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Lithium-Ion Battery Market is Expected to Reach $46.21B
April 12, 2016 | PRNewswireEstimated reading time: 1 minute
According to a new report published by Allied Market Research titled, "World Lithium-Ion Battery Market: Opportunities and Forecasts, 2015-2022". The global lithium-ion battery market is expected to generate revenue of $46.21 billion by 2022, with a CAGR of 10.8% during the forecast period (2016-2022). Lithium-ion batteries are rechargeable batteries and are used as a source of power supply primarily in portable devices. The market for these batteries is expected to witness notable growth because of their increasing application in the automotive sector. The other key factors that drive the growth of this market are the growing demand for smartphones, tablets, and other electronic devices; stringent government regulations aimed at reducing the increasing pollution levels; and enhanced efficiency of lithium-ion batteries.
Lithium-ion batteries find application in electronics (mobile phones, laptops, UPS, games and similar others), automobiles (majorly in electric vehicles), and industrial machinery among others. In 2015, electronics sector contributed the highest revenue, accounting for around 49% of the overall market revenue. This segment is expected to maintain its dominant position throughout the forecast period. From a growth perspective, automotive sector would be the most prominent user of these batteries, anticipated to witness the highest CAGR of 13.6% during the forecast period, owing to rising demand for electric/hybrid vehicles.
Asia-Pacific is the largest revenue-generating region in this market followed by North America. Further, the Asia-Pacific region is likely to exhibit the highest growth, with a CAGR of 12.4% during the forecast period. The growth would be driven by the rising demand from consumer electronics segment and increasing number of electric vehicles (EVs) in China, Japan, and India.
KEY FINDINGS OF THE STUDY
- Lithium- ion batteries made of cathode led the market, accounting for around 42% of the total market revenue in 2015.
- Automotive sector is expected to witness the highest growth during the forecast period owing to the rising demand for electric/hybrid vehicles.
- Asia-Pacific was the largest revenue-generating region, constituting nearly 38% of the total market value in 2015.
- Panasonic Corporation, Automotive Energy Supply Corporation (AESC), Samsung SDI Co. Ltd. and LG Chem Power (LGCPI) are the leading manufacturers of lithium-ion batteries. Product launch, acquisitions, agreements and partnerships are the key strategies adopted by these leading players to strengthen their market presence and expand their reach. For instance, in 2015, Samsung SDI acquired battery pack business of Magna International, a leading global automotive supplier, which enabled Samsung to strengthen its automotive battery business segment for electric vehicles.
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