Published: Jun, 2018
The global lithium-ion battery market features a fairly consolidated landscape with the top three players accounting for around 57% of the market in 2016, finds Transparency Market Research (TMR). These companies are LG Chem Power Inc., Samsung SDI Co. Ltd., and Panasonic Corporation. Numerous prominent players are focusing on products with advanced electronics that serves to meet the requirement of higher battery performance for end users. Several key players are also embarking on leveraging their proprietary battery management systems to bring technological advancements, with an aim to gain a competitive edge over others. To this end, they are also exploring the potential of application-specific materials, observes TMR.
Some of the other prominent players operating in the lithium-ion battery market are Automotive Energy Supply Corporation (ASEC), GA Yuasa Corporation, Toshiba Corporation, Johnson Controls Inc., Hitachi Chemical Company, Ltd., and Panasonic Corporation. These players are increasingly engaged in making collaborations, mergers, and joint ventures, in order to consolidate their shares over the forecast period.
The global lithium-ion battery market stood at US$29.68 billion in 2015 and is expected to touch a valuation of US$77.42 billion by 2024 end. The global market is projected to expand at a promising CAGR of 11.6% during the forecast period of 2016–2024.
The broad application areas comprise consumer electronics, grid energy and industrial, and automotive. Of these, consumer electronics is expected to emerge as the leading segment and will contribute nearly half of the global revenues by 2024 end. The growth can be attributed primarily to the proliferating usage of the battery type in smartphones.
On the regional front, Asia Pacific is projected to rise at a rapid pace over the assessment period. The growth of the regional market is fueled by the extensive usage of portable lithium-ion battery in consumer electronic devices.
Vast Uptake in Consumer Electronics supports Rapid Market Expansion
The growth of the lithium-ion battery market is propelled by its widespread application in a variety of consumer electronics world over. The rising adoption of lithium-ion battery in energy storage system is owing to several attractive advantages they have over others such as higher energy density, self-discharging, and minimal maintenance required.
The emerging application of lithium-ion battery in newer energy storage systems such as solar grids is boosting the market. This is supported by a notably emerging rising demand for these storage systems in numerous household and industrial applications.
Safety Concerns Regarding Performance Safety hinder Demand
However, despite the several attractive functional characteristics these batteries have, several safety concerns continue to plague the performance of lithium-ion batteries. Of note, the recently mounting concern of the performance of these batteries in smartphones has led to negative consumer connotation in some regions. Nevertheless, constant technological advances and relentless research to improve the performance of this battery system are opening lucrative avenues in the market. Furthermore, the advent of highly performing advanced portable lithium-ion batteries to be used in automobiles is catalyzing the growth of the market.
The worldwide focus of the automobile industry to shift to green and clean, alternative fuels to support a low-carbon economy is a notable factor catalyzing the growth of the market. As a result, consumers in emerging and developed economies are increasingly shifting toward the adoption of vehicles powered by electric powertrain system. Rising government initiatives in developing and developed nations to commercialize electric vehicles and hybrid vehicles bode well for the lithium-ion battery market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Lithium-ion Battery Market (Power Capacity–5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, and More than 300 KWh; Application - Consumer Electronics, Automotive, and Grid Energy & Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024”
- The growth of the market is primarily driven by the rising demand for lithium-ion battery in consumer electronic devices world over.
- The rising usage of lithium-ion batteries in a growing number of electric vehicles world over open lucrative avenues for market players to capitalize on.
The global lithium-ion battery market is segmented based on:
- 5–25 Wh
- 48–95 Wh
- 18–28 KWh
- 100–250 KWh
- More than 300 KWh
- Consumer Electronics
- Grid Energy & Industrial
- North America
- Rest of North America (RoNA)
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific (APAC)
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa (MEA)
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