According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Lithium Ion Battery Market to exceed $60bn By 2024
Growing adoption of electric vehicles coupled with government initiatives to promote sustainable energy utilization will drive the lithium ion battery market size. In 2015, electric car registrations witnessed a 70% increase from the previous year with 550,000 vehicles sold across the globe. According to EIA, China and the U.S accounted for 336 and 159 thousand electric vehicle sales respectively in 2016.
Growth drivers of Lithium Ion Battery Market
- High energy density and longer shelf life
- Low self-discharge level
- Increased spending on consumer electronics
- Positive outlook toward hybrid and electric vehicle industry
- Growth in the renewable energy sector
- Government regulatory standards
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Japan lithium ion battery market is set to witness growth over 8% by 2024. Positive outlook towards automotive sector along with growing adoption of smart devices will stimulate the product demand. In 2016, Japan accounted for over 13 GWh of automotive lithium ion cell manufacturing capacity representing 237% increase from 2014 level. Government focus to limit emissions along with shifting trend towards renewable energy utilization will further augment the industry growth.
Industrial lithium ion battery market is to surpass USD 9 billion by 2024. These products find wide ranging applications across defense and healthcare sector where capacity, energy density and safety are of paramount importance. Ability to provide higher current makes its adoption preferable across heavy industries including mining, oil & gas and construction.
The U.S. in 2016, accounted for over 80% of North America lithium ion battery market share. Ongoing digitization of healthcare industry along with shifting trend toward IoTs has resulted increased demand for smart devices in the country. Government initiatives toward adoption of non-conventional fuel vehicles will further enhance the business outlook.
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Middle East and Africa lithium ion battery market in 2016, was valued over USD 1 billion and is projected to witness growth owing to ongoing investment towards renewable energy grid infrastructure development. Investment toward expansion of micro grid across remote areas will further stimulate the product demand.
Key players in lithium ion battery market include Tesla, Panasonic, Samsung, Hitachi Chemical, GS Yuasa, Philips, A123 Systems, Sanyo, LG Chem, EnerDel, Toshiba, Prologium, Valence, Exide, Saft Batteries, Energies Power, Roofer, Padre Electronics, Ding Tai, Johnson Controls and Duracell.
Lithium Ion Battery Market Segmentation:
Chapter 4. Lithium Ion Battery Market, By Component
4.1. Lithium ion battery market share by component, 2016 & 2024
4.2.1. Cathode market, 2014 – 2024
4.2.2. Cathode market, by region, 2014 – 2024
4.3.1. Anode market, 2014 – 2024
4.3.2. Anode market, by region, 2014 – 2024
4.4.1. Separators market, 2014 – 2024
4.4.2. Separators market, by region, 2014 – 2024
4.5.1. Electrolytes market, 2014 – 2024
4.5.2. Electrolytes market, by region, 2014 – 2024
4.6. Aluminum Foil
4.6.1. Aluminum foil market, 2014 – 2024
4.6.2. Aluminum foil market, by region, 2014 – 2024
4.7. Copper Foil
4.7.1. Copper foil market, 2014 – 2024
4.7.2. Copper foil market, by region, 2014 – 2024
4.8.1. Others market, 2014 – 2024
4.8.2. Others market, by region, 2014 – 2024