It is not so difficult to understand the core reason behind the substantial growth of lithium-ion battery companies, as the rising fuel prices and environmental concerns encourage consumers to use these batteries as an alternative to fossil fuels. Such as electric vehicles, facilitate better alternatives to ICE vehicles, when promoting environmental sustainability. However, rising fuel prices is not the only reason behind this exponential growth. A combination of factors including government schemes, incentives, and technological advancements are some significant reasons behind this growth surge. The lithium-ion battery is a rechargeable battery used in many products like electronics, toys, wireless headphones, handheld power tools, small and large appliances, electric vehicles, and electrical energy storage systems.
Special mention to the governments of countries that are primarily boosting the utilization of lithium-ion batteries. For instance: The Indian government has promoted the domestic production of lithium-ion batteries. One significant initiative in this direction is relaxed FDI norms, i.e., allowing up to 100% FDI under automatic route in the manufacturing of ACC batteries. This facilitates the upliftment of the market.
As per the report published by Markntel Advisors, “Global Lithium-ion Battery Market Research Report: Lithium-ion Battery Market Report - By Type (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate, Lithium Titanate Oxide, Lithium Sulfur, Others), By End Users (Automotive, Consumer Electronics, Industrial, Power Grid Stations) Others Forecast (2024-2030)”, The Global Lithium-ion Battery Market size was valued at USD 62 Billion in 2023 and is projected to reach USD 172 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 15.5% during the forecast period, i.e., 2024-30. The rapidly growing renewable energy sector has swiftly led to the persistent adoption of lithium-ion batteries in recent years.
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A123 System LLC was established in 2001, and its headquarters is in Michigan, United States. This company is a subsidiary of the Chinese Wanxiang Group Holdings and is a developer and manufacturer of lithium iron phosphate batteries and energy storage. This is one of the global leaders specializing in low-voltage battery production, starter batteries, and 48V systems, offering excellent brake energy improvement and an improving life cycle. As of now, the industry emphasis towards developing electrified vehicles to meet existing and future market growth.
LG Chem Ltd. was established in 1947 and its headquarters is in Seoul, South Korea. This company is one of the top four battery companies in chemical materials. The first lithium-ion battery was produced in 1999, and initiated the supplying of automotive batteries for general motors, volt in the late 2000s. Also, the industry is actively expanding its production capacity. LG Chem Ltd. has a diversified, balanced, and globally competitive business portfolio consisting of petrochemicals, advanced materials, and subsidiaries specializing in batteries.
Panasonic Corporation was established in 1918, and headquartered in Kadoma, Japan. The company comprised NCA positive electrodes and a multifaceted battery management system, resulting in more efficient batteries. Panasonic consists of distinguished plans regarding the growing adoption of electrical vehicles, and consumption of small devices. With the integration of advancements, the company focused on thinner and lighter batteries for notebooks, computers, laptops, and mobile phones.
Samsung SDI Co. Ltd. was established in 1970, and its headquarters is in Yongin-Si, South Korea. The company is mainly engaged in small-scale lithium-ion batteries and the packaging of power batteries is mainly prismatic. Comparatively, the prismatic cell can provide more protection and safety. The company’s work operation is categorized into 3 segments: Chemicals, electronic materials, and energy. It also offers small-sized lithium-ion batteries, usually utilized in electronic items such as Laptops, tablets, mobile phones, wearable devices, power banks, power tools, garden tools, vacuum cleaners, e-bikes, e-scooters, and ignition products.
Toshiba Corporation was established in 1875, and headquartered in Tokyo, Japan. Toshiba Company is one of the leading manufacturers of electronic devices worldwide. The company made a huge investment in its R&D department for lithium technology. It provides infrastructure as a service system, including power, transmission and distribution, industrial, railway transportation, security and automation, etc.
The blog comprises Global market players in the Lithium-ion market, with market product information. This blog entails details regarding the prominent factors behind the surging demand for futuristic growth and new opportunities that facilitate market development. Market players such as Samsung, Toshiba, LG, Panasonic including other leading companies, facilitate revolutionizing the global market and promoting a secure future for the Lithium-ion market.
