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Lithium Ion Battery Market report categorizes global market by material type, power capacity, and application -Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016â€“2024
LITHIUM ION BATTERY MARKET - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024
Lithium Ion Battery Market:Overview
Lithium Ion batteries were introduced commercially in 1970, which offered high energy density with low maintenance. The energy density of lithium-ion is usually twice that of the standard nickel-cadmium. Some variants of lithium ion battery provide high current density and are an ideal choice for consumer mobile electronic equipment. Others provide higher current levels and are suitable for electric vehicles and power tools.
Lightweight lithium ion batteries are the best choice for mobility equipment, as they offer relatively long life span, allow for size customization, have extended run time when compared to lead acid, are fast charging and have a low self-discharge rate. Rechargeable lithium-ion batteries are also used for remote monitoring systems, owing to characteristics such as long life, small size, and relatively long stand-by time. Lithium batteries offer a self-discharge rate, which is 10 times lower as compared to lead acid batteries.
Lithium Ion Battery Market Outlook – Increasing Demand for Automotive Applications to be the Major Market Driver
Asia Pacific is expected to be the most potential market for lithium ion battery manufacturers. The market in the region is projected to witness relatively high growth in terms of value over the forecast period. Rapidly growing automotive industry coupled with increased demand of batteries for consumer and commercial goods has augmented the growth of lithium ion battery market in developing countries such as India and China. According to IBEF, in 2016, the Indian automotive industry was valued at US$ 31.84 billion. This is further complemented by 100% FDI permitted by the Indian government in the automotive sector. This has attracted investors such as Bosch, Continental Engines, ZF, Aisin Seiki Company, Delphi, FAG, Denso, Magneti Marelli, WABCO, TRW and Valeo. This trend is expected to be followed over the forecast period. India Brand Equity Foundation (IBEF) is a Trust established by the Ministry of Commerce and Industry, Department of Commerce in collaboration with the Government of India with the purpose of promoting and creating international awareness of goods manufactured in India.Recharging capability and high energy density are fueling the demand for lithium ion battery, especially in Asia Pacific and Middle East regions.
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