Global lithium-ion battery market revenue is expected to increase at an impressive 17.9% compound annual growth rate from 2018 to 2025. Market growth is fueled by rising demand for energy storage around the world, electric vehicle production, and demand for industrial power tools and electric forklifts. Technological advancements have allowed batteries to have longer life, higher energy density, and quick charging capabilities, though safety concerns related to headline-making fires and explosions in electronic devices have continued to present a challenge.
For this research, Frost & Sullivan used a unique and robust platform called Frost Radar to analyze the market and identify Companies to Action (C2A). Of the more than 100 companies that are active in this market, Frost & Sullivan selected 16 for further examination based on their recent innovations and growth strategies. Frost & Sullivan evaluated and positioned these 16 companies along 2 major indexes: Growth and Innovation. The companies included in this Radar are Panasonic Corporation, Samsung SDI, LG Chem, Hitachi Chemical, GS Yuasa International, TDK Corporation, Saft Batteries, BYD, OptimumNano Energy Co., China Aviation Lithium Battery Co., Contemporary Amperex Technology Ltd (CATL), Hefei Guoxuan High-Tech Power Energy Co., Tianjin Lishen Battery Joint-Stock Co., SK Innovation, Beijing National Battery Technology Co., and Shenzhen BAK Battery Co. Ltd.
LG Chemical, Panasonic, Samsung, and CATL are the top 4 battery manufacturers. Their aggressive production capacity expansion targets will help them remain the market leaders. Installed production capacity of top 10 suppliers will increase from 150 GWh in 2018 to about 740 GWh by 2025.