Published: Jul, 2018
The global market for lithium-ion battery is prognosticated to witness a promising growth in the coming years, as reported by Transparency Market Research (TMR). The market’s vendor landscape features a consolidated ecosystem at the moment, with the leading three players vying for the top spot in the market. These players held roughly 57% of the overall market share in 2016, the companies namely being Samsung SDI Co., Panasonic Corporation and LG Chem Power Inc. A number of vendors are focusing on development of products while ensuring they are imbibed with the latest electronic innovations that aim at providing the highest battery performance possible. Companies are additionally looking into leveraging their product in a way so as to gain a strategic advantage over their competitors.
Key vendors operating in the global lithium ion battery market include Hitachi Chemical Company, Ltd., Automotive Energy Supply Corporation (ASEC), Johnson Controls Inc., GA Yuasa Corporation, Panasonic Corporation, and Toshiba Corporation. The vendors are further engaging in strategies such as mergers and acquisitions, joint ventures and collaborations in order to thrive in the stiff market competition. Recently, LG Chem Ltd. signed an agreement with Daimler AG, a Germany-based multinational automotive firm, to supply lithium-ion batteries for installation in their smart electric vehicles. This strategy is likely to enhance its distribution network and boost its presence as a key automotive battery provider.
According to TMR’s analysts, the global lithium-ion market was envisaged to be at US$29.68 bn in 2015 and is predicted to reach a value of US$77.42 bn by 2024. Over the forecast period of 2016 to 2024, the market is predicted to exhibit a solid 11.6% CAGR.
Among the key application segments, consumer electronics is expected to gain traction a swift pace and emerge as the leading one. Consumer electronics is expected to contribute to almost half the overall global revenue over the forecast duration.
Considering the geographical segmentation, the region of Asia Pacific is forecasted to exhibit a swift growth. The rapid adoption of lithium-ion batteries by the burgeoning consumer electronics industry in the region is expected to boost this market.
Emerging Popularity of Electronic and Hybrid Vehicles to Offer Rich Opportunity
The dire need for adoption of renewable energy sources is driven by surge in concerns about environmental change, positive government motivators, diminishing cost of solar photovoltaic cells, and declining cost of batteries. Electric and hybrid vehicles will witness development because of substitution from fuel to electric batteries. Also, government's stringent directions on exhaust standards with a specific end goal to protect environment and to lessen the polluting factors are likely to fuel the growth of the global lithium-ion market in the coming years.
China's electric vehicle market is anticipated to witness substantial traction in the coming years attributable to government regulations and reduction in conventional vehicles in large urban areas coupled with the presence of significant electric vehicles players, including Tesla, Nissan, Chevrolet, BMW, Ford, Fiat, and Toyota, mostly in the U.S., the UK, China, and Germany.
Desirable Properties of Product to Boost Sales, Driving Market Growth
Lithium-ion batteries convey higher current when contrasted with other kinds of batteries which makes them the best optional for critical applications. Longer release cycles alongside enhanced timeframe of realistic usability are fundamental parameters which will additionally push the growth of this market. Rising demand for cell phones, movement trackers, laptops and smart watches from developed as well as emerging regions will emphatically fortify the product penetration over the forecast period. Declining prices of smart gadgets, rising penetration of IoT and growing disposable incomes across the globe are predicted to further fuel the market.
This review is based TMR’s report 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 market is segmented along the following lines:
Global Lithium-ion Battery Market, by Power Capacity
- 5–25 Wh
- 48–95 Wh
- 18–28 KWh
- 100–250 KWh
- More than 300 KWh
Global Lithium-ion Battery Market, by Application
- Consumer Electronics
- Grid Energy & Industrial
Global Lithium-ion Battery Market, by Region
- 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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