Global Lithium-Ion Battery Market Report, 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. There are several factors that are driving the market such as, growing demand for electric vehicles, increasing demand for electronic devices and government regulations to decrease pollution level. However, risk of fire in devices and high cost may limit the growth of the market. Nevertheless, growing automobile industry is likely to the key opportunities of the market.
Key segments of the global lithium-ion battery market are material type, industrial vertical and geography. Cathode, electrolyte solution, anode and others are the sub segments of the material type segment. In 2016, cathode accounted for the highest market revenue. Moreover, industrial vertical segment has been segmented into industrial, electronics, automotive and others. Automotive segment is likely to grow at the fastest CAGR owing to increased demand in various electronic vehicles.
North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segments of the global lithium-ion battery market. In 2016, Asia-Pacific accounted for the largest market share of 38.6% and is likely to dominate during the forecast period 2016-2024, driven by the rise in demand from consumer electronics and electric vehicles, especially in countries like China, Japan and India.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The major players in the lithium-ion battery market include, LG Chem Power (LGCPI), Samsung SDI Co. Ltd., LITEC Co., Ltd., Automotive Energy Supply Corporation, A123 Systems, LLC., Panasonic Corporation, Hitachi Chemical Co., Ltd., Toshiba Corporation, China BAK Battery Co. Ltd., and GS Yuasa International Ltd., among others.
Source: ASDReports - Market Research
Date: May 9, 2017