Global Lithium Ion Battery Market: Decreasing Costs Enhancing the Adoption Rate due to its Affordability

 Lithium Ion Battery Market

Lithium ion battery, also known as Li-ion batteries are a type of rechargeable batteries utilized in a number of different electronic products and devices along with its usage in electric vehicles. One of the most significant growth factor for these batteries is the increasing areas of application in military and aerospace based products. They are highly common in various consumer electronics and different portable electronic variants as they are significantly lighter in weight as compared to other variants of rechargeable batteries.

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Lithium ion battery market is growing due to global surge in the demand for the electric vehicles, increasing need for automation and battery operated material handling equipment; the effects of these factors are mentioned below:

• Global surge in the demand for the electric vehicles: With the significant surge of electric vehicles being purchased and its production on the rising trend, the demands for lithium ion battery will witness a significant expansion for lithium ion batteries due to the requirement of these vehicles to have a high capacity rechargeable power source that can be sustained over a longer operating life without requiring frequent replacement, maintenance and repairing
• Increasing need for automation and battery operated material handling equipment: Due to the advent of Industry 4.0 and automation of components in the various end-use industries there has been a significant rise of manufacturing equipments and components that are portable and can operate autonomously. These equipments therefore require a consistent supply of power to meet their energy requirements and therefore the best solution for these equipments are lithium ion batteries that are high capacity at a low-operating costs

Government initiatives and innovations of technologies undergoing in the Lithium Ion Battery Market:

• In September 2019, Innolia Energy announced that they had initiated an investment amounting up to 225 crore rupees focusing on establishing a manufacturing facility in Hyderabad, India. This manufacturing facility will deal with the manufacturing of solar modules, lithium battery and electric vehicle products. This facility will focus on providing highly streamlined solutions for the different applications under a  unified manufacturing facility
• In May 2019, Saft announced the availability of a new product under their “Xcelion” product range with the availability of “Xcelion 56V lithium-ion (Li-ion) battery” based on the tested technology of Xcelion 6T, it has been designed for usage areas requiring high voltage in an enhanced operating cycle in a lower weightage and capabilities in comparison to standard lead-acid batteries. The battery range has also been included with a number of safety features and management systems to enable better characteristics for the product

The market is segmented on the basis of type as lithium nickel manganese cobalt, lithium cobalt oxide, lithium iron phosphate, lithium titanate oxide, lithium manganese oxide, lithium nickel cobalt aluminum oxide; power capacity as 0 to 3000 mAH, 3000 to 10000 mAH, 10000 to 60000 mAH; industry as consumer electronics, automotive, aerospace & defense, marine, medical, industrial, energy storage system, power; component as cathode, anode, electrolytic solution, foils, binders, separators.

“According to Data Bridge Market Research, global lithium ion battery market is expected to be growing with a healthy CAGR of 17.03% during the forecast period of 2019 to 2026”

Some of the major players operating in market are BYD Company Ltd, CALB USA Inc., VARTA Storage GmbH, Saft, Farasis Energy Inc., Sila Nanotechnologies Inc., Panasonic Corporation, LG Chem, BAK Group, SAMSUNG SDI CO. LTD., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls, TOSHIBA CORPORATION, Lithium Werks, A123 Systems LLC, ENVISION AESC SDI CO LTD., Blue Energy Limited, Li-Tec Battery GmbH, Colight India Telecom Pvt Ltd., Manz AG, Tianjin Lishen Battery Co. Ltd., among others.

Due to the significant innovations and focus on advancing the technologies related to lithium-ion batteries there has been a parallel focus of the manufacturers on limiting the costs associated with their production. This trend induces the increasing areas of applications for these batteries from a number of emerging areas. This has also improved the affordability for these products from the existing applications thereby enhancing the demand rate.

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