Lithium Ion Battery Market Insights Focusing on Primary Trends until 2024
The lithium-ion battery market is foreseen to grow notably during the span of forecast period, as these batteries offer benefits, for example, higher productivity and longer life expectancy opposite different batteries. Quick development in the consumer electronics sector and a rising inclination toward renewable clean energy in automobile segment are likely to drive the lithium-ion battery market in the coming years.The global Lithium-ion battery market reached a value of US$ 28.5 Billion in 2018. The market is further projected to reach a value of US$ 53.8 Billion by 2024, exhibiting a CAGR of 11% during 2019-2024.
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As far as application is concerned, the lithium-ion battery market is categorized into automotive, consumer electronics, and industrial and grid energy. Consumer electronics is anticipated to be the major segment of the global lithium-ion battery market in the forthcoming years. In terms of power capacity, the lithium-ion battery market is divided into 48– 95 Wh, 5– 25 Wh, 18– 28 KWh, over 300 KWh, and 100– 250 KWh. Regarding value, 5– 25 Wh lithium-ion battery, which is principally utilized in cell phones, is assessed to be the key fragment of the lithium-ion battery market during forecast period, representing an share of over 30% back in 2015.
In this report, global Lithium-ion battery market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, By Shape
Market, By Capacity
Upto 4000 mAh
4001 mAh to 15000 mAh
Above 50000 mAh
Market, By Application
Utilities & ESS
Automotive & Traction
Regionally, Asia-Pacific lithium-ion battery market dominates global lithium-ion battery market, owing to the booming consumer electronics industry and its instantaneous adoption of lithium-ion batteries in the market. Moreover, increasing demand for lithium-ion from the consumer electronics market in countries like Japan and China is bolstering the growth of the lithium-ion battery market in the region. Moreover, the usage of lithium-ion batteries in hybrid buses in China is further fueling growth in Asia-Pacific lithium-ion battery market.
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Some of the key players operating in the global lithium ion battery market include Automotive Energy Supply Corporation, Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Power (LGCPI), LITEC Co., Ltd., A123 Systems, LLC., Toshiba Corporation, Hitachi Chemical Co., Ltd., China BAK Battery Co. Ltd., and GS Yuasa International Ltd. The other players in the market (not included in the report) include Tesla, Johnson Controls International Plc., Saft Batteries, and BYD Company Ltd.