Lithium ion batteries are re-chargeable electric devices where the lithium moves from the negative electrode to the positive electrode during the charging and discharge procedure. They are pre-dominantly used in mobile phones, power tools and digital cameras. Further, the automotive industry is expected to witness an increase in the demand for lithium ion batteries due to the rise in the production of electric cars. According to Insights and Reports, more than 1.5 million battery operated electric vehicles were sold across the world in 2016. The demand for battery operated electric vehicles is on the rise on account of increasing concerns over environmental pollution. This is factor is greatly fuelling the growth of the lithium ion battery market at present.
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Rising penetration of smartphones is another major factor responsible for the growth of the lithium ion battery market at present. According to Insights and Reports, smartphone shipments amounted to 1.6 billion in 2017 worldwide, which marked a tenfold increase over 2007. Further, more than 50% of the population is expected to own a smartphone by 2025. Moreover, smartphones with advanced features demand a battery with higher capacity, thereby resulting in market growth of the lithium ion battery market.
Based on applications, the electronics segment captured the maximum market share in 2017 and is expected to retain market dominance throughout the forecast period. The high growth is majorly attributed to the rapid adoption of smartphones and tablets. However, the healthcare industry is expected to exhibit significant demand for lithium ion batteries as well on account of rising usage of medical devices.
Asia Pacific is expected to retain market dominance for lithium ion batteries throughout the forecast period. India and China are the major contributors to the growth of the market. Technological developments and the rising need for clean energy sources are the key factors driving the demand for lithium ion batteries in India. Further, rising investments by the manufacturers of lithium ion batteries are expected to augment market growth of the in the country as well. According to Insights and Reports, the sale of electric vehicles in India is anticipated to witness a double digit growth till 2022, the demand for which is increasingly being pushed by the government of India. Further, sale of electric vehicles crossed the 1 million mark in 2017, and the Chinese government is aiming for the number to cross the 2 million mark by 2021.
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Key players operating in the field of lithium ion batteries include Panasonic Corporation, Toshiba Corporation, Hitachi Ltd., L.G. Corp and Samsung among others.
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