Lithium Ion Battery Market Size By Technology (Cathodes, Anodes, Separators, Electrolytes), By Application (Automotive, Industrial, Consumer, Renewable and Grid Energy Storage), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, France, Italy, UK, Spain, China, Japan, South Korea, India, Australia, Saudi Arabia, UAE, South Africa, Argentina, Brazil, Mexico), Growth Potential, Competitive Market Share & Forecast, 2016 – 2024
Published Date: January 2017 | 154 Pages | Report ID: GMI1135 Report Format: PDF
Lithium Ion Battery Market size was over USD 23 billion in 2015 and is set to grow at over 9% CAGR by 2024.
Europe Lithium Ion Battery Market size, by application 2014-2024 (USD Billion)
Increasing adoption of portable electronic devices will drive the lithium ion battery market size from 2016 to 2024. The U.S. witnessed a significant increase in average spending on portable electronic devices including mobile phones, PDAs and tablets over the past four years. Improved shelf life coupled with longer discharge cycles will positively influence the lithium ion battery market size over forecast period. Stringent government regulations towards carbon footprint will further complement the business landscape.
Rising adoption of electric vehicles with favorable government initiatives including tax rebate and subsidies will boost the demand for lithium ion battery market share. Hybrid and plug-in hybrid electric vehicles are key application areas. Easy availability on account of a well-established supply chain has led to wide adoption of secondary batteries in numerous applications including industrial batteries, inverters and consumer electronics. Abundant supply of raw materials at economical prices will help maintain the high production volume.
Lithium Ion Battery Market, By Technology
Lithium ion battery market size from cathodes for 2015 was over USD 9 billion. Consumer electronics and healthcare devices are major application areas owing to the high-energy storage capacity characteristics. Lithium ion battery market share from separators is set to witness growth at over 12% by 2024. High charging abilities with an increased shelf life makes it commercially viable. Healthcare devices manufacturers are encouraging the adoption of separators to increase the functionality and product life.
The electrolytes segment was valued at over USD 1 billion in 2015. It facilitates the flow of ions from the anode to the cathode during the discharge process and reverses the flow while charging the battery.
Lithium Ion Battery Market, By Application
Consumer applications are predicted to exceed USD 14 billion by 2024 due to growing personal mobile electronics demand. Growing emphasis on adoption of portable medical devices in developed countries will positively influence the industry landscape. Renewable and grid energy applications are predicted to witness growth of over 9% owing to increased emphasis on effective storage and use of sustainable sources in developed nations.
Lithium ion battery market size from automotive applications was valued at over USD 7 billion in 2015. Strict regulations to curb automotive emissions coupled with growing consumer awareness towards adoption of electric vehicles will positively impact the business growth. U.S. domestic electric vehicle demand is primarily driven by a combination of corporate average fuel economy standards, fossil fuel prices, tax credits, consumer preference and rebates.
Lithium Ion Battery Market, By Region
U.S. lithium ion battery market share contributed over 70% of the regional revenue in 2015 and is expected to witness significant growth due to increasing electric vehicle demand with growing adoption of high quality consumer electronics products. The total electric vehicle sales in the country for 2015 was 542,000, up from 487,000 in 2014.
China lithium ion battery market is set to witness growth at over 11% CAGR over the forecast period. As per the Department of Environment Protection (DOEP), the Chinese government has passed a resolution called ‘Battery and Recycled Lead Enterprises (325) to gradually shift from lead acid batteries to lithium ion, to reduce the rampant lead poisoning.
Japan lithium ion battery market size was over USD 1 billion in 2015. The Battery Association of Japan reported a record 152% year on year increase in consumption volume on account of increasing regulations to restrict the carbon footprint.
The Germany lithium ion battery market share will witness a robust growth owing to the high adoption of electric vehicles coupled with increasing consumer awareness towards environmentally friendly technologies. Government initiatives such as subsidies and low interest loan will boost the industry growth.
Competitive Market Share
Notable industry participants include Toshiba, Samsung, Panasonic, GS Yuasa International, Automotive Energy Supply Corporation, A123 Systems, Hitachi Chemical, LG Chemical Power (LGCPI), China BAK Battery. In January 2016, Tyco and Johnson Controls entered a definitive merger agreement to operate in the energy storage business together, focusing primarily on R&D in the lithium ion battery market.
Tesla is currently constructing its Gigafactory in Nevada, U.S. after securing the first round of investment of over USD 5 billion from Panasonic. The state-of-the-art production facility is expected to be fully functional by June 2017.
Lithium Ion Battery Industry Background
Lithium ion batteries can be classified as a secondary battery, as they can be recharged regularly and possess longer lifecycle, higher storage capacity and better efficiency than conventional batteries. The increasing demand of batteries for numerous applications including automotive, energy storage systems in manufacturing plants, consumer electronics products, and household electricity. The growing electronic devices demand coupled with strict government regulations to curb pollution levels will drive industry growth.
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