Lithium-Ion Batteries Market:
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Safety concerns towards lithium-ion batteries is the major challenge faced by the lithium-ion batteries market. Lithium-ion batteries generate large amounts of energy, associated with the risk of explosion or fire. The temperature in lithium-ion batteries should never rise above 130°C which may lead to thermal runaway. Major causes of failure in lithium-ion batteries can be a puncture, overcharge, overheating, short circuit, internal cell failure, and deficiencies in the manufacturing process. For example, the United States Federal Aviation Administration (FAA) reported around 206 airport Li-ion battery explosion incidents between March 1991 and January 2018. Several Tesla Model S sedans caught fire after battery shield getting damaged by road debris in 2013. Therefore, inadequate safety in lithium-ion batteries hindering the lithium-ion batteries market’s growth.
The growth of the lithium-ion batteries market is mainly driven due to the presence of high energy density features in lithium-ion batteries. High energy density helps the lithium-ion battery to run for a longer period. Most of the lithium-ion batteries used in portable devices are cobalt-based which offers the highest energy density. The energy density of the lithium-ion batteries is 100-265 Wh/kg or 250-670 Wh/L, which is one of the highest energy densities of any battery technology. High energy density in a lithium-ion battery made it the most preferred battery to be used in mobile phones, laptops, cameras and automobiles. Therefore, positively impacting the lithium-ion battery market’s growth.
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The lithium-ion (Li-ion) batteries market consists of sales of lithium-ion batteries and related services that are used in electric vehicles, mobiles, laptops, power backups and other electronic devices. The lithium-ion battery is a type of rechargeable battery having high energy density that uses lithium ions as primary component of its electrolyte. Lithium-ion batteries are commonly used in consumer electronic devices.
The global lithium-ion batteries market was worth $31.36 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 18.16% and reach $61.14 billion by 2023.
The lithium-ion (Li-ion) batteries market is segmented by power capacity into 0 to 3000 mAh, 3000 to 10000 mAh, 10000 to 60000 mAh, above 60000 mAh. It is also segmented by application into consumer electronics, automotive, marine, and aerospace & defense, medical, industrial, power, others.
Declining lithium-ion battery prices boosts the sales of lithium-ion batteries. Change in materials technology, manufacturing processes, overhead costs, and huge investments in lithium-ion battery industry contributed to the reduction in lithium-ion battery prices. Lithium-ion battery prices with combined cost for cell and pack have dropped down by 73% from US$650 in 2013 to US$176 per KWh in 2018, and according to Navigant Consulting Research report, it is estimated to reach US$76 per kWh by 2030.
In February 2019, Royal Dutch Shell, a British-Dutch oil and gas company acquired Sonnen, a German home energy-storage startup for an undisclosed amount. The acquisition improves Sonnen’s ability to compete with Tesla, Samsung and LG in Europe, US, Australia and all markets where rooftop solar installations are increasingly popular. Sonnen has installed over 40,000 battery packs in homes around the world. It uses lithium-iron-phosphate batteries, which are known to be cheaper and longer lasting than the nickel-cobalt-manganese batteries that Tesla uses for both electric cars and home energy-storage systems.
Major players in the market are A123 Systems, Automotive Energy Supply Corp, LG Chem, Panasonic, Samsung SDI, Toshiba, BYD, Automotive Energy Supply Corp, Contemporary Amperex Technology, and Johnson Controls.Lithium-ion (Li-ion) Batteries Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global lithium-ion (li-ion) batteries market.
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