Lithium-ion Market to Grow at 14% CAGR through 2019


Reading time ( words)

The global lithium-ion battery market will reach a value of $33.11 billion by 2019 from $11.7 billion in 2012, registering a healthy CAGR of 14.4% from 2013 to 2019, according to a new report by Transparency Market Research (TMR). The TMR study states that the increasing need of alternate energy sources from automobiles, consumer electronics, and industrial sector is primarily driving the global lithium-ion battery market.

Escalating crude oil prices has significantly increased the demand for electric vehicles and hybrid electric vehicles (HEVs) powered by lithium-ion batteries in the automobiles sector, as per the study findings. Further in consumer electronics, lithium-ion batteries are highly demanded to offer high life cycle and ensure slow battery discharge in devices such as tablets, which will propel the market.

Mounting environmental concerns due to the increasing rate of carbon emissions and stringent regulations imposed by the government to control the same particularly in regions such as North America, Europe, and China are increasing the adoption of lithium-ion batteries, as per TMR findings. However, high price and inadequate awareness regarding the advantages of lithium-ion batteries will hinder growth of the market, adds the report. As such, lithium-ion batteries find lower adoption in electronics, automotive, and industrial sectors.

Moreover, lithium-ion batteries have chances of exploding when exposed to high heat and temperature conditions, which is a major factor inhibiting its market growth. To eliminate the risk, technological advancements are introduced which is expected support growth of the market, the TMR study states.

Among the application segments, consumer sector accounted for the largest market share in 2012, followed by the automotive sector. The consumer electronics segment will dominate the market during the forecast period owing to its high application in cellphones, tablet computers, smart phones, digital cameras, and other consumer electronics, as examined by the TMR study. Emerging applications in military, medical industry, and energy production will also open growth avenues for the lithium-ion battery market, as examined by the research report.

Geography wise, Asia Pacific led the lithium ion battery market in 2012 accounting for 49% market share. The robust demand for lithium-ion battery in China and Japan is driving the Asia Pacific market.

Share

Print


Suggested Items

Worldwide Semiconductor Equipment Billings at $13.3 Billion in 2Q19; Down 20%

09/12/2019 | SEMI
Worldwide semiconductor manufacturing equipment billings reached $13.3 billion in the second quarter of 2019, down 20% from the same quarter of 2018 and 3% from than the previous quarter.

Uncertainties in the Market Rise while a Bounce in NAND Flash Prices Remains Unlikely in 3Q

06/20/2019 | TrendForce
According to the latest investigations by DRAMeXchange, a division of TrendForce, demand for smartphones and servers go below expected levels in 2019 as the US-China trade dispute heats up.

Telecom (Compute and Storage) Infrastructure Market to Reach $16.35B in 2022

09/03/2018 | IDC
A new forecast from IDC sizes the market for compute and storage infrastructure for Telecoms at nearly $10.81 billion in 2017. However, as Telecoms aggressively build out their infrastructure, IDC projects this market to see a healthy five-year compound annual growth rate (CAGR) of 6.2% with purchases totaling $16.35 billion in 2022.



Copyright © 2020 I-Connect007. All rights reserved.