The lithium-ion battery market is expected to expand significantly during the forecast period, as these batteries offer advantages such as higher efficiency and longer lifespan vis-à-vis other batteries. Rapid growth in the consumer electronics industry and a rising shift toward sustainable clean fuels in the automotive sector are expected to drive the lithium-ion battery market in the coming years. The growing adoption of lithium-ion batteries in energy storage systems such as solar grids in household and industrial applications is anticipated to provide considerable growth opportunities to the market. However, the lack of awareness regarding the benefits of these batteries and the high cost compared to traditional lead acid batteries may hamper the growth of this market.
The global lithium-ion battery market was valued at US$29.68 bn in 2015 and is projected to reach US$77.42 bn by 2024, expanding at a CAGR of 11.6% therein.
Growing Use of Low Power Capacity Lithium-ion Batteries in Consumer Electronics
In terms of application, the lithium-ion battery market can be segmented into consumer electronics, automotive, and grid energy and industrial. Consumer electronics is projected to be the leading segment of the global lithium-ion battery market during the forecast period. This segment is anticipated to account for nearly half the market by 2024, driven mainly by the rising demand for low power capacity lithium-ion batteries to be used in smartphones.
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However, owing to market saturation in several regions, the demand for high power capacity batteries for automobiles has gained precedence. TMR predicts that the automotive segment will gain a significant share in the lithium-ion battery market by the end of 2024. The rising usage of these batteries in EVs, HEVs, and BEVs has primarily boosted this segment and this surge can be attributed to the increasing level of awareness among consumers and automobile manufacturers alike regarding the benefits of clean fuel.
Based on power capacity, the lithium-ion battery market can be segmented into 5–25 Wh, 48–95 Wh, 18–28 KWh, 100–250 KWh, and more than 300 KWh. In terms of value, 5–25 Wh lithium-ion battery, which is primarily used in smartphones, is estimated to be the leading segment of the lithium-ion battery market during the forecast period, accounting for a share of more than 30% in 2015. The 18–28 KWh power capacity segment is projected to be a rapidly growing segment through 2024, owing to the high demand for electrical vehicles in the automotive sector.
Capacity-wise, North America to Hold Significant Share in Lithium-ion Battery Market
The lithium-ion battery market in Asia Pacific is expected to expand significantly during the forecast period due to the increased demand for these batteries in portable consumer electronic devices. China is anticipated to be the leading market for lithium-ion batteries in Asia Pacific as well as across the globe owing to the ever-rising population and high economic growth in the country. Major global leaders of lithium-ion batteries are concentrated in China, Japan, and South Korea.
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North America holds a significant share in the lithium-ion battery market in terms of capacity. Increasing awareness about the benefits of lithium-ion batteries in the region has augmented the usage of these batteries as an alternate fuel in transportation. Major global players focus on the mass production of lithium-ion batteries in order to achieve lower costs and increase their market penetration.
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