Future of Lithium-ion Battery Market: Demand, Technologies and Investments

Lithium-ion Battery are a part of rechargeable battery group. Lithium-ion batteries offer high storage capacity, better efficiency and long lifecycle than other batteries. The demand for these batteries are increasing in various applications such as consumer electronics products, automotive application such as EVs and HEVs and energy storage systems in power plants and household electricity. The global lithium-ion battery market is anticipated to grow with a significant rate between 2016 and 2024. The rising demand for electronic devices and the stringent government regulations to control pollution level are expected to drive the lithium-ion battery market during the forecast period.

The lithium-ion battery market is foreseen to grow notably during the span of forecast period, as these batteries offer benefits, for example, higher productivity and longer life expectancy opposite different batteries. Quick development in the consumer electronics sector and a rising inclination toward renewable clean energy in automobile segment are likely to drive the lithium-ion battery market in the coming years.

As far as application is concerned, the lithium-ion battery market is categorized into automotive, consumer electronics, and industrial and grid energy. Consumer electronics is anticipated to be the major segment of the global lithium-ion battery market in the forthcoming years. In terms of power capacity, the lithium-ion battery market is divided into 48– 95 Wh, 5– 25 Wh, 18– 28 KWh, over 300 KWh, and 100­– 250 KWh. Regarding value, 5– 25 Wh lithium-ion battery, which is principally utilized in cell phones, is assessed to be the key fragment of the lithium-ion battery market during forecast period, representing an share of over 30% back in 2015.

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The global lithium-ion battery market is expected to expand at a CAGR of 11.6% during 2016 to 2024, with an evaluation if worth US$29.68 bn in 2015 and is anticipated to achieve US$77.42 bn by the end of 2024.

Increased Usage in Energy Storage Devices to Fuel Demand

The increasing popularity of lithium-ion batteries in energy storing devices, for example, solar grids in industrial and household unit applications is foreseen to give extensive development chances to the market. In any case, the less awareness with respect to the advantages of these batteries and the high expense contrasted with traditional lead acid batteries may hamper the development of this market. In any case, attributable to market saturation in a few regions, the interest for high power capacity batteries for vehicles has picked up the pace.

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As per the report by TMR, the segment of automobile is likely to pick up a critical share in the lithium-ion battery market before 2024. The rising use of these batteries in HEVs, EVs, and BEVs has fundamentally helped the segment and this rise is credited to the rise in awareness among customers and vehicle makers as well in regards to the advantages of clean fuel.