The lithium-ion (Li-ion) batteries market significantly consists of sales of lithium-ion batteries and associated services that are utilized in electric vehicles, mobiles, laptops, power backups and several other electronic devices. The lithium-ion battery is a form of rechargeable battery having great energy density that optimizes lithium ions as primary component of its electrolyte. Lithium-ion batteries are primarily optimized in consumer electronic devices.
According to the report analysis, ‘Lithium-Ion Batteries Global Market Report 2020’ states that in the lithium-Ion batteries global market there are numerous corporates which presently operating more effectively for leading the handsome value of market share around the globe during the inflowing years while decreasing the linked prices, developing the applications of such, advancing the specifications of the production technologies, implementing the profitable strategies, analyzing and studying the strategies and policies of competitors and government, spreading the awareness related to such, and employing the young work force includes A123 Systems, Automotive Energy Supply Corp, LG Chem, Panasonic, Samsung SDI, Toshiba, BYD, Automotive Energy Supply Corp, Contemporary Amperex Technology, and Johnson Controls.
The growth of the lithium-ion batteries market is principally driven owing to the existence of great energy density landscapes in lithium-ion batteries. High energy density supports the lithium-ion battery to run for a longer duration. Most of the lithium-ion batteries optimized in movable devices are cobalt-based which suggests the greatest energy density. In addition, the energy density of the lithium-ion batteries is 100-265 Wh/kg or 250-670 Wh/L, which is one of the wildest energy densities of any battery technology. High energy density in the lithium-ion battery made it the most favored battery to be utilized in mobile phones, laptops, cameras and automobiles. Therefore, completely impacting the lithium-ion battery market’s growth.
The worldwide lithium-ion batteries market was worth USD 31.36 billion during 2019. It is probable to grow at a compound annual growth rate (CAGR) of 18.16% and reach USD 61.14 billion by 2023.
Decreasing lithium-ion battery prices enhancements the sales of lithium-ion batteries. Modification in materials technology, manufacturing processes, overhead costs, and huge reserves in lithium-ion battery industry underwritten to the lessening in lithium-ion battery prices. Lithium-ion battery prices with collective cost for cell and pack have dropped down by 73% from USD 650 during 2013 to USD 176 per KWh throughout 2018, and according to Navigant Consulting Research report, it is projected to reach USD 76 per kWh by 2030.
During February 2019, Royal Dutch Shell, a British-Dutch oil and gas corporate obtained Sonnen, a German home energy-storage startup for an undisclosed amount. The acquisition enhances Sonnen’s ability to compete with Tesla, Samsung and LG in Europe, US, Australia and all markets where rooftop solar installations are progressively popular. Sonnen has installed over 40,000 battery packs in homes across the world. It utilizes lithium-iron-phosphate batteries, which are well-known to be inexpensive and longer lasting than the nickel-cobalt-manganese batteries that Tesla utilizes for both electric cars and home energy-storage systems. Therefore, in the near years, it is predicted that the market of lithium ion batteries will increase around the globe more proficiently over the coming future.
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Ankur Gupta, Head Marketing & Communications