Lithium-ion Batteries Demand Hikes with Growing Focus on Electric Vehicles and Clean Fuel
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-Ã -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.
The global lithium-ion battery
market was valued at US$29.68 bn in 2015 and is projected to reach
US$77.42 bn by 2024, expanding at a CAGR of 11.6% therein.
Growing Use of Low Power Capacity Lithium-ion Batteries in
Consumer Electronics
In terms of application, the
lithium-ion battery market can be segmented into consumer
electronics, automotive, and grid energy and industrial. Consumer
electronics is projected to be the leading segment of the global
lithium-ion battery market during the forecast period. This segment
is anticipated to account for nearly half the market by 2024, driven
mainly by the rising demand for low power capacity lithium-ion
batteries to be used in smartphones.
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However, owing to market saturation
in several regions, the demand for high power capacity batteries for
automobiles has gained precedence. TMR predicts that the automotive
segment will gain a significant share in the lithium-ion battery
market by the end of 2024. The rising usage of these batteries in
EVs, HEVs, and BEVs has primarily boosted this segment and this surge
can be attributed to the increasing level of awareness among
consumers and automobile manufacturers alike regarding the benefits
of clean fuel.
Based on power capacity, the
lithium-ion battery market can be segmented into 5–25 Wh, 48–95
Wh, 18–28 KWh, 100–250 KWh, and more than 300 KWh. In terms
of value, 5–25 Wh lithium-ion battery, which is primarily used in
smartphones, is estimated to be the leading segment of the
lithium-ion battery market during the forecast period, accounting for
a share of more than 30% in 2015. The 18–28 KWh power capacity
segment is projected to be a rapidly growing segment through 2024,
owing to the high demand for electrical vehicles in the automotive
sector.
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.
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.
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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.
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