The lithium-ion battery is a rechargeable battery with a longer lifecycle. It is used in applications that require high energy density solutions. It is used in notebook computers, hybrid automobiles, and cellular phones. The global lithium-ion battery market is growing at a significant rate, due to mounting requirements for the electric vehicles, and a mounting need for smart devices and other consumer electronic products. Different types of lithium-ion batteries contributed to the lithium-ion battery market size. The market has witnessed a high demand for lithium nickel manganese cobalt in the coming years due to the depleted proportion of cobalt in the combination.
The different types of lithium-ion batteries are into lithium nickel manganese cobalt (Li-NMC), lithium titanate oxide (LTO), lithium manganese oxide (LMO), lithium cobalt oxide (LCO), lithium iron phosphate (LFP), and lithium nickel cobalt aluminum oxide (NCA). Among all types, the lithium nickel manganese cobalt (Li-NMC) segment is expected to grow at the fastest rate in the market due to the depleted proportion of cobalt in the combination, accuracy, and effectiveness. In addition, lithium cobalt oxide (LCO) accounted for the largest share in the lithium-ion battery market.
On the basis of vertical the lithium-ion battery, the market is subdivided into consumer electronics, automotive, industrial, power, medical, aerospace and defense, and marine. Among the all vertical, the consumer electronics accounted the largest share in the lithium-ion battery market, as lithium-ion batteries are the preferred for consumer electronics, due to mounting need for smartphones and laptops, decreasing prices of smart devices, mounting disposable income, budding acceptance of IoTs, less recharge time and high energy density.
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Geographically, Asia-Pacific accounted for the major share and is observed to witness the highest growth in the lithium-ion battery market due to mounting funding from the government. In addition, mounting disposable income, continuous development in the automotive and consumer goods sector, mounting demand of electric vehicles, mounting consumer alertness to adopt environment-friendly technologies and mounting adoption of smart devices are also facilitating the growth of the Asia-Pacific lithium-ion battery market.
Key players in the lithium-ion battery market are catering to the demand by collaborating with small players and investing in technologically advanced batteries across the globe. In September 2018, Lithium Werks is merging with Super B, to facilitate global energy transition and to meet the growing demand for portable power solution.
In addition, in March 2018, Lithium Werks acquired the A123 Systems manufacturing plants located in China, to improve its position in the market. BAK Group, Panasonic Corporation, Saft Groupe SA, BYD Company Ltd., Johnson Controls Inc., GS Yuasa Corporation, LG Chem, Ltd., Samsung SDI Co., Ltd., Lithium Werks, Hitachi Ltd., Toshiba Corporation and Valence Technology, Inc. are the key players offering lithium-ion battery.