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Know More About the Market of Lithium Ion Battery @
Due to features such as high energy density, small size and the slow
dissipation of charge when not in use, li-ion batteries are
considered the best candidate for portable electronic products.
However, there are many more application of li-ion batteries beyond
consumer electronics which include aerospace, military, and
automobiles.
Li-ion batteries were commercialized in the 1991 by Sony as an
effective substitute to nickel cadmium batteries, the most prevalent
batteries of that time. Lithium being the lightest of all metals, it
has always been considered an exciting choice for portable batteries.
In fact, non-rechargeable batteries even started using lithium as
their core material since the 1970s; batteries used in watches are a
common example of such earlier batteries.
The Market of Global Lithium Ion Battery , which stood at US$11.7 bn
in 2012, is expected to reach US$33.1 bn by 2019. If the estimates
hold true, the global market for lithium ion batteries will exhibit a
CAGR of 14.40% between 2013 and 2019. In the last few years, the
demand for electric and hybrid electric vehicles (HEVs) has increased
significantly owing to the rising crude oil prices. Since these
vehicles are powered by lithium ion batteries, growth of the market
for HEVs will subsequently boost the market for lithium ion
batteries. Apart from the automotive industry, the report also cites
lucrative prospects for lithium ion batteries in the consumer
electronics sector. Lithium ion batteries are nowadays increasingly
being used in devices such as tablets and smartphones, since they
ensure slow battery discharge and high lifespan. This is expected to
significantly propel the global market for lithium ion batteries.
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Lithium-ion battery demand is expected to see a robust growth in the
forecast period. This is due to its increasing demand across various
application sectors such as automotive, wind, electronics, industrial
and military. The market is currently driven by its usage in
automotive sector in HEVs, trains and trams. Lithium-ion batteries
can be differentiated primarily based on their functionality. The
application of lithium-ion battery alongside other batteries is
expected to increase, and lithium-ion batteries are expected to
emerge as a replacement for lead acid batteries in the coming years.
The energy requirement of consumers in electronic devices has grown
in the recent years. Heavy processors in cellphone and high graphic
support in devices such as Tablet PCs has increased the consumption
of battery in many devices. Moreover, number of applications in
smartphone is increasing and there is a necessity of higher life
cycle and slow battery discharge in these devices. The growing energy
requirement offer potential opportunities to the market in the coming
years.
Some of the major companies competing in the global lithium-ion
battery market are Automotive Energy Supply Corporation (AESC),
Toshiba Corporation, Panasonic Corporation, Hitachi Chemical Co.
Ltd., China BAK Battery, Inc., GA Yuasa Corporation, LG Chem Power,
Inc., Samsung SDI Co. Ltd., Johnson Controls, Inc., and A123 Systems
LLC.
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