How big is the UK Lithium-Ion Battery market?
According to MarkNtel Advisors’ research report, “The UK Lithium-Ion Battery Market is anticipated to grow at around 15% CAGR during the forecast period, i.e., 2021-26.
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Key Trends in the UK Lithium-Ion Battery Market:
Declining Prices of Lithium-Ion Batteries
The prices of Lithium-Ion batteries used in phones, tablets, electric vehicles, and laptops have declined dramatically over the past three decades. It is majorly due to various R&D activities that led to the adoption of advanced technologies to increase the cell charge densities entwined with the rapid increase in their production at lower costs. Among all components of lithium-ion batteries, the cell accounts for the maximum costs of batteries. However, innovations by lithium-ion battery manufacturers and automotive companies cite that the prices of these batteries shall decline substantially in the coming years, which, in turn, would increase their adoption & drive the market.
Mounting Efforts to Commercialize Battery Recycling
The battery recycling process is gaining a rapid pace in the UK’s EV sector market. It is expected that a few EV battery components like lithium & cobalt will be under short supply after 2024. Since the demand for EVs is expected to surge significantly in the coming years, mainly due to the increasing inclination toward transitioning into a low-carbon future, the production & sales of battery materials would also soar dramatically. This projected boost in the demand for batteries presents a lucrative opportunity for the recycling industry to enter the lithium-ion battery supply chain.
Leading Companies in the UK Lithium-Ion Battery market:
- Murata Electronics
- Samsung SDI Co. Ltd.
- Panasonic Industry Europe GmbH
- Envision AESC Group Ltd.
- BYD Co. Ltd.
- Exide Technologies
- GS Yuasa Battery Europe Ltd
- Johnson Matthey Battery Systems
- LG Chem Europe GmbH
- Saft Groupe S.A.
UK Lithium-Ion Battery Market Segmentation:
By Type
- Lithium Cobalt Oxide
- Lithium Manganese Oxide
- Lithium Iron Phosphate
- Lithium Nickel Cobalt Aluminum Oxide
- Lithium Titanate Oxide
- Lithium Nickel Manganese Cobalt
Amongst all types of Lithium-Ion batteries, Lithium Cobalt Oxide (LCO) batteries are used most extensively due to their high specific energy delivered over a relatively long period under low-load applications. As a result, it makes them ideal for mobile phones, laptops, & digital cameras.
By Application
- Consumer Electronics
- Industrial
- Automotive
By Voltage
- Low (upto 12V)
- Medium (13V to 35V)
- High (More Than 35V)
By Power Capacity
- Less Than 3,000 mAh
- 3,000 to 10,000 mAh
- 10,000 to 50,000 mAh
- 50,000 mAh & Above
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Regional/ Countries Insight:
- England
- Scotland
- Wales
- Northern Ireland
Here, England captured the largest market share in the UK Lithium-Ion Battery Market, principally due to the surging adoption of Lithium-Ion batteries in automobiles since the transportation sector is the largest source of carbon emissions in England.
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