Press release
Global Lithium Ion Battery is predicted to witness gain of over 12% from 2017 to 2024
Lithium Ion Battery Market
Lithium ion battery finds extensive applications in automotive, consumer electronics, and energy sectors. Automotive lithium ion battery market exceeded a revenue share of USD 7 billion in 2015, and is expected to witness significant growth over the coming years. A major shift in consumer preference toward cleaner fuel is leading to more use of electric vehicles, which in a way is driving the automotive sector.
Lithium ion battery application in consumer electronics is projected to surpass USD 14 billion by 2024, owing to the surging demand for tablets, mobile phones, and laptops.
Renewable and grid storage application is also predicted to contribute significantly toward the global lithium ion battery industry share. It is foreseen to cross USD 12 billion with an annual growth rate of 9% over 2016-2024.
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On the basis of technology, lithium ion battery market is fragmented into anode, cathode, electrolytes, and separators. The industry from separators is estimated to witness heavy growth at a CAGR of 12% over 2016-2024. The electrolytes lithium ion battery market worth over USD 1 billion in 2015, will also grow substantially.
Below the regional trends positively influencing the global lithium ion battery market over 2016-2024:
U.S. lithium ion battery industry share accounted for 70% of the total volume in 2015 and is expected to grow substantially in the years to come, owing to the rise in adaption of electric vehicles and demand for high quality consumer electronics.
Asia Pacific lithium ion battery industry size, led by Japan and China, is projected to witness robust growth over the coming time frame. Japan lithium ion battery market is estimated to surpass a revenue of USD 2 billion by 2024.
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According to the Department of Environment Protection, the government of China has approved a resolution named ‘Battery and Recycled Lead Enterprises’ ([2012]325) to encourage the use of lithium ions over lead acid batteries. Chinese government initiations in this regard are expected to positively influence the China lithium ion battery industry with a projected annual growth rate of 11% over 2016-2024.
Europe mainly dominated by Germany lithium ion battery market will also contribute significantly toward the overall market share. Germany industry is likely to register a CAGR of more than 10% over 2016-2024, driven by the growing consumer concern toward ecofriendly technologies in this region.
Key industry participants include Panasonic, Samsung, GS Yuasa International, Hitachi Chemical, GS Yuasa International, and Automotive Energy Supply Corporation.
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