Growing demand for smartphones, tablets, and plug-in vehicles has splurged the lithium-ion battery market and the scenario is expected to remain unchanged even going forward. Persistence Market Research has sketched these facts with measures to be taken in its latest market study entitled “Lithium-ion Battery Market”.
Lithium-Ion Battery Market Dissection
The global lithium-ion battery market, by type of battery, spans lithium cobalt oxide, lithium manganese oxide, lithium nickel manganese cobalt oxide, lithium nickel cobalt aluminium oxide, and lithium titanate. By voltage, it’s above 48V, 37-48V, 25-36V, 19-24V, 13-18V, 4.6-12V, and less than 4.5V. By type of product, it’s battery pack/module and single cell.
By operation, it’s non-rechargeble and rechargeable. By end-user, it’s e-Bikes, electric vehicles, electric scooters, energy storage systems, aerospace & aviation systems, railway systems, marine systems, industrial vehicles & equipment, consumer electronics, and battery-operated power tools. Persistence Market Research has ascertained mentioning every detail with calls to action in its latest market study entitled “Lithium-ion Battery Market”.
North America is expected to witness significant growth in the lithium-ion battery market in the next 10 years. This could be attributed to an exceeding demand for li-ion batteries in cell phones due to extended battery life. Europe stands second on this count. However, the Asia-Pacific is expected to grow at the fastest pace in the li-ion market in the upcoming period due to an ever-increasing demand for smartphones and tablets all across China, Thailand, Japan, and India. China is also seen providing subsidies in the electric vehicles, which is expected to catalyze the market. Persistence Market Research has highlighted these facts with probable calls to action in its latest market study entitled “Lithium-ion Battery Market”.
The Competitive Charge
Persistence Market Research has profiled the key players in lithium-ion battery market as Samsung SDI Co. Ltd., Panasonic Corporation, BYD Company Ltd., LG Chem, CATL, BAK Group, ASPILSAN Energy, Ultralife Corporation, Triathlon Batteries Solutions, Inc., Nexeon Ltd., Future Hi-Tech Batteries, TWS, Kokam, Enerdel, Inc., KAYO Battery, Saft Groupe SA, Bestgo Power Co., Ltd., Clayton Power, and Enersys.
Persistence Market Research has also gone ahead with enlisting the developments on this count. For instance – CATL, in May 2021, intensified its partnership with Daimler Truck AG on the basis of the shared vision of CO2 – neutral electrified trucking. As such, CATL would be supplying lithium-ion battery packs for Mercedes-Benz eActros LongHaul battery-electric truck, which is expected to be ready for the series production in the year 2024. GS Yuasa Corporation, in December 2020, did announce launching LIM30HL series pertaining to lithium-ion battery modules. They do have lower internal resistance, higher rated capacity, and upward compatibility.
Coming to the further courses of development, Ola Electric, in March 2021, did announce plan of setting up a cell manufacturing plant for powering its Li-ion battery. It would be in the integrated plant near Bengaluru (India) where e-Scooter would get manufactured. The BEPA (Batteries European Partnership Association) and European Commission, in June 2021, signed an MoU, thereby officially launching BATT4EU. The basic objective is to make Europe the second-largest place in the world regarding Li-ion battery cell production by the year 2025.
Exide Industries, in September 2021, did announce plans for setting up a multi-gigawatt lithium-ion cell manufacturing plant in the Indian region. It is in line with participation in the Production-Linked Incentive Scheme for National Programme on ACC (Advanced Chemistry Cell) battery storage. The Ministry of Heavy Industries has issued this scheme.
The Road Ahead
The global lithium-ion battery market is poised to grow on a substantial note between 2021 and 2031 – Persistence Market Research