Global Lithium-ion Battery Market - Segmented by Application and Geography - Growth, Trends, and Forecast (2018 - 2023)
The requirement for energy storage solutions is increasing as many governments are taking policy-level initiatives, to promote renewable power generation and electric vehicles adoption. Furthermore, due to the increasing competition in lithium-ion battery market and growing demand for the same, significant manufacturers have been investing heavily in R&D activities to achieve better performance and lower production costs of lithium-ion batteries. Also, in the next few years, many low-cost battery production facilities are expected to come online in China, which is expected to further bring down the lithium-ion battery prices. By 2023, prices are expected to hover around USD 140 per kWh from the current USD 209 per kWh.
Demand from the Automotive Sector - Driving the Market
Lithium-ion batteries are increasingly being used as a power source in hybrid and in complete battery electric vehicle (BEV) range. Owing to advantages offered, such as low environmental impact, as they do not emit any CO2, NOX, SOX, or any greenhouse gases, both manufacturing and sales of electric vehicles (EVs) have witnessed a constant increase in the past decade and is expected to further increase during the forecast period.
Over the past few years, China, the United States, and the European region accounted for the maximum sale of electric vehicles, which are primarily high-end electric vehicles. Till 2017, there are approximately 1.2 million electric cars on the roads in China, followed by 750,000 in the United States. In addition, the falling battery prices, coupled with rising commitments from the global automakers are expected to bring price-competitive electric vehicles to all the major light-duty vehicle segments as well, which is expected to further augment the demand for EVs, in turn, resulting in increased demand for lithium-ion batteries.
Asia-Pacific - Region with the Highest Market Share
China is one of the regional hotspots for the lithium-ion battery market, followed by South Korea, and Japan. Furthermore, the consumer spending in emerging economies, such as India and China, is expected to go up, which when supported by a rise in urbanization and increase in earnings per household, is likely to result in an increase in disposable income. High consumer confidence is reflected by the increasing consumer spending, which is a positive economic indicator. Moreover, the rise in urbanization is expected to boost the demand for technically advanced devices, due to the benefits provided by the devices. This is expected to, consequently, lead to a growth in demand for lithium-ion batteries in the region.
China - Among the Leading Countries in Lithium-Ion Batteries Market
In February 2018, the production and sales of BEV in China reached 28,872 units and 23,458 units, increasing 89.4% and 68.4% year on year; and such figures for PHEV were 10,358 units and 10,962 unis, increasing 288.4% and 196.4% year on year. Furthermore, the Chinese government has been providing both financial and non-financial incentives to promote the adoption of electric vehicles. The electric cars are exempted from acquisition and excise taxes, ranging between CNY 35,000 and CNY 60,000. Moreover, some cities in China have also been allowing total or partial waivers from license plate availability restrictions.
Key Developments in the Market
February 2018: Mahindra and LG Chem announced a partnership to jointly develop a new, advanced Li-ion battery technology, which is to be used in Mahindra's range of electric vehicles. As part of this agreement, LG Chem is likely to develop lithium-ion cells based on NMC (Nickel-Manganese-Cobalt) chemistry, which has high-energy density
December 2017: Panasonic Corporation, a leading supplier of electric-car batteries, collaborated with Toyota Motor Corp., which makes batteries for electric vehicles (EV), for the development of lithium-ion prismatic cells. This agreement is intended to address the increasing demand and expectations for electric vehicles
The major players include - BYD Company Limited, Contemporary Amperex Technology Co. Limited, LG Chem Ltd, Panasonic Corporation, Samsung SDI, Sony Corporation, Tesla Inc., Tianjin Lishen Battery Joint-Stock Co. Ltd., among others.
Reasons to Purchase This Report
Current and future lithium-ion battery market outlook in the developed and emerging markets
Analyze various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
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