Lithium-ion Battery Market to Rise at 11.6% CAGR Thanks to High Demand for Renewable Energy Sources – TMR
Global Lithium-ion Battery Market to reach Valuation of US$77.42 bn Substituting Fuel with Hybrid and Electronic Vehicles
ALBANY, New York: The global lithium-ion battery market is expected to witness tremendous growth during the forecast period, reports Transparency Market Research (TMR). The market displays a highly competitive vendor landscape with a few prominent players holding a substantial share in the market. Prominent players in the global lithium-ion battery market comprise LG Chem Power INC., Panasonic Corporation, and Samsung SDI Co. These companies accounted for 57% of the lithium-ion battery market’s share in 2016. The competition in the market is mainly characterized by new product developments and technological advancements.
As per expert analysts, the global lithium-ion battery market is anticipated to progress at 11.6 % CAGR during the forecast period which is 2016-2024. The market valued at US$29.68 bn in 2015 and is perceived to gain a valuation of US$29.68 bn by 2024.
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Based on applications, the global lithium-ion battery market is divided into grid energy and industrial, consumer electronics, and automotive. Among these, the consumer electronics segment is expected to present lucrative opportunities for the market owing to high demand.
Geographically, the global lithium-ion battery market is segmented into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa. Of them, Asia Pacific is anticipated to rise at the fastest rate during the forecast period on account of a growing consumer electronics industry.
Rising Applications in Industries to Stimulate Growth
There is a rise in the demand for renewable energy sources owing to the environmental concerns and stringent laws laid down pertaining to the same. Additionally, there is an increasing deployment of lithium-ion batteries in numerous industries. This is owing to the energy efficiency and cost-effectiveness these batteries offer. These factors have played a significant role in bolstering the growth of the global lithium-ion battery market.
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The consumers are highly inclined towards portable electronic devices as they offer ease of use. This is highly driven the market’s expansion as the lithium-ion batteries are extensively used in portable electronics. Moreover, in the light of recent technological developments, there is high adoption of electric vehicles across several emerging countries, thereby fortifying the global lithium-ion battery market’s growth.
Furthermore, rising research and development activities and low manufacturing costs of these batteries have contributed to an expansion of the lithium-ion battery market. In addition, lithium-ion batteries are extensively used as a substitute fuel in transportation. Consequently, an increase in transportation has facilitated the growth of the lithium-ion battery market. Another factor driving the market’s growth is the booming automobile industry. Automobile manufacturers are focusing on enhancing the energy performance of the vehicles, hence they are highly relying on lithium-ion batteries.
Although there are numerous driving factors supporting the growth prospects of the lithium-ion battery market, there are a few restraints that may impede its growth. A dearth of raw materials in remote areas and lack of awareness in underdeveloped regions may restrict the market’s growth. However, rising government initiatives to support the use of these batteries may present lucrative growth opportunities for the lithium-ion battery market.
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Strategic Collaborations to Expand Global Frontiers
In 2018, LG Chem collaborated with Mahindra to develop an enhanced lithium-ion battery technology which could find applications in the electric vehicles developed by Mahindra. LG Chem intends to use Nickel-Manganese-Cobalt chemistry to develop new high energy-density lithium-ion batteries. Such developments have garnered the attention of numerous industries, thereby presenting new growth opportunities for the global lithium-ion battery market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Lithium-ion Battery Market (Power Capacity – 5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, More than 300 KWh; Application – Consumer Electronics, Automotive, Grid Energy & Industrial ) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”
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The global lithium-ion battery market is segmented based on:
Power Capacity
- 5–25 Wh
- 48–95 Wh
- 18–28 KWh
- 100–250 KWh
- More than 300 KWh
Application
- Consumer Electronics
- Automotive
- Grid Energy & Industrial
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Source: globenewswire
