Albany, NY -- (SBWIRE) -- 10/13/2017 -- The global lithium-ion batteries market is highly consolidated with the leading three companies accounting for 57% of the market in 2016, Transparency Market Research (TMR) states in its new research report. These three companies are: Panasonic Corporation, LG Chem Power Inc., and Samsung SDI Co. Ltd. Leading players in the market are adopting the strategy of providing dedicated services at competitive pricing. Developing new application-specific working materials is also becoming a strategy of these players. Some of the other companies operating in the market are: Hitachi Chemical Corporation, Toshiba Corporation, Johnson Controls Inc., GA Yuasa Corporation, and Automotive Energy Supply Corporation (ASEC). These companies are partnering up with other companies, collaborations, and mergers and acquisitions so as to expand their market presence and acquire more share in the market. The degree of competition will be high throughout the period from 2016 to 2024, predicts the report from TMR.
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According to the TMR report, the global lithium-ion battery market will be worth US$77.42 bn by 2024 exhibiting a healthy CAGR of 11.6% from 2016 to 2024. On the basis of geography, Asia Pacific held 48% of the market share in 2015 and is anticipated to exhibit a CAGR of 12.5% between the period of 2016 and 2024. On the basis of power capacity, the 5–25 Wh lithium-ion battery is witnessing highest demand. The use of this power capacity battery in smartphones is the main reason behind their heightened demand. However, the 18–28 KWh power capacity segment is anticipated to witness fast growth on account of its use in electric vehicles. The market for EVs is anticipated to boom in the years to come and thus, the 18–28 KWh power capacity batteries will witness high demand in the coming years.
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Consumer Electronics to Continue to Lead in Terms of Application Segment
By application, the consumer electronics segment will lead during the forecast period. It is predicted that the consumer electronics segment will account for almost half of the lithium-ion battery market by 2024. The high growth of this segment is attributed to the growing demand for low power capacity lithium-ion batteries for smartphones and the high penetration of smartphones across the globe. The dropping prices of smartphones are fueling their demand and this is benefitting the lithium-ion batteries market.
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Shift to Electric Vehicles to Drive Growth Prospects for Lithium-ion Battery Market
"The automotive industry is witnessing a shift towards clean and sustainable fuel and this is creating a heightened demand for lithium-ion battery," said a TMR analyst. High capacity batteries are expected to witness high demand in the coming years, as these will be required in HEVs, BEVs, and EVs. The market for electric cars is still at its budding phase. With time, when this market grows, it will drive growth opportunities for the high capacity lithium-ion batteries, driving the growth of this market as a result. The growing awareness among manufacturers of automobile about the advantages of using clean fuel will help boost the growth of the EV market, thereby benefitting the lithium-ion battery market. Also, the soaring demand for smartphones from across the globe coupled with other consumer electronics will continue to drive the growth prospects of the lithium-ion battery market.
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Low Maintenance and Less Weight Making Lithium-ion Batteries Most Preferred in Consumer Electronics
The less time required to charge these batteries and the high energy density offered by them are some of the other factors boosting the preference for lithium-ion batteries. In addition to this, these batteries are light in weight and require comparatively lower maintenance, and hence being preferred in tablets, laptops, and smartphones. The increasing disposable income of people and thus, their affordability to purchase various consumer electronics mentioned above is creating a favorable environment for the growth of the global lithium-ion battery market. On the other hand, the safety concerns regarding these batteries may pose a serious concern in the future.