Lithium-ion Battery Market

Lithium-ion Battery Market: Snapshot
The lithium-ion battery market is expected to expand significantly during the
forecast period, as these batteries offer advantages such as higher efficiency and
longer lifespan vis-à-vis other batteries. Rapid growth in the consumer electronics
industry and a rising shift toward sustainable clean fuels in the automotive sector
are expected to drive the lithium-ion battery market in the coming years. The
growing adoption of lithium-ion batteries in energy storage systems such as solar
grids in household and industrial applications is anticipated to provide considerable
growth opportunities to the market. However, the lack of awareness regarding the
benefits of these batteries and the high cost compared to traditional lead acid
batteries may hamper the growth of this market.
The global lithium-ion battery market was valued at US$29.68 bn in 2015 and is
projected to reach US$77.42 bn by 2024, expanding at a CAGR of 11.6% therein.
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Growing Use of Low Power Capacity Lithium-ion Batteries in Consumer
Electronics
In terms of application, the lithium-ion battery market can be segmented into
consumer electronics, automotive, and grid energy and industrial. Consumer
electronics is projected to be the leading segment of the global lithium-ion battery
market during the forecast period. This segment is anticipated to account for nearly
half the market by 2024, driven mainly by the rising demand for low power capacity
lithium-ion batteries to be used in smartphones.
However, owing to market saturation in several regions, the demand for high power
capacity batteries for automobiles has gained precedence. TMR predicts that the
automotive segment will gain a significant share in the lithium-ion battery market
by the end of 2024. The rising usage of these batteries in EVs, HEVs, and BEVs has
primarily boosted this segment and this surge can be attributed to the increasing
level of awareness among consumers and automobile manufacturers alike regarding
the benefits of clean fuel.
Based on power capacity, the lithium-ion battery market can be segmented into 5–
25 Wh, 48–95 Wh, 18–28 KWh, 100–250 KWh, and more than 300 KWh. In terms of
value, 5–25 Wh lithium-ion battery, which is primarily used in smartphones, is
estimated to be the leading segment of the lithium-ion battery market during the
forecast period, accounting for a share of more than 30% in 2015. The 18–28 KWh

power capacity segment is projected to be a rapidly growing segment through 2024,
owing to the high demand for electrical vehicles in the automotive sector.
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Lithium-ion Battery Market. Browse to unlock the hidden opportunities in
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Capacity-wise, North America to Hold Significant Share in Lithium-ion
Battery Market
The lithium-ion battery market in Asia Pacific is expected to expand significantly
during the forecast period due to the increased demand for these batteries in
portable consumer electronic devices. China is anticipated to be the leading market
for lithium-ion batteries in Asia Pacific as well as across the globe owing to the everrising
population and high economic growth in the country. Major global leaders of
lithium-ion batteries are concentrated in China, Japan, and South Korea.
North America holds a significant share in the lithium-ion battery market in terms of
capacity. Increasing awareness about the benefits of lithium-ion batteries in the
region has augmented the usage of these batteries as an alternate fuel in
transportation. Major global players focus on the mass production of lithium-ion
batteries in order to achieve lower costs and increase their market penetration.
The lithium-ion battery market in Europe and the Middle East and Africa offers a
positive outlook for the automotive segment as the consumer electronics segment
in many regions is about to reach saturation.
Major players operating in the lithium-ion battery market include GA Yuasa
Corporation, Automotive Energy Supply Corporation (AESC), Panasonic Corporation,
Hitachi Chemical Co. Ltd., Johnson Controls, Inc., Samsung SDI Co. Ltd., LG Chem
Power, Inc., and Toshiba Corporation.
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