Lithium-ion battery companies like Panasonic, LG Chem, and Samsung SDI are key players in the battery industry. They manufacture rechargeable lithium-ion batteries used in consumer electronics, electric vehicles, and renewable energy storage applications.
The Competitive Landscape of the Lithium-Ion Battery Market
Lithium-ion batteries, once confined to portable electronics, have surged into the limelight as the lifeblood of the electric vehicle (EV) revolution and a cornerstone of a cleaner future. This dynamic market, pulsating with innovation and vying for dominance, demands a clear understanding of the competitive landscape, adopted strategies, key players, and emerging trends to ride the e-wave successfully.
Some of the Lithium-ion Battery companies listed below:
Strategies Adopted by Leaders:
Factors for Market Share Analysis:
New and Emerging Companies:
Latest Company Updates:
Nov.13, 2023, Exxon Mobil (XOM.N), a pioneer in lithium-ion batteries, announced its plan to begin lithium production by 2026 in Arkansas. The initial production would roughly equal the amount needed to produce 100,000 EV batteries. Exxon has partnered with Tetra Technologies (TTI.N) and has also been testing unproven direct lithium extraction (DLE) technology that will be crucial for commercial operations.
Nov.09, 2023, A scientist team from Nanyang Technological University, Durapower Technology Singapore Pte Ltd., and Singapore (NTU Singapore) announced the development of a cloud-based technology that can enhance the lifespan and safety of lithium-ion batteries greatly. Powered by the IoT and AI, this new solution can help companies and data centers lower the risks associated with lithium-ion batteries, including potential fire hazards, particularly in hot and humid climates like Singapore.
Oct. 29, 2023, Researchers at the University of Tokyo announced the development of a prototype cobalt-free lithium-ion battery that can store around 60% more energy than alternatives of the same size. Prototype offers the potential to replace expensive, polluting material, Cobalt. Scientists worked on cobalt-free alternatives since the material is expensive and highly damaging to the environment.
Sep. 25, 2023, Shyam Metalics and Energy Limited (India), a producer and exporter of aluminum foil, announced its entry into lithium-ion battery-grade aluminum production. The company provides aluminum foil for various industrial applications with an annual production capacity of 20,000 tonnes per annum. Shyam Metalics' battery-grade aluminum foil will support the huge demand for critical components in lithium-ion cells from Indian companies foraying into the new-age batteries.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Increasing sales of electric cars to combat climate change to boost the market growth
Compared to internal combustion engines, the climate effect of electric vehicles has decreased. As passenger and commercial electric vehicles change the trends for future transportation, governments worldwide are moving toward greener and pollution-free mobility, which will undoubtedly stimulate the growth of the lithium-ion battery industry. These batteries are being used in cars by electric vehicle manufacturers like Tesla. Europe has enacted stringent pollution standards, restrictions, and significant public electric mobility transit projects.
The growing interest in preserving a clean environment has fueled the development of nuclear power plants, photovoltaic installations, and wind energy projects, fueling the development of lithium-ion batteries. Additionally, the expansion is being supported by the medical industry's expanding acceptance of li-ion battery equipment.
Additionally, the EPA's restrictions on lead contamination and the ensuing environmental dangers, along with the regulations on lead-acid battery storage, disposal, and recycling, have reduced the market for lead-acid batteries and increased the need for lithium-ion batteries in automobiles. Since firms worldwide are looking to invest in Mexico, it has been the main focus of the global automobile industry. After South Korea, Japan, and Germany, it is the automobile industry's fourth-largest exporter. The need for lithium-ion batteries in the nation is predicted to increase with rising automotive production. Therefore, all these factors have enhanced the Lithium-Ion Battery market CAGR globally in recent years.
However, The rise in consumer electronics product demand implants is another factor driving the growth of the Lithium-Ion Battery market revenue.
Based on type, the Lithium-Ion Battery Market segmentation includes lithium nickel manganese cobalt, lithium manganese oxide, lithium iron phosphate, lithium cobalt oxide, lithium nickel cobalt aluminum oxide, and lithium titanate oxide. The lithium cobalt oxide segment held the majority share in 2021, contributing to around ~30% of the Lithium-Ion Battery Market revenue. Because LCO batteries have a high energy density and high level of safety, there is likely to be considerable demand for them in mobile phones, tablets, laptops, and cameras throughout the forecast period.
The Lithium-Ion Battery Market segmentation, based on capacity, includes By (0- 3000 mAh, 3000-10000 mAh, 10000-60000 mAh, 60000 mAh, and above. The 3000-10000 mAh segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Many industries use these batteries, including consumer electronics, electric vehicles, power equipment, and aircraft. These batteries are frequently assembled into modules and utilized in applications demanding heavy loads. A battery energy storage system with a high capacity and low power rating can run a few essential appliances while delivering a small amount of electricity over an extended period. Hence it is growing the market growth.
The Lithium-Ion Battery Market data has been bifurcated by voltage into low (below 12V), medium (below 12V-36V), and high (above 36V). The medium (below 12V-36V) segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. These batteries are chosen over other types because they offer the best energy density and the lightest weight. They are used in deep-cycle applications, solar energy systems, maritime, military, communications, trolling motors, and electric vehicles.
Figure 2: Lithium-Ion Battery Market, by Voltage, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on Industry, the global Lithium-Ion Battery industry has been segmented into automotive, aerospace, consumer electronics, marine, industrial, power, telecommunication, and medical. Consumer electronics held the largest segment share in 2021. Consumer electronics items and portable devices both need portable batteries. Mobile phones, laptops, desktops, tablets, torches or lanterns, LED lighting, vacuum cleaners, digital cameras, wristwatches, calculators, hearing aids, and other wearable gadgets are just a few things that can use portable batteries.
The fastest-growing segment in the Lithium-Ion Battery industry is automotive. The market for electric and hybrid vehicles is anticipated to grow profitably within the anticipated time frame. In particular, in Asia Pacific, Europe, and North America, rising fossil fuel prices and growing knowledge of the advantages of battery-operated vehicles are expected to support growth.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific Lithium-Ion Battery market accounted for USD 19.61 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. Due to growing environmental concerns, China has banned traditional fossil fuel-powered scooters from all of its main cities to reduce pollution, increasing the country's e-scooter sales. The usage of tools powered by lithium-ion batteries has expanded due to Asia Pacific's ascent to prominence as a hub for global manufacturing. Moreover, the China Lithium-Ion Battery market held the largest market share, and the India Lithium-Ion Battery market was the fastest-growing market in the Asia-Pacific region
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Lithium-Ion Battery Market SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America Lithium-Ion Battery market accounts for the second-largest market share due to consumer electronics and vehicles rising sales. Further, the US Lithium-Ion Battery market held the largest market share, and the Canada Lithium-Ion Battery market was the fastest-growing market in the North American region.
The Europe Lithium-Ion Battery Market is expected to grow at the fastest CAGR from 2022 to 2030. The expansion of this market has been aided by the government bodies' growing attention to greenhouse gas emissions in the environment in Europe. Many nations in the region, including Germany, Argentina, France, and others, have established a goal of having zero carbon dioxide emissions by 2050. Moreover, the Germany Lithium-Ion Battery market held the largest market share, and the UK Lithium-Ion Battery market was the fastest-growing market in the Europe region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Lithium-Ion Battery market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Lithium-Ion Battery industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Major market players are investing a lot of money in R&D to expand their product portfolios, which will spur further growth in the lithium-ion battery market. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking a variety of strategic activities to expand their global presence. In order to grow and remain in a market that is becoming more and more competitive, Lithium-Ion Battery industry must provide affordable products.
One of the primary business strategies adopted by manufacturers in the global Lithium-Ion Battery industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Lithium-Ion Battery industry has provided with some of the most significant benefits. The Lithium-Ion Battery market major player such as Panasonic Holdings Corp, LG Energy Solution .and others are working to expand the market demand by investing in research and development activities.
Various electric and electronic goods are developed, manufactured, sold, and serviced by Panasonic Holdings Corp. (Panasonic), originally known as Panasonic Corp. Panasonic, Quasar, National, Technics, Victor, and JVC are among the brands that most of its goods are sold under. Minicomputers, telephone equipment, electric motors, chemical and solar batteries, and cathode ray tubes are examples of non-consumer goods. In February 2022, To grow its business internationally, Panasonic Holdings Corporation is establishing a production plant in western Japan's Wakayama Factory to produce new "4680" lithium-ion batteries for electric vehicles. Mass manufacturing and productivity verification are projected to start after the fiscal year 2024 has ended.
Also, Battery manufacturer LG Energy Solution, Ltd. is based in Seoul, South Korea. LGES, along with CATL, Panasonic, SK Innovation, and Samsung SDI, is one of the biggest battery manufacturers. In October 2021, A memorandum of agreement was signed by Stellantis N.V. and LG Energy Solution, a division of LG Chem that produces battery cells and modules for North America. By 2030, Stellantis N.V. hopes to have a 40% market share in the US for electric vehicles thanks to this joint venture.
Panasonic Sanyo
Automotive Energy Supply Corporation (AESC)
SAMSUNG SDI Co.
Li-Tec Battery GmbH
Toshiba
A123 Systems
GS Yuasa
Beijing Pride Power
BAK Group
Toshiba Corporation
Valence Technology
Hitachi Chemical Co. Ltd.
Johnson Controls
TDK Corporation, among others
September 2021: The JDA (Joint Development Agreement) between the Toshiba Corporation, Sojitz Corporation, and CBMM aims to commercialize the next-generation lithium-ion batteries employing niobium titanium oxide as the anode material.
May 2021: Based on their shared vision of CO2-neutral electric transportation, the commercial vehicle maker Daimler Truck AG and the lithium-ion battery producer CATL expanded their current relationship. The Mercedes-Benz eActros Longhaul battery-electric truck, which will be ready for series production in 2024, will use Li-ion battery packs from CATL as a supplier.
Lithium Nickel Manganese Cobalt
Lithium Manganese Oxide
Lithium Iron Phosphate
Lithium Cobalt Oxide
Lithium Nickle Cobalt Aluminum Oxide
Lithium Titanate Oxide
0- 3000 mAh
3000-10000 mAh
10000-60000 mAh
60000 mAh
above
Low (below 12V)
Medium (below 12V-36V)
High (Above 36V)
Automotive
Aerospace
Consumer Electronics
Marine
Industrial
Power
Telecommunication
Medical
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Lithium Ion Battery Market Highlights:
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