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) -- 04/07/2017 --The top eight players in the global market for lithium-ion battery together control about 80.0% of it. LG Chem, among them, leads the market with maximum share. Going forward, it is slated to hold on to its dominant position in the market and give other players stiff competition. It is followed by Panasonic, Johnson Controls, AESC and Sony. The market is expanding fast and this would likely up the competitive rivalry among the lead players further. To bolster their positions, the players are expected enter into collaborations with key product manufacturers.

Apart from the prominent names, local players are also quite active in the global lithium-ion battery market. Although quality-wise, their products lag those of big players, together they still hold a significant share in the market. Buying into the promise of fast growth, numerous developers and manufacturers of lithium-ion batteries have forayed into the market. This has made the competitive landscape fragmented. But most new entrants are struggling to make profits and do not have much capacity to invest heavily in the business. This could possibly deter aspiring players from entering the market in the future.

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As per a report by Transparency Market Research, in terms of revenue, the global market for lithium-ion battery is expected to be worth US$77.423 bn by 2024 from US$29.683 bn in 2015 by rising at a robust CAGR of 11.6%. In terms of volume, the market is slated to rise at a CAGR of 7.8% to reach 4.085 bn units in 2024 from 2.101 bn units in 2015.

Presence of Many International Giants Propels Asia Pacific Market

The consumer electronics segment holds maximum share in the global lithium-ion battery market and going forward too, it is slated to hold on to its dominant share on the back of robust demand for smartphones, digital cameras, and other portable devices. In 2016, it accounted for a substantial 64.0% of the market.

Geographically, Asia Pacific holds a sway over the global lithium-ion battery market with almost half the share in it. The strong presence of a host of international and local manufacturers in China and Japan is primarily responsible for bringing about stellar growth in the region. Another factor triggering impressive growth in the region is the strict rules against carbon emissions in China, which has led to the swift uptake of lithium-ion batteries which are used in electric vehicles. Other key markets in the Asia Pacific region are India, Singapore, and Australia. The market in Asia Pacific is slated to attain a value of US$21.72 bn by 2024. North America trails Asia Pacific in the global lithium-ion battery market.

Light Weight and Easy Recharge Drives Demand for Lithium-ion Batteries

Lithium batteries are lightweight, easily rechargeable, get discharged slowly, and are environment friendly. These unique perceived benefits have been at the forefront of driving their demand for use in smartphones, tablet PCs, and automobiles, among others. "These batteries can last through more than 500 repeated charges and discharges. In addition, lithium batteries have no memory effect. It has been seen in Ni-Cd and Ni-MH batteries that repeated charging and discharging reduces charging capacity to an insufficient level. Lithium ion batteries maintain their full capacity even after a partial recharge," explains the lead analyst of the TMR report.

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High Cost Deters Swift Uptake

Lithium-ion batteries cost way more than lead-acid, nickel-metal-hydride, and sodium-sulfur rechargeable batteries. This has hampered their swift uptake to some extent. Yet another major problem with lithium-ion batteries is the high risk they pose to cars and other electronic devices on account of their sensitivity to high temperatures. They can catch fire and cause mishaps. There have been many instances of PCs and mobile phones catching fire on account of lithium-ion batteries.