Lithium Ion Battery Market size expected to surpass USD 53 billion by 2024; as per a latest study by Global Market Insights, Inc. High preference for portable electronic devices fueled by the rise in disposable incomes will push Lithium Ion Battery Market growth. Stringent government initiations leading to more adaption of electric vehicles, is expected to open new avenues for the industry to expand over the coming seven years.
The industry is also propelled by the increasing demand for consumer electronics which include, smartphones, PDAs, and tablets. According to Global Market Insights, Inc.,” Lithium Ion battery market worth over USD 23 billion in 2015, is anticipated to grow at a CAGR of 9% over the period 2016-2024”. Raw materials abundance, higher heat resistance properties, lower risk of explosion are some of the contributing factors driving the product demand.
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Lithium ion battery finds extensive applications in automotive, consumer electronics, and energy sectors. Automotive lithium ion battery market exceeded a revenue share of USD 7 billion in 2015, and is expected to witness significant growth over the coming years. A major shift in consumer preference toward cleaner fuel is leading to more use of electric vehicles, which in a way is driving the automotive sector.
Lithium ion battery application in consumer electronics is projected to surpass USD 14 billion by 2024, owing to the surging demand for tablets, mobile phones, and laptops.
Renewable and grid storage application is also predicted to contribute significantly toward the global lithium ion battery industry share. It is foreseen to cross USD 12 billion with an annual growth rate of 9% over 2016-2024.
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Below the regional trends positively influencing the global lithium ion battery market over 2016-2024:
- U.S. lithium ion battery industry share accounted for 70% of the total volume in 2015 and is expected to grow substantially in the years to come, owing to the rise in adaption of electric vehicles and demand for high quality consumer electronics.
- Asia Pacific lithium ion battery industry size, led by Japan and China, is projected to witness robust growth over the coming time frame. Japan lithium ion battery market is estimated to surpass a revenue of USD 2 billion by 2024.
- According to the Department of Environment Protection, the government of China has approved a resolution named ‘Battery and Recycled Lead Enterprises’ (325) to encourage the use of lithium ions over lead acid batteries. Chinese government initiations in this regard are expected to positively influence the China lithium ion battery industry with a projected annual growth rate of 11% over 2016-2024.
- Europe mainly dominated by Germany lithium ion battery market will also contribute significantly toward the overall market share. Germany industry is likely to register a CAGR of more than 10% over 2016-2024, driven by the growing consumer concern toward ecofriendly technologies in this region.
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