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Lithium-ion Battery Market: Demand for Alternative Fuel in Automotive Sector to Stir Growth
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“Competitive pricing, developing innovative applications, and offering dedicated services are a few of the most popular strategies adopted by the companies to stay ahead in competition,” said a lead TMR analyst. Many of the enterprises are also leveraging collaborations to gain stronghold. For instance, realizing the potential for lithium-ion batteries sale in the automotive sector, Panasonic Corporation has partnered with Tesla Motors in 2014 to set up a new unit manufacturing lithium-ion battery in North America.
TMR projects the global lithium-ion battery market to reach US$77.42 bn in 2024 from US$29.68 bn in 2015. Between 2016 and 2024 the market is forecast to exhibit a CAGR 11.6%.
By application, the consumer electronics segment emerged dominant in the market in 2015 and is expected to hold nearly half of the overall market share by the end of the forecast period. Regionally, Asia Pacific held the largest share in the global lithium-ion battery market in 2015 and is projected to expand at 12.5% CAGR by value, from 2016 to 2024.
Automotive Industry Provides Considerable Opportunities, Augmenting Demand for Lithium-ion Batteries
Over the last couple of years the demand for electric and hybrid electric vehicles (HEVs) has shown significant growth. This is attributed to the rising crude oil prices. Since, HEVs are powered using lithium-ion batteries, growth in their market will subsequently fuel demand for lithium ion batteries in the automotive industry. Besides this, the consumer electronics segment is also exhibiting lucrative opportunities for lithium ion battery manufacturers. These batteries are increasingly used in devices such as smartphones and tablets, since they offer higher battery lifecycle and slow battery discharge. Such rising use is expected to give significant impetus to the global lithium-ion battery market.
Demand for Lithium-ion Batteries to Surge as Industries Look for Alternative Fuel Sources
The paradigm shift towards clean and sustainable fuel in the consumer electronics and automotive industries has been the key factor driving demand for lithium-ion batteries. Furthermore, TMR has found that this demand for high power capacity batteries has significantly increased over the last few years due to their rising use in HEVs, BEVs, and EVs.
View Report: http://www.transparencymarketresearch.com/lithium-ion-battery-market.html
“The growing awareness among automobile manufacturers and consumers regarding the advantages of using clean fuel, the declining dependence on natural resources, and the soaring prices of fossil fuels have been warranting the need for alternatives,” stated the TMR report’s author. This has in turn bolstered opportunities for lithium-ion battery manufacturers.
In contrast, the rising prices of these batteries and safety concerns associated with their use may hamper the global lithium-ion battery market to an extent. The lack of proper charging infrastructure is also creating bottlenecks for the market.
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