Press release
Global Lithium Ion Battery Market size is predicted to witness gain of over 12% from 2017 to 2024
Lithium Ion Battery
Following is the detailed analysis of lithium ion battery market based on application and technology over 2016-2024:
Automotive, consumer, industrial, and renewable & grid energy storage are the main application segments of lithium ion battery industry. Automotive application was worth more than USD 7 billion in 2015 and will exhibit a sizable growth rate over the coming seven years. The attributing factors toward the market growth are the changing consumer preferences toward the adoption of electric vehicles along with the deployment of stringent norms regarding vehicle emissions. Consumer application segment will collect a revenue of over USD 14 billion by 2024, owing to the growing adoption of electronic devices such as mobiles, smartphones, and tablets.
Considering the technology trends, lithium ion battery market is primarily divided into separators, anodes, cathodes, and electrolytes. Separator based lithium ion battery market will register a CAGR of more than 12% over the period of 2016 to 2024. Escalating usage of separators in healthcare devices to enhance the product shelf life and functionality will favor the market valuation in the years ahead. Cathodes technology collected a revenue of more than USD 9 billion in 2015 and is predicted to generate lucrative revenue, due to its surging requirement in the healthcare and consumer electronics sectors.
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In-depth analysis of the regional trends of this market:
In 2015, Japan lithium ion battery industry share was worth USD 1 billion. This regional market will collect considerable revenue over the coming timeframe driven by stringent norms to reduce the carbon content in the environment.
U.S. lithium ion battery industry accounted for more than 70% of the global revenue share in 2015, and is predicted to register substantial growth rate, owing to the increasing requirement for electric vehicles. The electric vehicle consumer base across this region is increasing exponentially.
Germany lithium ion battery industry will exhibit considerable growth over the coming seven years. Shifting trends toward the use of eco-friendly technologies will augment the industry growth. In addition, the strict norms imposed on the usage of bio-hazardous batteries will also boost the product demand noticeably.
China lithium ion battery market size will record a CAGR of more than 11% over the period of 2016 to 2024. The growth can be credited to favorable government initiations to reduce lead poisoning. The Chinese government has also implemented the “Battery and Recycled Lead Enterprises ([2012]325)” resolution with an aim to reduce lead poisoning.
Industry players are investing heavily in R&D activities to introduce highly advanced products into the market. Key giants in lithium ion battery market are Samsung, Toshiba, GS Yuasa International, A123 Systems, Panasonic, Automotive Energy Supply Corporation, China BAK Battery, Inc., LG Chemical Power (LGCPI), and Hitachi Chemical Company, Ltd.
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