Lithium-ion Battery Market is projected to grow at an 11.6 % CAGR for the forecast period 2016-2024
According to a recent report by Transparency Market Research (TMR), the lithium-ion battery market is presumed to develop significantly in coming years. Companies like Samsung SDI Co., LG Chem Power INC., and Panasonic Corporation are leading the global market holding 57% of the 2016 overall share in the market. Many companies are emphasizing on developing products that includes updated electronic advancements and provides higher battery performance. Players are looking forward to additionally invest in a way so as to gain strategic advantage over their competitors.
The global lithium battery market includes key vendors like Hitachi Chemical Company, Toshiba Corporation, GA Yuasa Corporation, Ltd., Panasonic Corporation, Automotive Energy Supply Corporation (ASEC), and Johnson Controls Inc. In order to advance in the stiff competition in the market, these vendors are further investing in strategies like joint ventures and collaborations as well as mergers and acquisitions. An agreement was signed between LG Chem Ltd., and Daimler AG for the supply of higher quality lithium-ion batteries and installing those batteries in their smart vehicles. This innovation is likely to strengthen the distribution of automotive battery provider and enhance its network presence.
TMR report analysis states the global lithium-ion market forecast to reach a valuation of US$77.42 bn by 2024 from US$29.68 bn of 2015. The market is projected to grow at an 11.6 % CAGR for the forecast period 2016-2024. Consumer electronics is presumed to contribute half of the overall global revenue during the forecast time span. It is emerging as the leading key segment application with swift pace and traction gain. Geographically, Asia Pacific is forecasted to grow swiftly with the booming consumer electronics industry and its instantaneous adoption of lithium-ion batteries in the market.
Fuel Substitution Leading to Emerging Popularity of Hybrid and Electronic Vehicles
Environment change concerns have brought about an urgent need for renewable energy resource adoption apart from reduced battery costs, diminishing solar photovoltaic costs and positive government motivation. With the introduction of electric batteries, fuel have been substituted hence giving hybrid and electric vehicles an opportunity to develop further. Besides, the strict policies of the government implied on exhaust standards specifically provides goal to reduce polluting factors and protect the environment. These factors are likely to contribute in fueling the growth of the global lithium-ion market in the years to come.