Lithium Ion Battery Market to Expand Driven by Growth of Hybrid Vehicles Market
Lithium-ion batteries are electric devices that are broadly utilized as power supplies for electric and hybrid vehicles and consumer electronics. These batteries comprise negative (anode) and positive (cathode) electrode materials. These batteries charge and discharge by the way of a chemical reaction amongst the negative and positive electrode materials within the cell. They are more durable and efficient in nature as compared to other batteries and hence the global lithium-ion battery market is poised to grow exponentially in the coming years.
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The increasing demand for hybrid and electric vehicles is amongst the key factor propelling the growth of the global lithium ion battery market. In addition, the increasing utilization of these batteries within smartphones and tablets owing to their high durability and slow battery discharge properties, is also fuelling the growth of the overall market. Furthermore, governments in a number of nations have implemented strict regulations for curbing the carbon footprint, thus raising the demand for lithium ion batteries.
On the other hand, the report states that the absence of awareness on the advantages of these batteries and their soaring costs may impede the growth of the market. In addition, these batteries also involve a risk of explosion on exposure to elevated temperatures. This factor further inhibits the growth of the lithium-ion battery market, however a number of technological developments are taking place to overcome these risks, hence providing a positive outlook for the market.
On the basis of material type, the market is segmented into cathode, anode, electrolytic solution, and others including binders and separators. By application, the report segments the market for lithium-ion batteries into the automotive sector, consumer electronics, industrial sector, and others such as medical, energy, and military sectors. The automotive sector is further segmented into cars, train and airplanes, buses and trucks, and others such as e-bikes and e-scooters. The industrial sector is further categorized into valves, cranes, smart grid, and mining. On the other hand, the segment of consumer electronics is further segmented into UPS, mobile phones, smartphones, and tablet PCs, and others. Amongst these, the segment of consumer electronics led the market in 2012 and was trailed by the automotive sector.
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Geographically, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, the Asia Pacific lithium-ion battery market led the market in 2012. In this region, India, Singapore, Australia, Japan, and China are the key economies supporting the lithium-ion battery market’s growth. Amongst these nations, Japan is the top manufacturer of lithium-ion batteries. On the other hand, stringent regulations related to vehicular carbon emissions are also predicted to propel the China lithium-ion battery market.
Prominent players dominant in the global lithium-ion market are Automotive Energy Supply Corporation (AESC), GA Yuasa Corporation, Johnson Controls, Inc., LG Chem Power, Inc., Hitachi Chemical Co. Ltd., Panasonic Corporation, and Toshiba Corporation, among others.