The lithium ion cell and battery pack market is gaining momentum as lithium-ion batteries offer advantages of higher efficiency and longer lifespan over other batteries such as lead acid ones.
The rising demand for electronics with improved battery life and superior performance is expected to stir demand for lithium-ion batteries among manufacturers of consumer electronics.
The increasing use of lithium ion batteries in barcode and RFID scanners due to their high energy density is also influencing the growth of lithium ion cell and battery packs market.
However, factors such as high prices of lithium-ion batteries that make them unsustainable for prolonged use such as in electric vehicles and their lower thermal stability are restraining the market’s growth.
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The global lithium ion cell and battery pack market is expected to grow at a CAGR of 12.0% between 2017 and 2025. The market stood at a valuation of US$32.17 bn in 2016 and is expected to reach a valuation of US$88.92 bn by 2025.
In terms of power capacity, the lithium ion cell and battery pack market has been segmented into 5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, more than 300 KWh. Among these, 100-250 KWh stood as the most attractive segment in 2016 based on power capacity.
The growth of this segment is primarily driven by demand for high capacity batteries for specific applications such as in high loading electric vehicles.
By application, the market has been segmented into consumer electronics, medical, automotive, grid energy, and industrial among others. Consumer electronics leads the lithium ion cell and battery pack market with the segment holding 57.5% of the market in 2016.
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North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa are the segments into which the lithium ion cell and battery pack market is divided based on geography. In 2016, Asia Pacific contributed the leading revenue of almost 72.3% to the overall market in 2016.
Some of the top companies operating in the global lithium ion cell and battery pack market are Panasonic Corporation, Samsung SDI Co. Ltd., Toshiba Corporation, Hitachi Chemical Co.
Ltd., Automotive Energy Supply Corporation, GS Yuasa International Ltd., Johnson Controls Inc., Shenzhen BAK Battery Co. Ltd., Future Hi-Tech Batteries Limited, Tianjin Lishen Battery Co.
Ltd., Hunan Shanshan Toda Advanced Materials Co. Ltd., LG Chem, Power Inc., Amperex Technology Ltd., and Pulaed Technology Industry Co.
Ltd. among others.
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