The growth of this market is being fueled 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 industrial applications.

The overall lithium ion battery market is expected to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2%.

Recent Developments

In July 2018, BYD Company signed strategic cooperation agreement with Changan Automobile to jointly manufacture batteries for electric vehicles. The groundbreaking agreement will see both companies collaborate in the production and sale of these batteries through a new legal entity based in Chongqing, a mega city of 33 million people in central China.In March 2018, Samsung SDI launched its new ESS product, a high-capacity 111Ah (Ampere hour) ESS battery cell, in which the energy density is substantially increasedIn September 2017, Panasonic Corporation has decided to start the production of automotive lithium-ion batteries at a factory in Himeji, Hyogo Prefecture, and expanding domestic production amid increasing demand for such batteries.

Key questions addressed in the report

Where will all the developments take the industry in the mid-to-long term?What are the upcoming products and technologies in the lithium ion battery market?Who are the key players and what are the strategies adopted by them?What are the fastest- or highest-growing areas in the lithium ion battery market?What are major drivers, restraints, opportunities, and challenges pertaining to the lithium ion battery market?

APAC held the largest size of the lithium ion battery market during the forecast period

APAC held the largest size of the lithium ion battery market in 2018. APAC is home to a large number of semiconductor and electronics companies and increasing trend to implement high power battery and safety with low energy wastage are expected to open up new market opportunities for lithium ion battery in APAC. China and India are the fastest growing economies in the world. Demand for lithium ion batteries is very high in Asia Pacific owing to the ever-increasing population and its need for consumer electronics. The market in China is expected to grow mainly because of the huge number of lithium ion battery manufacturing companies in China and Japan. A major share of lithium ion batteries are manufactured in APAC — specifically in China, Japan, and South Korea.

Key players operating in the lithium ion battery market include BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba (Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe, (France), VARTA Storage (Germany), Farasis Energy (California), and Sila Nanotechnologies (California).