According to Goldstein Research, “Rapid adoption of lithium-ion battery in numerous consumer electronics and electric vehicles has bolstered the demand for lithium ion batteries in various industries across the globe.” The lithium-ion battery is the best substitute which provides higher power storage capacity with longer battery life. Lithium-ion batteries have gained popularity among consumer electronics and automobile manufacturers owing to its small size and lightweight.
Global Lithium-Ion Battery Market Outlook 2024
The global lithium-ion battery market is segmented based on power rating and by end users. The end-user segment is further bifurcated into consumer electronics, automotive, grid energy & industrial and other industries. Consumer electronics accounted for the highest revenue share of 48% in the global market and is likely to expand at a CAGR of 11.3% over the forecast period.
According to the Goldstein Research, global lithium-ion battery market was valued at around USD 18.1 billion in 2016 and is expected to generate revenue of USD 41.3 billion by end of 2024, growing at a CAGR of slightly above 10.9% between 2016 and 2024.
Asia-Pacific is the largest region for Lithium-Ion Battery market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific Lithium-Ion Battery market valued USD 8.64 billion in 2016 and is estimated to reach USD 18.3 billion by 2024. China is expected to dominate the Lithium Ion Battery market followed by Japan and Korea due to large lithium-ion battery production in these countries. Rising personal disposable income and readiness to spend on consumer electronics is accelerating Asia-Pacific Lithium-Ion Battery market.
Emerging Market for Electric vehicles: opportunity
To reduce carbon emission from vehicles and save on fossil fuel, governments and automobile manufacturers are promoting the electric cars. The demand for lithium-ion battery is likely to skyrocket in the next decade with soaring demand for electric cars as governments and the automobile industry is trying to reduce their carbon footprint. For instance, Panasonic Corp. announced that it will start manufacturing lithium-ion batteries for electric vehicles in the year 2019 at its plant located in Japan to expand domestic production to meet growing demand for electric vehicles across the globe.
Global Lithium-Ion Battery Market Outlook 2024
The report contains a detailed overview of the global lithium-ion battery market in terms of market segmentation power rating and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Lithium-Ion Battery Market Report also provides a competitive outlook of some of the major players which includes profiling of companies such as Panasonic Corporation, Hitachi Chemical Co. Ltd., BAK Group, Johnson Controls, Inc., Samsung SDI Co. Ltd., LG Chem Power Inc., Toshiba Corporation etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global lithium-ion battery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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