Global Lithium-Ion Battery Market Is Expected To Boost In The Coming Years, Driven By Surge In Deman

Global Lithium-Ion Battery Market Report, published by Variant Market Research, forecast that the global market is expected to reach $56 billion by 2024 from $25 billion in 2016; growing at a CAGR of 10.6% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 12.3% and 11.8%, respectively, during the forecast period.
Increase in demand for electronic devices such as smartphones and tablets, and stringent government regulations to decrease pollution level fuels the demand of global Lithium-Ion Battery Market. Additionally, surge in demand for electric vehicles has also boosted the market growth. However, high cost and risk of fire in electronic devices would act as a restraint for the market. Growth in automobile industry would generate new business opportunities for the market in the near future.
The global lithium-ion battery market is segmented on the basis of material type, industry vertical, and geography. By material type, the market is further divided into cathode, anode, electrolytic solution, and others. Cathode accounted for the highest market revenue in 2016. Furthermore, the industry vertical segment is categorized into industrial, electronics, automotive, and others. Electronics accounted for the largest market share in the overall application segment in 2016, owing to huge demand of lithium-ion batteries in smartphones and other electronic devices. The automotive segment is anticipated to grow at the fastest CAGR, owing to its increased demand in various electronic vehicles.
Geographically the market is categorized into North America, Europe, Asia-Pacific and RoW. In 2016, Asia-Pacific accounted for the largest market share of 38.6%, and is expected to continue its dominance during the forecast period, driven by rising demand from consumer electronics and increase in number of electric vehicles (EVs) in Japan, China and India. North America accounted for the second largest market share of 32.6%, as the lithium-ion batteries are broadly used in the automotive sector in North America. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 12.3% during the forecast period 2016-2024, driven by increasing adoption of these batteries in tablets, laptops & PCs, and smartphones.
Major companies operating in the global lithium-ion battery market are Samsung SDI Co. Ltd., LG Chem Power (LGCPI), LITEC Co., Ltd., Automotive Energy Supply Corporation, A123 Systems, LLC., Panasonic Corporation, Hitachi Chemical Co., Ltd., Toshiba Corporation and GS Yuasa International Ltd., China BAK Battery Co. Ltd., among others.
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