Lithium Ion Battery Market Will Achieve 9% CAGR To Surpass $53 Billion By 2024

OCEAN VIEW, Del., Nov. 16, 2017 /PRNewswire-iReach/ -- Global Lithium Ion battery market share is projected to exceed 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 favourable 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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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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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.

For Europe, Germany lithium ion battery market share is set to register growth of over 10% by 2024. The EU Parliament adopted Battery Directive 2008, introducing regulations on use of bio-hazardous batteries, boosting the industry growth.

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For Asia Pacific, Japan lithium ion battery market size is predicted to exceed USD 2 billion by 2024. The region experienced over 150% growth in production in 2016, as compared to manufacturing volume of 2015.

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SOURCE Global Market Insights