Lithium-ion Battery Market to Develop Rapidly by 2024
The
global lithium-ion batteries market is highly consolidated with the
leading three companies accounting for 57% of the market in 2016,
Transparency Market Research (TMR) states in its new research report.
These three companies are: Panasonic Corporation, LG Chem Power Inc.,
and Samsung SDI Co. Ltd. Leading players in the market are adopting
the strategy of providing dedicated services at competitive pricing.
Developing new application-specific working materials is also
becoming a strategy of these players. Some of the other companies
operating in the market are: Hitachi Chemical Corporation, Toshiba
Corporation, Johnson Controls Inc., GA Yuasa Corporation, and
Automotive Energy Supply Corporation (ASEC). These companies are
partnering up with other companies, collaborations, and mergers and
acquisitions so as to expand their market presence and acquire more
share in the market. The degree of competition will be high
throughout the period from 2016 to 2024, predicts the report from
TMR.
Report
Overview :
According
to the TMR report, the global lithium-ion battery market will be
worth US$77.42 bn by 2024 exhibiting a healthy CAGR of 11.6% from
2016 to 2024. On the basis of geography, Asia Pacific held 48% of the
market share in 2015 and is anticipated to exhibit a CAGR of 12.5%
between the period of 2016 and 2024. On the basis of power capacity,
the 5–25 Wh lithium-ion battery is witnessing highest demand. The
use of this power capacity battery in smartphones is the main reason
behind their heightened demand. However, the 18–28 KWh power
capacity segment is anticipated to witness fast growth on account of
its use in electric vehicles. The market for EVs is anticipated to
boom in the years to come and thus, the 18–28 KWh power capacity
batteries will witness high demand in the coming years.
Consumer
Electronics to Continue to Lead in Terms of Application Segment
By
application, the consumer electronics segment will lead during the
forecast period. It is predicted that the consumer electronics
segment will account for almost half of the lithium-ion battery
market by 2024. The high growth of this segment is attributed to the
growing demand for low power capacity lithium-ion batteries for
smartphones and the high penetration of smartphones across the globe.
The dropping prices of smartphones are fueling their demand and this
is benefitting the lithium-ion batteries market.
Shift
to Electric Vehicles to Drive Growth Prospects for Lithium-ion
Battery Market
“The
automotive industry is witnessing a shift towards clean and
sustainable fuel and this is creating a heightened demand for
lithium-ion battery,” said a TMR analyst. High capacity batteries
are expected to witness high demand in the coming years, as these
will be required in HEVs, BEVs, and EVs. The market for electric cars
is still at its budding phase. With time, when this market grows, it
will drive growth opportunities for the high capacity lithium-ion
batteries, driving the growth of this market as a result. The growing
awareness among manufacturers of automobile about the advantages of
using clean fuel will help boost the growth of the EV market, thereby
benefitting the lithium-ion battery market. Also, the soaring demand
for smartphones from across the globe coupled with other consumer
electronics will continue to drive the growth prospects of the
lithium-ion battery market.
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