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Lithium Ion Battery Market Estimated to Grow to $92.2 billion by 2024
February 5, 2019 | PRNewswireEstimated reading time: 2 minutes
The lithium ion battery market is estimated to grow from $37.4 billion in 2018 to $92.2 billion by 2024, at a CAGR of 16.2% between 2018 and 2024. The growth of the lithium ion battery market is driven by increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications. However, factors such as safety issues related to storage and transportation of spent batteries hinder the market growth.
High energy density boosts the demand for lithium nickel manganese oxide (Li-NMC) witnessing the highest CAGR during the forecast period
The market for lithium nickel manganese oxide (Li-NMC) is estimated to grow at a higher CAGR during the forecast period.The automotive industry has dominated the lithium ion battery market.
Electric vehicles require high capacity and high power that can only be provided by the use of NMC battery type. The use of new electrolytes and additives support the charging of cell up to 4.4 V/cell. The NMC cell is growing in its range as three components involved are easy to blend together and be made useful for a wide range of applications from the automotive industry to energy storage system (ESS).
Rise in demand for EVs contributing to the growth of the automotive industry with the highest CAGR during the forecast period
The market for automotive industry is estimated to grow at a higher CAGR during the forecast period.Semiconductors and electronic products require high accuracy and extreme precision, along with high output.
Factors contributing to the growth of the automotive industry in the lithium ion battery market include rising demand for energy-efficient solutions, high power and energy density, high-level safety, increased venture capital funding, and initiatives taken by government bodies to encourage the adoption of lithium ion batteries worldwide.Furthermore, owing to environmental concerns and awareness about clean and sustainable fuel, there is a rise in the demand for EVs.
Government initiatives and regulations support the adoption of EVs worldwide. This has resulted in increase in the demand for lithium ion batteries.
The market in APAC is expected to witness the highest CAGR during the forecast period
The market in APAC is estimated to grow at a higher CAGR during the forecast period. Countries such as China, the Netherlands, and Germany have taken many initiatives and are setting strict regulations to support the growth of the electric vehicles market, which is expected to support the growth of the lithium ion batteries market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
- By Company Type: Tier 1 – 30%, Tier 2 – 38%, and Tier 3 – 32%
- By Designation: C-Level Executives – 44%, Directors – 38%, and Others – 18%
- By Region: North America – 30%, Europe – 25%, APAC – 26%, and RoW – 19%
BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa (Japan), Hitachi (Japan), Johnson Controls (Ireland), and Toshiba (Japan) are a few leading players in the lithium ion battery market.
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