Lithium-ion batteries require low-maintenance and they utilize intercalated lithium compound as electrodes. As these batteries are relatively lighter than their counterparts, they are utilized in a vast array of products such as automobiles, mobile devices, pacemakers and personal computers. According to the global lithium-ion market report by IMARC Group, the market reached a value of US$ 34.1 Billion in 2020.
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With the rising internet penetration and inflating per capita income, the overall sales of portable electronic devices are continuously increasing. This, in confluence with the advantages offered by LIBs, is propelling the growth of the market. Moreover, owing to technological advancements and the growing environmental concerns, there is a shift from conventional automobiles towards low-emission electric vehicles (EVs) around the world. This is further supported by tax incentives and subsidies to EV manufacturers offered by governments in numerous countries. For instance, the European Union (EU) has funded the ‘GREENLION’ collaborative project to produce affordable lithium-ion batteries for EVs. In addition to this, the EU launched the European Battery Alliance in 2017 to support the lithium-ion battery industry by encouraging the production of primary and secondary raw materials in the EU and developing a highly skilled workforce. Apart from this, governments of various countries are imposing stringent policies concerning pollution and the consumption of non-renewable resources, such as oil, coal and natural gas, which is strengthening the market growth. Looking forward, the global lithium-ion battery market to exhibit strong growth during the next five years.
Top Manufacturers in Lithium-ion Battery Industry:
- A123 Systems
- Automotive Energy Supply Corp
- LG Chem
- Samsung SDI
- Amperex Technology (ATL)
- BAK Group
- Blue Energy
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