NEW YORK, May 31, 2018 (GLOBE NEWSWIRE) — According to P&S Market Research, the growth of the lithium ion battery market during the forecast period (2018–2023) will be mainly driven by the increasing demand of these batteries in the automotive sector, exponential growth of smartphones and tablet PCs market, and the improving efficiency of these batteries.

Based on type, the market is classified into lithium nickel manganese cobalt (Li-NMC), lithium iron phosphate (LFP), lithium cobalt oxide (LCO), lithium titanate oxide (LTO), lithium manganese oxide (LMO), and lithium nickel cobalt aluminum oxide (NCA). LCO battery type is expected to hold the largest share in the lithium ion battery market in the coming years, owing to its superior properties over other batteries, such as high energy density, low rate of self-discharge, high voltage, and others.

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On the basis of power capacity, the lithium ion battery market is segmented into 0 to 3,000 mAh, 3,000 mAh to 10,000 mAh, 10,000 mAh to 60,000 mAh, and more than 60,000 mAh. Among these, 0 to 3,000 mAh battery type accounted for the largest share in the market, owing to the range of applications which are powered by this range of batteries. The basic application areas of 0 to 3,000 mAh batteries include portable CD players, digital cameras, smartphones, camcorders, wearable devices, and others.

Based on application, the lithium ion battery market is categorised into energy, automotive, consumer, military, industrial, and medical. Industrial sector includes mining, cranes, smart grid, and valves; automotive sector includes buses, trains, trucks, cars, airplanes, e-bikes, and e-scooters; and consumer sector includes smartphones, uninterruptible power supply (UPS), mobile phones, and tablet PCs. The automotive application category is expected to witness the fastest growth in the market during the forecast period, owing to the increasing penetration of electric vehicles in various countries, including Norway, Germany, and China.

Globally, APAC is the largest lithium ion battery market, which can be attributed to the increasing demand of these batteries from Indian, Chinese and Japanese market from various sectors, including consumer electronics which is registering an explosive growth in the region. This is ascribed to the various factors such as increasing demand of smartphones, good battery performance, and others. Hence, the market growth in future is also driven by expanded use of batteries in numerous electronic devices.

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The growing automotive industry in the region is also a significant factor contributing to the market growth. The growth is most likely to come from emerging markets, owing to the increasing population, rapid urbanization, and increasing purchasing power.

The strict environment rules and regulations regarding the carbon emission in regions, such as North America and Europe, is creating various opportunities for the industry players in the market. The European Union (EU) legislation sets mandatory emission reduction targets for new cars, which aims to improve the fuel economy of the cars sold in the European market. Hence, in order to deal with the rising environmental issues, the European market is shifting towards the electric vehicles to control the carbon emission from automotive sector. Countries such as Germany and Norway are the major players in the European electric vehicles market, resulting in the growth of lithium ion battery market.

Some of the major players operating in the global lithium ion battery market are Hitachi Chemical Co. Ltd., Panasonic Corporation, Automotive Energy Supply Corporation, Johnson Controls, Inc., Samsung SDI Co. Ltd., China BAK Battery, Inc., and Toshiba Corporation.

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