Published By : 24 Oct 2016 | Published By : QYRESEARCH
Despite exhibiting a consolidated vendor landscape, the global lithium-ion battery market has been exhibiting steady growth. Samsung SDI Co. Ltd., LG Chem Power Inc., and Panasonic Corporation dominated the market in 2015 with a share of 57%. Competitive pricing and innovation are the core strategies adopted by enterprises to strengthen their presence in the global lithium-ion battery market. In its latest report, Transparency Market Research has projected the market to rise at a CAGR of 11.6% between 2016 and 2024.
Expanding at this pace, the market is expected to reach US$77.42 bn in 2024 from a valuation of US$29.68 bn in 2015. With leading enterprise vying for the lion’s share, several collaborations are on cards.
Demand from Automotive Sector to Promote Market’s Growth
Currently, the global lithium-ion battery market is witnessing the most lucrative prospects in the automotive sector. The demand for hybrid and electric vehicles (HEVs) has significantly increased in the last few years. Since these vehicles run on lithium ion batteries, growth in their demand will augment growth of the global lithium ion battery market in return. Furthermore, the rising crude oil prices has augmented the demand for alternative sources of energy, which is likely to give significant impetus to the market.
Besides the automotive sector, the application of lithium ion batteries is also increasing in the consumer electronics sector. The increasing use of lithium ion batteries in tablets and smartphones to slow battery discharge augurs well for the overall prospects of the market.
Paradigm Shift towards Clean Fuel to Boost Demand for Lithium Ion Batteries
Industries have been currently focusing on clean and sustainable fuel. This trend has become the most prevalent in the consumer electronics and the automotive industries. Furthermore, with the rising use of high capacity lithium ion batteries in HEVs, BEVs, and EVs, considerable expansion of the market is on cards.
As automobile and other manufacturers realize the importance of clean fuel a paradigm shift towards sustainable resources is expected. This combines with the rising fossil fuel prices will increase the demand for lithium ion batteries in the coming years.