The global lithium-ion battery market is majorly driven by increase in demand for electronic devices such as smartphones and tablets, and stringent government regulations to decrease pollution level.
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Global Lithium-Ion Battery Market size was valued at $25 billion in 2016 and expected to reach $56 billion by 2024; growing at a CAGR of 10.6% from 2016 to 2024. In geographical segments, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 12.3% and 11.8%, respectively, over the forecast period 2016 – 2024.
Global lithium-ion battery market trends are growing demand for electronic devices such as smartphones & tablets, strict government rules to decrease pollution level, and rising demand for electric vehicles. Though, high cost and risk of fire in electronic devices may hamper the growth of the market in future.
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Moreover, growth in automobile industry would boost the demand for lithium-Ion batteries, used in electric vehicles which would unfold attractive business opportunities for the market in the coming years.
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The global lithium-ion battery market is bifurcated as material type, industry vertical, and geography. Material type segment contains anode, cathode, electrolytic solution, and others.
Cathode held the highest market revenue in 2016. Lithium-ion electrolytic solution is anticipated to witness significant growth rate from 2016 to 2024.
Moreover, global lithium-ion battery market application or industry vertical is industrial, electronics, automotive, and others. Due to high demand of lithium-ion batteries in smartphones and other electronic devices, electronics dominated the application segment in 2016.
The automotive segment is predicted to grow at the fastest CAGR driven by its raised demand in various electronic vehicles.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report. In 2016, Asia-Pacific held the largest market share of 38.6%, and is projected to be predominant during the forecast period, due to increasing demand from consumer electronics and rising demand of lithium ion battery for cars in China, Japan, and India.
North America held the second largest market share of 32.6%, as the lithium-ion batteries are extensively used in the automotive sector in North America. Asia-Pacific is projected to grow at a fastest CAGR of 12.3% during the forecast period 2016-2024.
The growth would be mostly driven by growing adoption of these batteries in smartphones, tablets, and laptops & PCs.
The major key players operating in the global lithium-ion battery market comprises LG Chem Power (LGCPI), Samsung SDI Co. Ltd., LITEC Co., Ltd., Automotive Energy Supply Corporation, A123 Systems, LLC., Panasonic Corporation, Hitachi Chemical Co., Ltd., China BAK Battery Co.
Ltd., GS Yuasa International Ltd., and Toshiba Corporation, among others.
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Scope of Lithium-Ion Battery Market
Material Type Segments
- Electrolytic solution
Industry Vertical Segments
- North America
- South America
- Middle East
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