Global Lithium-ion Battery Market: Soaring Need for Greener Alternatives to Spur Demand, says TMR
The global lithium-ion battery market is highly consolidated in nature. Stringent government regulations pertaining to environment conservation are attracting new players to venture into the market. Transparency Market Research (TMR) projects that the influx of new manufacturers is likely to render this market fragmented. However, prominent players offer stiff competition to new entrants due to their competitive advantage in their terms of strong foothold and easy access to raw materials.
“As the majority of players are increasingly focusing towards competitive pricing and introducing innovative applications, the degree of rivalry is likely to remain high throughout the forecast period,” says TMR’s lead analyst. Some of the key companies operating in the global lithium-ion battery market are LG Chem, Johnson Controls, Panasonic, Sony, and AESC.
Presence of Key Manufacturers behind Asia Pacific’s Dominance
In 2015, the global market for lithium-ion battery had a valuation of US$29.68 bn. It is poised to rise to US$77.42 bn by the end of 2024, progressing at a noteworthy CAGR of 11.6% between 2016 and 2024. On the basis of power capacity, the market was dominated by the low power lithium-ion battery (5-25 KWh) segment, commanding 35.0% of its value in 2015. On the other hand, the 18-28 KWh segment is anticipated to exhibit a tremendous CAGR of 16.7 % during the review period.
Geographically, Asia Pacific was the leading revenue contributor, representing over 48.0% of the overall market in 2015. The domicile of a large number ok key manufacturers is providing a competitive edge to the region over other regions. Moreover, the rising adoption of electric vehicles is supplementing the growth of the region. Countries such as India, China, Singapore, Australia, and Japan will be sights of high growth in APAC. The region will be closely trailed by North America.
Rising Penetration of Smartphones and Tablets Boosts Adoption of Lithium-ion Batteries
The lightweight, rechargeable, and environment-friendly nature of Lithium-ion batteries, along with their high energy density and no memory effect, make them attractive for applications in smartphones, tablets, and automobiles. The proliferation of smartphones and tablets is, therefore, augmenting the global lithium-ion battery market.
Moreover, the soaring need for efficient and green solutions for power supply and energy storage is providing a fillip to the market. Traditional batteries such as lead-acid, nickel-metal-hybrid, and sodium-sulfur are reported to emit hazardous gasses. “Continuous efforts taken by both private and government organizations to reduce carbon emissions are translating into the greater uptake of safer alternatives, including lithium-ion batteries,” says a TMR analyst. In addition, the increasing production of hybrid electric vehicles and electrical vehicles is creating a staggering volume of demand for these batteries in the automotive sector.
Risk of Fire Associated with Lithium-ion Batteries Limits Widespread Adoption
The high price of lithium-ion batteries as compared to traditional batteries is limiting their widespread adoption. Furthermore, the risk of overheating and a subsequent fire associated with these batteries can pose a major threat to cars and other electronic devices, which in turn is adversely affecting the growth of the market. On the other hand, the growing applications of these batteries such as in the military, medical, and industrial sectors are unfolding numerous growth opportunities for the global lithium-ion battery market.
The above data is collated from a research report released by TMR, titled “Lithium-ion Battery Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
This report segments the global Lithium-ion Battery Market as follows:
Lithium-ion Battery Market, by Power Capacity
- 5-25 KWh
- 18-28 KWh
- 48-95 KWh
- 100-250 KWh
- More than 300 KWh
Lithium-ion Battery Market, by Application
- Consumer Electronics
- Grid Energy & Industrial
Lithium-ion Battery Market, by Geography
- 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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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