Lithium Ion Batteries Market Forecast!

Lithium-ion powered batteries first started making rounds in the early 1900s. When a scientist named G. W. Lewis started working on them. But they were not formally introduced till the early 1970s. These batteries use lithium metal as an anode as the name suggests. Their main redeeming quality is their high-density charge. They can produce voltages anywhere from 1.5V to almost 3.7V. This high voltage range sets them apart from the other batteries available. They are also known for their long life. But all these qualities come with one small downside of higher cost per unit.

Many applications of modern lithium batteries exist today in the market. lithium batteries are a common favorite to be used in medical devices. And also portable devices such as PDAs, blood pressure/ diabetes meters and many other portable devices. These batteries are higher in cost than the readily available alkaline batteries. But they provide a much longer life span, which attracts the user.

One of the main advantages of using Lithium batteries is that it can house electrical energy equal to almost three or four alkaline batteries. Yet it is still smaller in size than them and is portable. Giving it an edge over the other batteries.

So now let us overview the market of Lithium-ion batteries.

General Market Overview of lithium-ion batteries

From 2019 through 2024, the lithium-ion battery is expected to register at a CAGR of 22%. This is mainly due to the increase in applications of the battery. The use in both residential and commercial usage is causing a decline in the price point of lithium-ion batteries. The demand and supply are not really in sync with the raw material and electronics.

· The market was led by the automobile industry in 2018. It is also expected to grow at a fast pace during 2019. Mainly because of the extraordinary energy density, super quick recharging due to which the lithium-ion batteries are the only available commercial batteries that can power the ever-growing market. The high driving range and recharging are needed for vehicles.

· Asia Pacific has led the market due to its high demand for the vehicle market. The main leading countries are India and China.

· Recycling the batteries will most likely help secure the raw material market of lithium and cobalt. This will eventually help in reducing the extraction of materials from mineral resources. The recycling trend of lithium-ion batteries currently employed in the automobile industry is providing an outclass opportunity to the companies to utilize the materials. These can be used to produce batteries to power energy storage systems.

· Li-NMC battery that is the most recent trend in the market is the battery that is mostly used in vehicles nowadays. Equal parts of manganese, cobalt, and nickel are used to produce the Li-NMC ion. But now the trend is moving towards 5:2:3 parts of nickel, cobalt, and manganese respectively. R&D is now being focused on throughout the market so that cobalt oxide can be reduced and nickel content can be increased. The goal is to push the parts towards 8:1:1.

Lithium-Ion Battery Market Size

The international lithium-ion battery market will grow at a rate of a CAGR of 11% from 2018 to 2024. It might reach to 81 billion dollars. This is estimated to be true by the end of 2024. This will be due to the energy storage systems and vehicle industry. Also, the solar power grid storage systems will help in accelerating the growth of lithium-ion batteries. The price is going down as the producers are growing in the market. The vendors are working on implementing cost-effective ways of mass-producing the battery for using. Other than finding cost-effective ways, the market is also implementing non-traditional ways like recycling. Also, the NMC ion is increasing in the market every day. The ion that started with equal parts of manganese, cobalt, and nickel is now reduced to 5:2:3. And the goal is to take it to 8:1:1.

Lithium-Ion Battery Market Share

Lithium Cobalt Oxide batteries popularly known are LCO batteries are very famous for their various applications. LCO has been the market share leader in all of 2018. It was used in cell phones, cameras, laptops, and many others.

Today NMC batteries are expected to be the market leaders. Nickel manganese and cobalt batteries are the future. NMC is also lavishly used in the market. They are used in motorbikes, medical equipment, automobiles, and power tools. The three ingredients are easy to combine and use as all three are easy to blend in a good combination. This can be used in all applications such as energy storage systems to the automobile industry.

Lithium-Ion Battery Market Trends

The trends are divided into two parts.

1.The Energy Storage Systems

2.Asia Pacific Automobile Industry dominating the market

Let’s discuss the two below.

1. The Energy Storage Systems

· The selling of Lithium-ion batteries is ever increasing in the global market due to the increase in the industry infrastructure and also the energy storage department so that dependency on grid power storage can be decreased.?

· Due to the increase in solar systems installed on the rooftops. The lithium-ion battery is an important part of the lithium-ion battery.

· Huge vendor investments in the production of lithium-ion batteries are causing a decrease in the price point of batteries. All the while the vendors are continuously working on the betterment of the design and quality of the batteries.

2. Asia Pacific Automobile Industry dominating the market

· The market leaders were China and India in 2018 due to the increase in electronic vehicles. The lithium-ion battery saw a dramatic increase in 2018.

· China has been working non-stop to promote electronic battery-powered automobiles. They are continuously coming up with incentives to help the cause both financially and non-financially.

Recentspecials have been favoring energy-efficient devices and practices. This has been taken up in notice by the investors in China. This would help increase the demand for lithium-ion energy-based batteries.