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Global Lithium-ion Battery Market to Reach US$ 53.8 Billion by 2024, Catalyzed by Escalating Sales of Electric Vehicles

According to the latest report by IMARC Group, titled “Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global lithium-ion battery market size reached US$ 28.5 Billion in 2018. A lithium-ion battery refers to a type of rechargeable battery having high energy density. It requires low maintenance and uses an intercalated lithium compound as its electrode. These batteries are relatively lighter than other rechargeable variants of the same size. They do not need scheduled cycling to improve the shelf life and have lower self-discharge rates than nickel-cadmium batteries. Since they do not have a memory effect, they do not require complete discharge prior to recharging. As a result, these batteries are used in a vast array of products including automobiles, mobile devices, watches, cameras, pacemakers and personal computers.

Global Lithium-ion Market Trends:

On account of the escalating internet penetration and rising purchasing power of users, especially across the emerging economies, the sales of portable electronic devices such as mobiles and laptops are continually increasing. This, coupled with the numerous advantages offered by lithium-ion batteries, is strengthening the growth of the market. In addition to this, consumers are now making a shift from traditional automobiles to electric vehicles. This can be attributed to the rising awareness amongst the users about the reduced greenhouse gases emissions associated with the usage of electric vehicles. This is further supported by tax incentives and subsidies offered by several governments to EV manufacturers. For instance, the European Union recently funded the ‘GREENLION’ collaborative project for manufacturing affordable lithium-ion batteries for EVs. Moreover, increasing fluctuations in the supply of and demand for electricity have bolstered the demand for these batteries for use in energy storing devices such as solar grids for industrial and household applications. Furthermore, governments of several countries have imposed strict policies regarding pollution and the consumption of non-renewable resources including oil, coal and natural gas, which is positively influencing the market growth. On account of the aforementioned factors, the market is projected to reach a value of US$ 53.8 Billion by 2024, growing at a CAGR of 11% during 2019-2024.

Market Summary:

  • On the basis of the type, the market has been categorized into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide and others. Amongst these, lithium cobalt oxide batteries represent the most popular type.
  • Based on the power capacity, batteries with a capacity of 0 to 3000mAh account for the dominant market share. Other major segments include 3000mAh to 10000mAh, 10000mAh to 60000mAh and more than 60000mAh.
  • On the basis of the application, the market has been divided into consumer electronics, electric vehicles and energy storage. Currently, the consumer electronics segment exhibits a clear dominance in the market.
  • On the geographical front, the market has been classified into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Presently, Asia Pacific holds the leading position in the market.
  • The competitive landscape of the market has also been analyzed with some of the major players being A123 Systems, LG Chem, Panasonic, Automotive Energy Supply Corp., SAMSUNG SDI, Toshiba, Amperex Technology (ATL), BAK Group, Blue Energy, BYD, CBAK Battery, Tianjin Lishen Battery, Valence Technology, SK Innovation and Hitachi Ltd.


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