Demand for Lithium-ion Batteries Slated to Rise with Growing Focus on Electric Vehicles and Clean Fuel, reports TMR
Albany, NY -- (SBWIRE) -- 07/24/2017 -- The global lithium-ion batteries market is consolidated in nature, with the top three players accounting for a share of over 57% in 2025. Panasonic Corporation, Samsung SDI Co. Ltd., and LG Chem Power Inc. offer stiff competition to new entrants owing to the competitive advantage they possess in terms of the easy access to raw materials. Transparency Market Research predicts that the degree of rivalry in the lithium-ion battery market will remain high throughout the forecast period.
Competitive pricing, offering dedicated services, and developing innovative application-specific performance materials are some of the key strategies adopted by leading companies. Recognizing the potential lithium-ion batteries present in the automotive sector, Panasonic Corporation collaborated with Tesla Motors in 2014 to set up a new lithium-ion battery manufacturing company in North America.
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The opportunity in the global lithium-ion battery market is poised to rise from US$29.68 bn in 2015 to US$77.42 bn in 2024, registering a strong CAGR of 11.6% therein.
Application of Lithium-ion Batteries in Automotive Segment to Gain Momentum by 2024
By power capacity, the low power lithium-ion battery (5-25 Wh) segment held the lead in the global market, accounting for a 35% share in 2015. On the other hand, the 18-28 KWh segment is projected to witness significant growth in the coming years, registering a 16.7% CAGR by value from 2016 to 2024. Based on application, the consumer electronics segment accounted for the leading share in the lithium-ion battery market in terms of revenue. However, TMR predicts that market saturation in several countries will enable the automotive segment to gain much momentum, exhibiting the fastest growth during the forecast period.
Geographically, Asia Pacific presently leads the global market for lithium-ion batteries, enjoying a share of over 48% in 2015. This region is also projected to expand at a significant pace in terms of demand and sales during the course of the forecast period. By value, the APAC lithium-ion battery market will register a 12.5% CAGR from 2016 to 2024.
Need for Alternative Fuels Drives Demand for Lithium-ion Batteries
A growing shift toward sustainable clean fuels in the automotive sector is a key factor driving the lithium-ion battery market. TMR finds that the demand for high power capacity batteries for automobiles has gained precedence in recent years with the rising usage of these batteries in EVs, HEVs, and BEVs.
"The increasing level of awareness among consumers and automobile manufacturers alike regarding the benefits of clean fuel, the declining availability of natural resources, and the soaring prices of fossil fuels have warranted the need for alternate solutions and this has significantly driven the global lithium-ion battery market," the author of the report states.
The market is also fueled by the rising demand for smartphones and other consumer electronics, TMR finds. A rise in the global population and a surge in consumer disposable income can be attributed to the growing demand for lithium-ion batteries.
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In contrast, the high prices of these batteries, safety concerns associated with the use of lithium-ion batteries, and the lack of appropriate charging infrastructure threaten the growth of the global market.
This review is based on the findings of a TMR report titled "Lithium-ion Battery Market for Consumer Electronics, Automotive, and Grid Energy & Industrial Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."