The global lithium titanate oxide (LTO) battery market size is expected to grow from USD 4.5 billion in 2023 to USD 7.3 billion by 2028, at a CAGR of 10.1% from 2023 to 2028. The growth of this market is driven by factors such as the growing adoption of HEVs and PHEVs, high demand for renewable battery energy storage systems, and favorable government policies supporting clean energy vehicles and battery production. However, the higher cost than alternative well-established lithium-ion chemistries is expected to hamper the market growth during the forecast period.
As of 2022, Toshiba Corporation (Japan), Microvast Holdings, Inc. (US), Nichicon Corporation (Japan), and Leclanché SA (Switzerland) were some of the key players in the global LTO battery market.
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Toshiba Corporation manufactures and sells electronic and electrical products. The company operates through the following segments: Energy System & Solutions, Infrastructure Systems & Solutions, Building Solutions, Retail & Printing Solutions, Electronic Devices & Storage Solutions, Digital Solutions, and Others. Its product portfolio includes various energy-related equipment, building solutions, transportation systems, visual products, and semiconductors. The company offers LTO batteries under the Others segment. Toshiba Corporation operates in Asia Pacific, North America, South America, Middle East & Africa, and Europe. It has R&D centers across Japan, Europe, the US, India, and China.
Microvast Holdings, Inc. is recognized as one of the industry leaders in battery innovation and technology. The company offers lithium-ion batteries for heavy equipment, transportation, and energy storage. Its battery product portfolio includes components, cells, modules, and packs. In addition, the company also designs and produces several battery components, such as electrolytes, cathodes, anodes, and separators. Moreover, the company offers a wide range of cell chemistries, such as lithium iron phosphate (LFP), LTO, nickel manganese cobalt version 1 (NMC-1), and nickel manganese cobalt version 2 (NMC-2).
Nichicon Corporation is mainly into electronic devices such as capacitors, function modules, and small Li-ion rechargeable batteries. The company operates through three business segments: Capacitors for Electronics; Circuit Products; and Capacitors for Electric Apparatus and Power Utilities & Capacitor Applied Systems and Equipment. The company offers aluminum electrolytic capacitors, film capacitors, positive thermistors Posi-R, and small Li-ion rechargeable batteries under the Capacitors for Electronics segment. The small Li-Ion rechargeable batteries that can achieve high power density and energy density are developed using the SCiB technology of Toshiba Corporation.
Leclanché SA is one of the leading providers of high-quality energy storage solutions based on lithium-ion cell technology. The company operates through three business segments: e-Mobility Business Unit, Stationary Business Unit, and Speciality Business Unit. The company develops its proprietary lithium cells, racks and packs, battery modules, battery management systems, and energy management software. The company mainly focuses on cells that have two different types of electrochemistry, namely LTO, which features high performance in long-life and rapid-charge applications, and graphite-nickel manganese cobalt oxide (G-NMC), which is designed for energy-intensive applications.
Lithium Titanate Oxide (LTO) Battery Market by Capacity (Below 3,000 mAh, 3,001–10,000 mAh, Above 10,000 mAh), Voltage, Application (Consumer Electronics, Automotive), Component (Electrodes, Electrolytes), Material and Region - Global Forecast to 2028
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