Europe is the largest, and fastest-growing region in Lithium Ion Battery Market
Lithium ion battery enables to deliver highly efficient products with high power and energy density and provides greater efficiency and accuracy for products with a range of different power capacities. The combination of lithium with other materials helps to add various features such as low cost, high power and energy density, increased shelf life, and chargeability factors important for different products such as consumer electronics and automotive. 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. The growth of this market is propelled by the increase in demand for electric vehicle, 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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LG Chem Ltd. (South Korea), Panasonic Corporation (Japan), Samsung SDI Co., Ltd. (South Korea), BYD Co L (China), and BAK Group (China) are some of the leading players in the lithium ion battery market. Some of the key strategies adopted by the major players to gain a competitive edge in the market include new product launches and developments, agreements, partnerships, contracts, mergers, acquisitions, and expansions.
LG Chem Ltd. (South Korea) was the leading company in the lithium ion battery market in 2015. To maintain its position in the market, the company has been focusing on inorganic growth strategies such as contracts, partnerships, and agreements. In October 2016, the company entered into an agreement with Faraday Future Inc. (U.S.) to supply battery cells for electric vehicles. These agreements have enabled the company to strengthen its customer base and market position. The company is also focused on investing in R&D initiatives.
Panasonic Corporation (Japan) is one of the major players in the lithium ion battery market. The company has a strategically balanced product portfolio and a strong position in the market in APAC. The company adopts organic and inorganic growth strategies such as partnerships, agreements, and new product launches to gain a maximum share of the lithium ion battery market. For instance, in September 2016, the company launched a flexible lithium ion