Global Lithium-Ion Battery Market Report,
published by Variant Market Research, forecast that the global market is
expected to reach $56 billion by 2024 from $25 billion in 2016; growing at a
CAGR of 10.6% from 2016 to 2024. By geography, Asia-Pacific and Rest of the
World (RoW) are expected to grow at a CAGR of 12.3% and 11.8%, respectively,
during the forecast period.
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Increase in demand for
electronic devices such as smartphones and tablets, and stringent government
regulations to decrease pollution level fuels the demand of global Lithium-Ion
Battery Market. Additionally, surge in demand for electric vehicles has also boosted
the market growth. However, high cost and risk of fire in electronic devices would act as a restraint for the market.
Growth in automobile industry would generate new business opportunities for the
market in the near future.
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The global lithium-ion battery
market is segmented on the basis of material type, industry vertical, and
geography. By material type, the market is further divided into cathode, anode,
electrolytic solution, and others. Cathode accounted for the highest market
revenue in 2016. Furthermore, the industry vertical segment is categorized into
industrial, electronics, automotive, and others. Electronics accounted for the
largest market share in the overall application segment in 2016, owing to huge
demand of lithium-ion batteries in smartphones and other electronic devices.
The automotive segment is anticipated to grow at the fastest CAGR, owing to its
increased demand in various electronic vehicles.
Geographically the market is
categorized into North America, Europe, Asia-Pacific and RoW. In 2016, Asia-Pacific accounted for the
largest market share of 38.6%, and is expected to continue its dominance during
the forecast period, driven by rising demand from consumer electronics and
increase in number of electric vehicles (EVs) in Japan, China and India. North
America accounted for the second largest market share of 32.6%, as the
lithium-ion batteries are broadly used in the automotive sector in North
America. In terms of growth,
Asia-Pacific is expected to attain the fastest CAGR of 12.3% during the
forecast period 2016-2024, driven by increasing adoption of these batteries in tablets,
laptops & PCs, and smartphones.
Major companies operating in the
global lithium-ion battery market are Samsung SDI Co. Ltd., LG Chem Power
(LGCPI), LITEC Co., Ltd., Automotive Energy Supply Corporation, A123 Systems,
LLC., Panasonic Corporation, Hitachi Chemical Co., Ltd., Toshiba Corporation
and GS Yuasa International Ltd., China BAK Battery Co. Ltd., among others.
For more information, Contact:
VARIANT MARKET
RESEARCH LLP
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