Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market: Introduction
- Lithium cobalt oxide is a common type of lithium-ion battery with chemical symbol, LiCoO2, and abbreviation, LCO
- Prismatic LiCoO2 battery is commonly used in mobile phones, laptops, and digital cameras. The battery consists of a cobalt oxide cathode and a graphite carbon anode. The cathode has a layered structure and during discharge, lithium ions move from anode to cathode.
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Key Drivers of Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market:
- Increase in disposable income enhances the probability of consumer spending on media, entertainment, and networking and mobile communication leading to potential sales of consumer electronics such as smartphones, tablets, laptops, and gaming consoles. This is a major factor driving the global prismatic lithium cobalt oxide (LiCoO2) battery market.
- The global prismatic lithium cobalt oxide (LiCoO2) battery market is driven by the increase in demand for plug-in vehicles and need for automation and battery-operated material-handling equipment in industries. According to the International Energy Agency, the global electric car stock surpassed 5 million in 2018, of which, nearly two-thirds are battery-operated vehicles.
- LiCoO2 batteries have a high current capability and long calendar lifespan. They also possess high energy density and safety levels when compared to NMC batteries. These factors also positively influence the growth of the global market.
- Relatively low thermal stability and limited load capabilities of prismatic lithium cobalt oxide (LiCoO2) batteries are major factors restraining the global market
Mobile Phones Segment to Offer Attractive Opportunities
- The global prismatic lithium cobalt oxide (LiCoO2) battery market can be segmented on the basis of capacity, application, and region
- In terms of application, the global prismatic lithium cobalt oxide (LiCoO2) battery market can be divided into mobile phones, power banks, electric vehicles, power tools, laptops, and others. The mobile phones segment is expected to grow at the maximum CAGR during the forecast period. Rise in internet penetration, increase in marketing activities, and social media are some of the other major factors propelling the demand for smartphones.
- Based on capacity, the global prismatic lithium cobalt oxide (LiCoO2) battery market can be classified into up to 20 Ah, 20 Ah to 50 Ah, and more than 50 Ah. The up to 20 Ah segment dominated the global prismatic lithium cobalt oxide (LiCoO2) battery market in 2018 and the trend is expected to continue during the forecast period. These batteries are largely used in mobile phones, laptops, digital cameras, etc.
Asia Pacific to Hold a Major Share of Global Market
- In terms of region, the global prismatic lithium cobalt oxide (LiCoO2) battery market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global prismatic lithium cobalt oxide (LiCoO2) battery market in 2018. This market in the region is expected to expand at the maximum CAGR during the forecast period. China, Japan, and Australia are major contributors, in terms of revenue, to the expansion of the prismatic LiCoO2 battery market in Asia Pacific.
- Demand for prismatic LiCoO2 batteries in the automobile industry is expected to increase with the rise in demand for electric vehicles. These batteries have gained popularity with electric vehicle manufacturers, as they are compact and lightweight as compared to nickel metal batteries.
- China is among the world’s leading producers of electronic devices. This factor is expected to drive the prismatic LiCoO2 batteries use in multiple applications in China. Moreover, the presence of a number of electronic manufacturers, such as Panasonic, Sony Corp., Samsung Electronics Co., Ltd., Huawei Technologies Co., Ltd., and Lenovo Group Limited, is one of the key factors that is likely to augment the market for prismatic LiCoO2 batteries in Asia Pacific.
- North America and Europe are expected to contribute significantly to the global prismatic lithium cobalt oxide (LiCoO2) battery market during the forecast period, owing to high demand for electric vehicles and outdoor power equipment. In the European Union, the Electric Vehicles Initiative (EVI) launched the EV 30@30 campaign, which has set a collective goal of a 30% market share of EVs by 2030 to help meet the Paris Agreement target.
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Key Players Operating in Global Market:
The global prismatic lithium cobalt oxide (LiCoO2) battery market is highly concentrated with top manufacturers accounting for approximately 40%–45% share of the global market. Some of the key players operating in the global prismatic lithium cobalt oxide (LiCoO2) battery market are:
- LG Chem
- Nippon Chemical Industrial CO., LTD.
- NICHIA CORPORATION
- Santoku Corporation
Global Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market: Research Scope
Global Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market, by Type
- Up to 20 Ah
- 20 Ah to 50 Ah
- More than 50 Ah
Global Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market, by Application
- Mobile Phones
- Power Banks
- Electric Vehicles
- Power Tools
Global Prismatic Lithium Cobalt Oxide (LiCoO2) Battery Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.