According to a recent report published by Fast.MR Market Research, titled, Global Lithium Ion Battery Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, the global lithium ion battery market accounted for USD 36.9 Billion in 2018 and is estimated to reach USD 93.8 Billion by 2024. Moreover, it is anticipated to flourish at a CAGR of 16.5% during the forecast period i.e. 2019-2024.
The global lithium ion battery market has been segmented based on product type, and distribution channel. Based on the product, this market has been segmented into cell and battery pack. The battery pack segment accounted for highest market share in 2018 and is anticipated to continue its dominance during the forecast period.
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In industry segment, automotive segment captured a significant share of overall market in 2018. Addition to that, the market value of global lithium ion battery market for automotive segment is expected to rise at a CAGR of 23.8% over the forecast period. Rising sale of electric vehicles is resulting in increased demand for automotive lithium ion battery. Developed nations such as United States, Japan and European countries are adopting electric vehicles owing to environmental concerns. Furthermore, emerging economies such as India, China and others are encouraging people of their nation to adopt electric vehicles. These factors are envisioned to bolster the growth of global lithium ion battery market.
Lithium Ion Battery Growth Drivers
Technological Improvements and Innovations
Automotive lithium ion battery manufacturers are focusing on developing new lithium-ion designs. Furthermore, these technological advancements and development of lithium ion batteries have expanded the application such as e-bikes, medical equipment, electric powertrain, among others.
Rising Utilization in Consumer Electronics
Wide scale application of lithium ion batteries in consumer electronics such as cameras, tablets, smartphones and others is one of major factors which is believed to fuel the growth of global lithium ion battery market during the forecast period. Further, these batteries have gained popularity owing to technological improvements in the past few years.
In terms of geography, the lithium ion battery market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the major share of the global lithium ion battery market. Moreover, Europe lithium ion battery market is expected to showcase lucrative growth in the upcoming years.
The report also covers detailed competitive analysis of major market players of the global lithium ion battery market, such as BYD Company Ltd, LG Chem, Panasonic Corporation, Samsung SDI Co. Ltd., Bak Group, GS Yuasa Corporation, Hitachi Chemical Co. Ltd., Toshiba Electronic Devices & Storage Corporation, Lithium Werks, CALB and other major & niche players. The lithium ion battery market is witnessing a wide range of industry activities such as product launch, partnership, acquisition, and expansion across the globe.
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