Global Market Insights, Inc. has recently added a new report on Lithium Ion Battery Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry.
‘Lithium Ion Battery Market’ is predicted to surpass USD 60 billion by 2024. Growing demand for off grid network along with increasing spending toward distributed generation will propel industry growth across the energy storage applications. Refurbishment and renovation of existing grid networks will further complement the industry growth. Nickel cobalt aluminium oxide, lithium iron phosphate and nickel manganese cobalt oxide are some of the secondary batteries employed for these applications.
1932 market data tables
10 figures & charts
Historical data coverage: 2013 to 2016
Growth Projections: 2017 to 2024.
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Increasing demand for electric vehicles along with favourable government measures to promote the adoption of sustainable energy utilization will stimulate the lithium ion battery market. Globally, electric car registered a growth of 70% from 2014 with 550,000 vehicles sold in 2015. As per EIA, the U.S. and China electric vehicle sales accounted for 159 and 336 thousand units in 2016.
Government measures toward deployment and development of non-conventional fuel vehicles will propel the U.S. lithium ion battery market. Increasing adoption of IoTs coupled with digitization in healthcare sector has further propel the smart devices demand across the country.
Lithium Ion Battery Market, By Application
- Heavy Industrial Equipment
- Conventional Automotive
- Hybrid Electric Vehicles
- Battery Electric Vehicles
- Consumer Electronics
- UPS systems
- Smart cameras
- Smart watches
- Smart glasses
- Smart textiles
- Activity trackers
- Energy Storage
Lithium ion battery market from industrial applications is set to reach over USD 9 billion over the forecast timeframe. Ability to offer higher current across industries including construction, oil & gas and mining will further boost the product demand. It finds wide application across healthcare and defence sector where safety, energy density and capacity are of plays vital role.
Lithium ion battery market from lithium cobalt oxide is set to growth over 5% owing to growing demand for portable electronic devices. It finds wide application across activity tracker, mobile phones, laptops, digital cameras and smart watches on account of its ability to provide high specific energy. The product consists of lithium cobalt oxide cathode, carbon anode & cathode. Limited load capabilities, short life span and low thermal stability are some of the features which may hinder the industry growth.
Japan lithium ion battery is set to grow owing to positive outlook toward automotive sector coupled with increasing deployment of smart devices. Stringent government regulation to reduce carbon emission coupled with growing deployment of sustainable energy utilization will positively influence the business growth. In 2016, manufacturing capacity of automotive lithium ion cell in Japan was increased by 237% increase when compared with 2014 level.
Latin America lithium ion battery market will witness strong growth owing to increasing investment toward development of renewable grid infrastructure. Growing investment toward expansion of microgrid across remote area will further complement the business growth.
Major participants in lithium ion battery market includes Samsung, GS Yuasa, Sanyo, EnerDel, Valence, Saft Batteries, Roofer, Ding Tai, Duracell, Tesla, Hitachi Chemical, Philips, LG Chem, Exide, Energies Power, Johnson Controls, Panasonic, A123 Systems, Padre Electronics, Prologium and Toshiba.