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 lithium ion battery market in APAC is projected 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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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.
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).
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