Energy Industry | Lithium Ion Battery | 68.97 Billion USD by 2022
The lithium ion battery market is expected to be valued at USD 68.97 Billion by 2022, growing at a CAGR of 16.6% between 2016 and 2022. Factors that are driving the growth of the market include increase in demand for electric vehicle (EV), strict government mandates on fuel economy, growing demand for smart devices and other consumer electronics, and development toward enhancement of lithium ion batteries.
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Lithium nickel manganese cobalt (Li-NMC) type
batteries are used in application areas like e-bikes, power tools,
medical equipment, and other electric powertrains. Use of cobalt in
1:1:1 ratio with a combination of nickel and manganese gives the optimum
result while keeping the cost low, in spite of cobalt being expensive,
owing to a low proportion of cobalt in the combination. The energy
density of Li-NMC batteries is its primary strength.
The consumer electronics industry is expected to hold the largest share of the overall lithium ion battery market. Lithium ion batteries are a preferred choice for consumer electronics products as a portable power source because of the features such as high energy density and less recharge time. These are low on maintenance and light in weight compared to other rechargeable batteries; therefore, these are widely adopted in consumer electronics products such as mobile phones, tablets, and laptops.
The automobile industry in Europe is strategic industry with the leanest production processes and optimized use of energy for manufacturing. Increasing market share of EV in Europe is prominently supporting the adoption of lithium ion batteries. Increasing funding from the government is supporting the adoption of lithium ion batteries in electric cars. GREEN