Lithium Ion Battery Market is Projected to Grow US$ 58.3 Billion by 2024
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group, titled “Lithium-ion Battery Market: Global Industry
Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global
lithium-ion battery market reached a value of more than US$ 28.5 Billion in
2017, growing at a CAGR of 12% during 2011-2018. A lithium-ion battery, also
known as a Li-ion battery (LIB), is a type of rechargeable battery in which
lithium ions move from the anode to the cathode. Unlike nickel-cadmium
batteries, lithium-ion batteries are able to endure more charge/discharge cycles
and do not need to be discharged prior to recharging. Some of the other
advantages offered by these batteries include lightweight, low maintenance,
high energy density and minimal memory impact. Owing to these factors,
lithium-ion batteries can be used for a wide range of applications ranging from
automobiles to mobile devices and personal computers.
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Market Trends:
On account of a rise in environmental concerns across the
globe, the governments of several countries have imposed strict policies on the
consumption of non-renewable resources like oil, coal and natural gas. In line
with this, the utilization of solar electric systems and electric vehicles
(EVs) is proliferating. The growing demand
for lithium-ion batteries in these systems is providing a thrust to the lithium
ion battery market growth. Several governments are also offering tax incentives
and subsidies to EV manufacturers to curb GHG emissions. For instance, the
European Union recently funded the ‘GREENLION’ collaborative project for
manufacturing affordable lithium-ion batteries for EVs. Apart from this,
technological advancements are expected to assist in the introduction of
low-cost batteries with higher power output, thereby creating a positive
outlook for the market in the upcoming years. Due to these factors, the global
lithium Ion battery market is projected to reach around US$ 53.8 Billion by 2024,
expanding at a CAGR of more than 11% during 2019-2024.
Market
Summary:
·
Based on type, the market has been segmented as
lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt,
lithium manganese oxide and others. Currently, lithium cobalt oxide batteries
dominate the market, holding the largest market share. This can be attributed
to their high energy density which assists in enhancing the battery-life of
portable electronic devices like laptops, cameras, etc.
·
On the basis of power capacity, batteries with a
capacity of 0 to 3000mAh account for the majority of the total lithium-Ion (Li-Ion) battery market share.
Other segments include 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than
60000mAh.
·
On the basis of application, the market has been
segregated into consumer electronics, electric vehicles and energy storage.
Lithium-ion batteries are one of the most preferred choices for consumer
electronic products, such as tablets, laptops and smartphones, on account of
their various advantages.
·
Region-wise, the market has been segmented into
Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
Amongst these, Asia Pacific is the leading market, accounting for around a half
of the global market share. Increasing penetration of electric vehicles in the
region is providing a boost to the market growth.
·
The competitive landscape of the market has also
been examined with some of the key players being A123 Systems, Automotive
Energy Supply Corp., LG Chem, Panasonic, SAMSUNG SDI, Toshiba, Amperex
Technology (ATL), BAK Group, Blue Energy, BYD, CBAK Battery, Tianjin Lishen
Battery, Valence Technology, SK Innovation and Hitachi Ltd.
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Created on May 1st 2019 03:10. Viewed 429 times.