Lithium cobalt oxide (LCO) held the largest size of lithium ion battery market during the forecast period

Northbrook, IL -- (SBWire) -- 07/02/2019 --The growth of the lithium ion battery market is driven by the increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications.

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The lithium ion battery market is estimated to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2% during the forecast period. The market in APAC is expected to grow at the highest CAGR during the forecast period. The market mainly comprises developing economies such as China and India, which have a huge potential for many application areas within the lithium ion battery market. The presence of a number of electronic manufacturers such as Panasonic (Japan), Sony Corp. (Japan), Samsung SDI (South Korea), and LG Electronics (South Korea) in the region is one of the key factors driving the market for lithium ion batteries in APAC.

Key companies operating in the global lithium ion battery market are BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba (Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe, (France), VARTA Storage (Germany), Farasis Energy (California), and Sila Nanotechnologies (California). These companies have operations worldwide and provide a wide range of products and services. They rely on their R&D capabilities and product innovations to gain a larger market share

LG Chem, Ltd. is a subsidiary company of LG Corporation founded in January 1947 and is headquartered in Seoul, South Korea. LG Chem has an energy solution division that works on developing differentiated materials for automotive and mobile batteries with integration of the latest technology. Under its energy solution segment, it provides mobile batteries, automotive batteries, and energy storage systems. Under its mobile batteries division, it delivers cylindrical, prismatic, polymer batteries for mobile devices, electric tools, electric bicycles, and smart watches. LG Chem plans to build a 41,300 m2 sized production base in Wroclaw, Poland, by investing USD 380 million in its Polish subsidiary, LG Chem Wroclaw Energy. After the completion of production base in 2018, it will have a capacity to supply lithium-ion batteries for 100,000 electric vehicles every year resulting in the production capacity for 280,000 electronic vehicles by leveraging company's production system (Korea, US, China, and Poland.

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Panasonic Corporation is a manufacturer of electronics and electric products. The company operates through 4 segments: appliances, automotive and industrial systems, eco solutions, and connected solutions. These segments deliver products and services in consumer electronics, housing, automotive, and business-to-business domains. Panasonic Corporation undertakes various strategic investments, which sum up around 1 trillion Yen (~USD 9 billion), and has spent part of this total since FY 2016 to achieve sustainable growth in sales and profit. In FY 2018, the company's lithium-ion battery plant commenced operation inside Tesla's Gigafactory in the US. The company's plant is in charge of producing the high performance cylindrical "2170 cell" used in Tesla's new model 3 electric vehicles and energy storage system. The company is planning to continue investing capital in FY 2019 to achieve annual production capacity of 35 GWh.

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