The global lithium ion battery market is set to observe exponential growth over the coming years mainly due to the ongoing trend of electric vehicles. Growing emphasis over the use of renewable sources in the energy sector is likely to drive the lithium ion batteries’ deployment.
Additionally, an upsurge in the purchase of consumer electronics like mobiles, laptops, and other electronic goods should further complement the overall market outlook. Lithium ion batteries are an integral part of such devices, the production of which is likely to increase over the coming years. In fact, GSMA, the industry group that majorly represents mobile operators, reportedly estimated the smartphone penetration to cross 79 percent worldwide by the end of 2025. This upsurge should positively impel the overall market outlook.
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Mentioned below is a brief overview of the top 3 trends influencing the lithium ion battery market size through 2026:
- The steady growth of the LCO chemistry segment:
With reference to the chemistry spectrum, the market is estimated to observe steady growth from LCO segment due to its ease of fit and high specific energy in several electronic devices. Key components of LCO include cobalt anode and graphite carbon cathode, that allow effective energy storage and conversion in several electronic equipment and goods. These components also increase the use of LCO in products due to their high applicability thereby augmenting the segment outlook.
- Growing preference for anode based lithium ion batteries
In terms of the component, the anode based batteries are slated to foresee significant expansion majorly due to the corrosive resistance and high thermal conductivity in artificial graphite type anode. Meso-phase and amorphous carbon, natural and artificial graphite, tin and silicon oxides are some of the anode active materials. These materials offer better thermal conductivity which further increases the product value over other available options. Anode based batteries are thus seen as a reliable option over other batteries which should majorly propel their demand.
- Increasing product demand from Europe
On the regional front, Europe lithium ion battery industry is projected to observe tremendous expansion due to the increasing penetration of electric vehicles in the region. In addition, several nations across Europe have declared various directives to reduce carbon emissions including key economic sectors like transportation and power generation. Newly introduced favorable regulatory policies regarding the use of renewable energy systems should further push the regional market size through 2026.
Meanwhile, key companies in the lithium ion battery industry are using tactics like acquisitions and collaborations to enhance their product portfolio, expand their footprint, and increase their revenues. Likewise, market players are launching new products to attract new customers. Taking January 2020 for instance, the Japanese consumer electronics giant, Kyocera reportedly announced the launch of the first-ever SemiSolid Lithium-ion battery system together with 24M. This new battery has a longer life, lesser cost, and offers improved safety. The new battery is built using 24M’s SemiSolid manufacturing process.
The competitive landscape of the lithium ion battery market is inclusive of players such as Roofer Technology Co. Ltd., ProLogium Technology Co. Ltd., Energus Power Solutions, Ltd., EaglePicher Technologies, LLC, Duracell, Inc., Akku Tronics New Energy Technology Co., Lithium Werks, Ding Tai Battery Company Ltd., and Padre Electronics Company Ltd. among others.
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