of this market is propelled by the increase in demand for electric vehicle, strict government mandates on fuel economy, growing demand for smart devices and other consumer electronics, and development toward enhancement of lithium ion batteries.

LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co., Ltd. (South Korea), BYD Co L (China), and BAK Group (China) are some of the leading players in the lithium ion battery market. Some of the key strategies adopted by the major players to gain a competitive edge in the market include new product launches and developments, agreements, partnerships, contracts, mergers, acquisitions, and expansions.

Other companies involved in the development of lithium ion battery systems include Samsung SDI Co., Ltd. (South Korea), BYD Co. Ltd. (China), BAK Group (China), A123 Systems, LLC. (U.S.), GS Yuasa Corporation (Japan), Hitachi, Ltd. (Japan), Johnson Controls Inc. (U.S.), Saft Groupe S.A. (France), Toshiba Corporation (Japan), and Valence Technology, Inc. (U.S.).

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