Lithium Ion battery market to reach $53bn by 2024

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Global Lithium Ion Battery Market to grow at over
9 CAGR to reach 53bn by 2024 Global Market
Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Global Market Scenario of Drill Pipe industry

• Lithium Ion Battery Market size will exceed over
  USD 53 billion by 2024 as per a latest study by
  Global Market Insights, Inc.
• Increasing adoption of portable electronic
  devices owing to its longer shelf life will drive
  the global lithium ion battery market size from
  2016 to 2024. Ionized lithium has higher
  stability and heat resistance properties coupled
  with faster recharging efficiency when compared
  with other available alternatives. Low risk of
  explosion or damage to equipment will further
  complement the industry outlook.
• Growing adoption of plug-in hybrid electric
  vehicles (PHEVs) with favorable regulations
  including subsidies and tax rebate will stimulate
  lithium ion battery market share. Automotive
  sector are notable application areas. Ample
  supply of raw materials at affordable prices has
  encouraged high production volume, making them
  the preferred technology in applications
  including inverters, consumer electronics and
  industrial batteries.

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Continued...

• Stringent regulations to encourage the use
  nonhazardous material will boost the market share
  over forecast period. The Department of Energy
  and National Renewable Energy Laboratory (NREL)
  introduced directive NREL/TP-463-7673 to
  encourage the adoption of environmentally safe
  batteries. The regulation also enlists the
  battery safety standards that need to be adhered
  to by electric vehicle manufacturers.
• Lithium ion battery market size from cathodes for
  2015 was valued over USD 9 million. Consumer
  electronics including cell phones, tablet devices
  and laptops are key adoption areas contributing
  to segment growth.
• Separators are predicted to witness growth over
  10 by 2024. Superior charging ability coupled
  with greater shelf life are notable features
  which may favor the industry landscape.
  Increasing adoption of supercapacitor in mobile
  phones subject to its longer operating life will
  positively influence business growth.

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Europe Lithium Ion Battery Market size, by
application 2014-2024 (USD Billion)

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Continued...

• Renewable and grid storage applications will
  surpass USD 12 billion by 2024. Europe witnessed
  significant increase in infrastructure required
  for renewable energy storage, further propelling
  the lithium ion battery market size. In 2015,
  Germany produced more than 30 of its annual
  electricity demand from renewable energy sources.
• Lithium ion battery market size from consumer
  applications is predicted to surpass USD 14
  billion by 2024 owing to increasing portable
  electronic device demand. Growing adoption of
  portable electronic devices in the U.S. and
  Europe will positively impact business growth.
• U.S. li-ion battery market size was valued over
  USD 5 billion in 2015 and is expected to witness
  strong growth owing to high adoption of electric
  vehicles. Strict regulations to restrict the
  vehicular emission levels will further boost the
  industry landscape.

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360 Analysis

• Application Trends
• Consumer applications are predicted to exceed USD
  14 billion by 2024 due to growing personal mobile
  electronics demand. Growing emphasis on adoption
  of portable medical devices in developed
  countries will positively influence the industry
  landscape. Renewable and grid energy applications
  are predicted to witness growth of over 9 owing
  to increased emphasis on effective storage and
  use of sustainable sources in developed nations.
• Regional Trends
• U.S. lithium ion battery market share contributed
  over 70 of the regional revenue in 2015 and is
  expected to witness significant growth due to
  increasing electric vehicle demand with growing
  adoption of high quality consumer electronics
  products. The total electric vehicle sales in the
  country for 2015 was 542,000, up from 487,000 in
  2014.
• Competitive Market Share
• Notable industry participants include Toshiba,
  Samsung, Panasonic, GS Yuasa International,
  Automotive Energy Supply Corporation, A123
  Systems, Hitachi Chemical, LG Chemical Power
  (LGCPI), China BAK Battery. In January 2016, Tyco
  and Johnson Controls entered a definitive merger
  agreement to operate in the energy storage
  business together, focusing primarily on RD in
  the lithium ion battery market.

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