“After the severe market crash due to the COVID-19 pandemic the market was projected to recover in coming years. But soon after the COVID-19 pandemic the Russia-Ukraine conflict is leading the global economy into recession in 2023 which will likely negatively impact LTO batteries sales in 2023.”
Top Impacting Factors:
The rise in demand for LTO batteries in automobile sector majorly in electric vehicles (EVs) is driving the growth of the market. At present LTO batteries are used in Japanese motor car I-MIEV of Mitsubishi company as well as in Honda EV-neo electric bike and Fit EV. LTO batteries have high level of safety and good rechargeable capability, so these batteries are used in car audio applications as well as mobile medical devices. In addition, Tosa Concept electric bus also uses LTO battery. This have many advantages such as, good low temperature discharge, zero strain property, no formation of SEI film nor lithium plating when charging at low temperature or fast charging, long shelf-life, fast charging abilities, and have wide temperature range. These all factors drive the growth of the market.
Factors such as high cost for production of LTO batteries is biggest barrier in the growth of the market. These are so expensive that it is not possible to compare them with the natural manganese cobalt (NMC) and lithium iron phosphate batteries sold in the market. In addition, the low inherent voltage also becomes a restraining factor for the growth of the market.
The R&D activities in manufacturing process of LTO batteries is increasing which mainly focuses on reducing the manufacturing cost and weight of the batteries which will help to boost the growth of the market in the forecast period. The LTO batteries provides integration with energy storage. LTO batteries joins the gap between energy storage and the grid power which supports the growth of market in forecast period. In addition, the future of sustainable renewable energy source depends on LTO batteries thereby, creating opportunities for the upsurge in this market during the forecast period.
The demand for LTO batteries decreased in the year 2020, due to imposition of lockdown by the government of many countries. The COVID-19 pandemic has shut-down production site due to which the supply and demand ratio was negative which hampered the growth of market during COVID-19 pandemic. In start of 2021 nearly, all countries have revoked all stringent rules and regulation and all the production facilities started in full phase which creates the opportunity to uplift the market growth in forecast period.
New product launches to flourish in the market
The improvement in the product range offered by the manufacturer is necessary to bifit the market players and give them a tough competition. New advanced products help the customers to ease their work procedures and save time and extra miscellaneous costs. In June 2021, Leclanché SA, one of the globally leading energy storage companies, has developed a new generation of lithium-ion battery modules for energy intensive e-transport applications, such as marine, commercial vehicle and railway, and simultaneously inaugurated a dedicated new production line for their high-volume manufacture in Europe. The new modules feature a very-high cycle life of up to 20’000 cycles (LTO) or up to 8’000 cycles (G/NMC) – allowing for significant reductions in total cost of ownership.
The LTO batteries market is segmented on the basis of application, and region. By application, it is classified into EVs which is further segregated as (battery electric vehicles (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV)), consumer electronics, industrial, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By application: The LTO batteries market is divided into EVs which is further segregated as (BEV, HEV, PHEV, FCEV), consumer electronics, industrial, and others. The consumer electronic products segment dominates the market share as the consumer electronics have wide range of products which needs batteries for energy storage which drives the demand for LTO batteries.
By region: The LTO batteries market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominates the market share for LTO batteries market as China is the largest manufacturer of lithium ion batteries. China is the globally largest producer of consumer electronics products which drives the market growth in this region. China and Japan are the largest producer of EV which attributes to drive the growth for LTO batteries in this region. In addition, the increasing economy of several countries such as India, Indonesia, Thailand, and other Asian countries boosts the growth of market.
North America has a significant market share in LTO batteries market, due to upsurge in demand of EV. According to press release by U.S. government the U.S. department of energy announced $42 million in funding for 12 projects to strengthen the domestic supply chain for advanced batteries that power EVs. Hence increasing government support for adoption of EVs drives the growth of market in this region.
Competitive analysis and profiles of the major players in the LTO batteries, such as, Altairnano, Leclanche, Log9 Materials, Microvast, Samsung Electronics Co Ltd, NEI Corporation, SEIKO ELECTRIC CO. Ltd., Toshiba Corporation, Yabo Power, Yinlong Energy are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of the LTO batteries market.
Global Lithium Titanate (LTO) Batteries Market Report Highlights
Key Market Players
Yinlong Energy, Altairnano, Samsung Electronics Co Ltd, NEI Corporation, Microvast, Log9 Materials, Toshiba Corporation, Yabo Power, SEIKO ELECTRIC CO.,LTD., Leclanche