ALBANY, New York, November 19, 2018
ALBANY, New York, November 19, 2018 /PRNewswire/ --
The global lithium-ion battery market is predicted to witness a significant growth during the forecast period 2016 - 2024. Top three companies, which are LG Chem Power INC., Panasonic Corporation, and Samsung SDI Co. holds a whooping share of 57% of overall market in recent past. Most of the consumer electronics manufacturers are focusing on making products which has high battery life and cost effective. The players are also looking for efficient lithium-ion battery in the market. In order to intense the competition among the players and expand the customer bases in order to meet the rising demand, players are undergoing strategic partnerships such as mergers, ventures, collaborations, and acquisitions. This is likely to help the market to grow at an exponential rate in the forecast period. This is likely to help the distribution channel. Some of the other players in the market are Panasonic Corporation, GA Yuasa Corporation, Ltd., Toshiba Corporation, and Hitachi Chemical Company.
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According to Transparency Market Research, the global lithium-ion battery market is anticipated to expand at a robust CAGR of 11.6% during the forecast period. The market which was valued at US$29.68 bn in 2015 is likely to touch US$77.42 bn by the end of the tenure period. The market is classified on the basis of power capacity, application, and region. On the basis of application, consumer electronics is predicted to contribute the major share during the assessed period. On the basis of geography, the market is spread across Europe, North America, Middle East and Africa, Latin America, and Asia Pacific. Of these Asia Pacific is anticipated to see a significant growth owing to incessant rise in demand for consumer electronics along with rapid adoption of lithium-ion batteries in the region.
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High Cost and Lack of Awareness Regarding Benefits of Lithium-ion Batteries to Deter Market Growth
The global lithium-ion batteries have several advantages however, the market is confronted by restraints which are predicted to hamper the market growth. One of the major reason that is making the industries and government funding agencies to look for alternatives is ability of lithum ion batteries to store portable energy is unpredictable. Overlooking the fact that lithium ion batteries are expensive, another factor that is deterring the growth of the market is the lack of some transition metals that are present in the batteries. The market for electronic vehicles market is booming all across the world and particularly in the Asia Pacific region. In order to curb the carbon emission from vehicles, government of various countries have fostered in adopting electronic vehicles. This is likely to help the market grow, however high costs of lithium ion batteries and lack of awareness regarding the benefits associated with lithium ion batteries are predicted to distort market growth. However, on the positive side, significant development towards clean fuels and high demand for consumer electronics industry is prognosticate to help the market grow.
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Growing Popularity of Hybrid and Electronic Vehicles to Bolster Market Growth
One of the major reason helping the market to grow is the increasing environmental concerned population all across the world. Surge in global temperature due to global warming has made all the think tankers to find an alternative. Heavy emission of carbon from vehicles is helping the electronic and hybrid vehicles to surge. Electronic vehicles run on electric which is stored in lithium ion batteries. Rapid advancement in the electronic vehicle sector and encouragement from government bodies to uptake electronic vehicles are helping the market to grow significantly in coming years.
This review is based TMR's report titled, "Lithium-ion Battery Market (Power Capacity-5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, and More than 300 KWh; Application - Consumer Electronics, Automotive, and Grid Energy & Industrial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024."
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Global Lithium-ion Battery market has been segmented as presented below:
Global Lithium-ion Battery Market by Power Capacity
Global Lithium-ion Battery Market by Application
Global Lithium-ion Battery Market by Region
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