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
Albany, NY -- (SBWIRE) -- 03/20/2017 -- 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.
Lithium-ion Battery Market: Snapshot
The lithium-ion battery market is expected to expand significantly during the forecast period, as these batteries offer advantages such as higher efficiency and longer lifespan vis-à-vis other batteries. Rapid growth in the consumer electronics industry and a rising shift toward sustainable clean fuels in the automotive sector are expected to drive the lithium-ion battery market in the coming years. The growing adoption of lithium-ion batteries in energy storage systems such as solar grids in household and industrial applications is anticipated to provide considerable growth opportunities to the market. However, the lack of awareness regarding the benefits of these batteries and the high cost compared to traditional lead acid batteries may hamper the growth of this market.
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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.
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.
Capacity-wise, North America to Hold Significant Share in Lithium-ion Battery Market
The lithium-ion battery market in Asia Pacific is expected to expand significantly during the forecast period due to the increased demand for these batteries in portable consumer electronic devices. China is anticipated to be the leading market for lithium-ion batteries in Asia Pacific as well as across the globe owing to the ever-rising population and high economic growth in the country. Major global leaders of lithium-ion batteries are concentrated in China, Japan, and South Korea.
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North America holds a significant share in the lithium-ion battery market in terms of capacity. Increasing awareness about the benefits of lithium-ion batteries in the region has augmented the usage of these batteries as an alternate fuel in transportation. Major global players focus on the mass production of lithium-ion batteries in order to achieve lower costs and increase their market penetration.
The lithium-ion battery market in Europe and the Middle East and Africa offers a positive outlook for the automotive segment as the consumer electronics segment in many regions is about to reach saturation.
Major players operating in the lithium-ion battery market include GA Yuasa Corporation, Automotive Energy Supply Corporation (AESC), Panasonic Corporation, Hitachi Chemical Co. Ltd., Johnson Controls, Inc., Samsung SDI Co. Ltd., LG Chem Power, Inc., and Toshiba Corporation.