Lithium ion batteries hold vital importance in a world ruled by electronic devices such as smartphones and tablets. Lithium Ion Battery Market is expected to spur over the coming seven years augmented by the rising adoption of such portable electronic devices and even electric vehicles. The product possesses the properties of improved shelf life, excellent storage capacity, and supreme efficiency, on account of which they are used in a plethora of applications such as power generation, energy storage systems, and the automotive and manufacturing sectors. The product’s ever-increasing utilization will boost lithium ion battery industry share, which is projected to cross USD 53 billion by 2024, at a CAGR estimation of 9% over 2016-2024.
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Companies operating in lithium ion battery market are reportedly engaged in lucrative mergers & acquisitions to increase the production volume and explore the possibilities of novel product innovations with growing R&D activities. Notable players accumulating a major share of global lithium ion battery industry include Hitachi Chemical, China BAK Battery, Samsung, A123 Systems, GS Yuasa International, Toshiba, Panasonic, LG Chemical Power, and Automotive Energy Supply Corporation.
Lithium ion battery usage is primarily encouraged since it overcomes the flaws of regular industrial batteries that often lead to environmental pollution. Subject to the norms of the Department of Environment Protection, the government of China has passed an ordinance titled ‘Battery and Recycled Lead Enterprises (325)’, that recognizes the dangers of lead poisoning and aims to shift consumer preferences from lead batteries to lithium ion batteries. Due to the implementation of such initiatives, China lithium ion battery market will grow at a rate of 11% over 2016-2024.
U.S. dominated the regional lithium ion battery industry in 2015 with a revenue share of over 70%. Pertaining to the tremendous surge in the sale of electric vehicles in the region (487,000 in 2014 to 542,000 in 2015) U.S. lithium ion battery market will grow at a significant pace over 2016-2024. Additionally, the strict rules to curb vehicle emissions and the escalating inclination toward portable consumer electronics will boost the regional growth.
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Speaking along similar lines, lithium ion battery industry share from consumer applications is forecast to cross USD 14 billion by 2024, primarily catalyzed by the increasing adoption of portable medical and electronic devices. Stringent government regulations regarding vehicle emissions to eliminate carbon footprints will impel lithium ion battery market size from automotive applications, which was valued at USD 7 billion in 2015.
The product properties of superior charging capacity combined with a longer shelf life will fuel separator-based lithium ion battery industry, which will experience a growth of more than 12% over 2016-2024. This technology is slated to find numerous applications in the medical sector owing to its longevity and functionality.
Browse key industry insights spread across 154 pages with 122 market data tables & 10 figures & charts from the report, “Lithium Ion Battery MarketForecast, 2016 – 2024” in detail along with the table of contents,
The governments of various nations are encouraging the adoption of electric and hybrid vehicles subject to the rising pollution levels, which will significantly propel lithium ion battery market in the years to come. Additionally, the government is also providing subsidies, tariffs, and tax rebates to boost the demand for plug-in hybrid vehicles, which is likely to further impel this industry.
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