Lithium Ion Battery Market is set to grow at over 9% CAGR by 2024.
Lithium ion battery finds extensive applications in automotive, consumer electronics, and energy sectors. Automotive lithium ion battery market exceeded a revenue share of USD 7 billion in 2015, and is expected to witness significant growth over the coming years.
U.S. Lithium Ion Battery Market share accounted for 70% of the total volume in 2015 and is expected to grow substantially in the years to come, owing to the rise in adaption of electric vehicles and demand for high quality consumer electronics.
Lithium Ion Battery Market size will exceed over USD 53 billion by 2024; as per a latest study by Global Market Insights, Inc.
Increasing adoption of portable electronic devices owing to its longer shelf life will drive the global lithium ion battery market size from 2016 to 2024. Ionized lithium has higher stability and heat resistance properties coupled with faster recharging efficiency when compared with other available alternatives. Low risk of explosion or damage to equipment will further complement the industry outlook.
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Growing adoption of plug-in hybrid electric vehicles (PHEVs) with favorable regulations including subsidies and tax rebate will stimulate lithium ion battery market share. Automotive sector are notable application areas. Ample supply of raw materials at affordable prices has encouraged high production volume, making them the preferred technology in applications including inverters, consumer electronics and industrial batteries.
Stringent regulations to encourage the use nonhazardous material will boost the market share over forecast period. The Department of Energy and National Renewable Energy Laboratory (NREL) introduced directive NREL/TP-463-7673 to encourage the adoption of environmentally safe batteries. The regulation also enlists the battery safety standards that need to be adhered to by electric vehicle manufacturers.
Lithium ion battery market size from cathodes for 2015 was valued over USD 9 million. Consumer electronics including cell phones, tablet devices and laptops are key adoption areas contributing to segment growth. Separators are predicted to witness growth over 10% by 2024. Superior charging ability coupled with greater shelf life are notable features which may favor the industry landscape. Increasing adoption of supercapacitor in mobile phones subject to its longer operating life will positively influence business growth.
Browse key industry insights spread across 154 pages with 122 market data tables & 10 figures & charts from the report, “Lithium Ion Battery Market Size By Technology (Cathodes, Anodes, Separators, Electrolytes), By Application (Industrial, Automotive, Consumer, Renewable and Grid Energy Storage), Industrial Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Italy, UK, Spain, China, Japan, South Korea, India, Australia, Saudi Arabia, UAE, South Africa, Argentina, Brazil, Mexico) Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents, please click on the link below:
Renewable and grid storage applications will surpass USD 12 billion by 2024. Europe witnessed significant increase in infrastructure required for renewable energy storage, further propelling the lithium ion battery market size. In 2015, Germany produced more than 30% of its annual electricity demand from renewable energy sources.
Lithium ion battery market size from consumer applications is predicted to surpass USD 14 billion by 2024 owing to increasing portable electronic device demand. Growing adoption of portable electronic devices in the U.S. and Europe will positively impact business growth.
U.S. li-ion battery market size was valued over USD 5 billion in 2015 and is expected to witness strong growth owing to high adoption of electric vehicles. Strict regulations to restrict the vehicular emission levels will further boost the industry landscape.
For Europe, Germany lithium ion battery market share is set to register growth of over 10% by 2024. The EU Parliament adopted Battery Directive 2008, introducing regulations on use of bio-hazardous batteries, boosting the industry growth.
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