Lithium ion battery market size is expected to grow from an estimated value of USD 37.4 billion in 2018 to USD 92.2 billion by 2024.

Declining lithium-ion battery prices are likely to open opportunities for the growth of the market during the forecast period.

Challenges

• Overheating of Lithium Ion Batteries

• Upcoming Technologies Such as Chemical Energy Storage, Compressed Energy Storage, and Pumped Hydro Technology

• High Cost of Battery-Operated Industrial Vehicles

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Europe expected to be the fastest-growing market for Lithium-ion Battery during the forecast period

Europe is expected to be the fastest-growing market for lithium ion battery from 2018 to 2025. Europe is home to some of the largest battery manufacturers such as Saft (France) and FIAMM (Italy). The consumer electronics market for wearable devices is witnessing a positive growing curve in Europe. Presence and active association in Europe such as Association of European Automotive Industrial Battery Manufacturers and PRBA is supporting the use of lithium ion battery in different application in safe mode by their set standards and certification.

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).

Lithium ion battery market for Automotive to garner the highest gains during the forecast period
The lithium-ion battery market is segmented by industry into consumer electronics, automotive, aerospace & defense, medical, power, marine, and industrial. Demand for Li-ion batteries is increasing because of the growing need for miniature and lightweight source of power in EVs, portable devices, and industrial equipment. Li-ion batteries can deliver adequate power while managing manufacturing costs and the weight and size of products, which are the major factors for manufacturing specific products according to the requirements.

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