Published By : 22 Nov 2016 | Published By : QYRESEARCH
Despite its highly consolidated vendor landscape, the global lithium-ion battery market has been witnessing fierce competition among the leading players. According to Transparency Market Research (TMR), the global lithium-ion battery market was led by Samsung SDI Co. Ltd., Panasonic Corporation, and LG Chem Power Inc. in 2015. The big three cumulatively held a share of 57% in the market in 2015. In order to gain the lion’s share, the prominent names in the market are making efforts to provide dedicated services at competitive pricing.
As per TMR, the global lithium-ion battery market is poised to rise at a CAGR of 11.6% between 2016 and 2024. The market, which stood at a valuation of US$29.68 bn, is thus projected to reach US$77.42 bn by the end of 2024.
Regionally, the market has been witnessing the most lucrative prospects in Asia Pacific. TMR calculated the share of the region in the overall market to be around 48% in 2015. As this region is expected to report considerable growth, its dominance is likely to continue over the next few years.
Automotive Sector to Exhibit High Demand for Lithium-ion Battery
In terms of power capacity, the low power lithium-ion battery led the global market with a share of 35% in 2015. However, between 2016 and 2024, the 18.28 KWh segment is expected to report higher CAGR of 16.7%. Based on application, consumer electronics segment holds clear majority in the overall market. However, the saturation that the industry is expected to witness across several countries, will enable the automotive sector gain momentum over the course of the aforementioned forecast period.
Rising Demand for Consumer Electronics in Asia Pacific to Create Lucrative Growth Opportunities
The market is currently gaining the high demand for consumer electronics across emerging nations of Asia Pacific and other developing regions. The rapid proliferation of smartphones and other advanced consumer electronics is expected to help the market to grow at a considerable pace. Besides this, the pace of gains witnessed by the market in the automotive sector is also expected to increase in the forthcoming years.