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-à-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.
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.
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.
Lithium-ion Battery are a part of rechargeable battery group. Lithium-ion batteries offer high storage capacity, better efficiency and long lifecycle than other batteries. The demand for these batteries are increasing in various applications such as consumer electronics products, automotive application such as EVs and HEVs and energy storage systems in power plants and household electricity. The global lithium-ion battery market is anticipated to grow with a significant rate between 2016 and 2024. The rising demand for electronic devices and the stringent government regulations to control pollution level are expected to drive the lithium-ion battery market during the forecast period.
This study analyzes, estimates, and forecasts the global Lithium-ion Battery market in terms of volume (Units) and revenue (US$ Mn) from 2016 to 2024. Market numbers given in the report describe the demand for global lithium-ion battery, but not production or supply. The Lithium-ion Battery report also analyzes several driving and restraining factors and their impact on the market during the forecast period.
The report provides comprehensive analysis of the Lithium-ion Battery by power capacity range and applications. It segments the lithium-ion battery market into range of power capacity that include 5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh and more than 300 KWh. It further segments the market into the following key applications: consumer electronics, automotive and grid energy & industrial segment. The report also segments the market based on major geographies into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. It further provides volume and revenue for each application segment for each region. This includes 12 unique country-specific analysis.
Based on the application and country, the report analyzes the attractiveness of each segment and country with the help of an attractiveness tool. The study consist of value chain analysis, which offers a better understanding of key companies in the supply chain from raw material manufacturers to end-users. Additionally, the study examines market competition through Porter’s Five Forces Analysis.
The report includes an overview of the market share of key companies in the global Lithium-ion Battery market. Market share of companies has been derived on the basis of production by manufacturers of controlled release fertilizers. Key market players profiled in the study include Automotive Energy Supply Corporation (AESC), Panasonic Corporation, GA Yuasa Corporation, Hitachi Chemical Co. Ltd., Johnson Controls, Inc., LG Chem Power, Inc., Samsung SDI Co. Ltd., Toshiba Corporation. Profiles of key participants comprise important parameters such as company overview, financial overview, business strategy, and recent developments.
Primary research represents the majority of our research efforts, complemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of technical writing, recent trade, Internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most consistent, effective, and productive approach for procuring precise market data, recognizing business opportunities, and understanding industry participants’ perceptions.
Secondary research sources that are typically referred to include broker reports, corporation websites, external patented databases, financial reports, stockholder presentations, Securities & Exchange Commission filings, proprietary databases and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market. Secondary sources referred for this study include Chemical Week Magazine, ICIS Chemical Business Magazine, Hoover’s, Factiva, and company presentations.
The report segments the global Lithium-ion Battery market as follows:
This report segments the global Lithium-ion Battery Market as follows:
- Lithium-ion Battery Market – Power Capacity Analysis
- 5-25 Wh
- 48-95 Wh
- 18-28 KWh
- 100-250 KWh
- More than 300 KWh
- Lithium-ion Battery Market – Application Analysis
- Consumer Electronics
- Grid Energy & Industrial
- Lithium-ion Battery Market – Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- North America