The Lithium-Ion Battery Market is relied upon to grow essentially amid the conjecture time frame, as these batteries offer favorable circumstances, for instance, higher productivity and longer life expectancy opposite different batteries. Quick development in the consumer electronics industry and a rising movement toward feasible clean fills in the car part are required to drive the lithium-particle battery advertise in the coming years. The developing selection of lithium-ion batteries in systems pertaining to energy storage, for instance, solar networks in family and modern applications is expected to give impressive development chances to the market. Be that as it may, the absence of mindfulness with respect to the advantages of these batteries and the high cost contrasted with conventional lead corrosive batteries may hamper the development of this market.
The worldwide lithium-ion battery market was esteemed at US$29.68 bn in 2015 and is anticipated to achieve US$77.42 bn by 2024, extending at an 11.6% CAGR.
Consumer Electronics to Play Key Role in Market Development: Based on applications, the global market for lithium-ion battery can be classified into industrial and grid energy, automotive, and consumer electronics. Consumer electronics is anticipated to be the dominating segment in the worldwide market for lithium-ion battery amid the gauge time frame. This segment is foreseen to represent about a large portion of the market by 2024, driven essentially by the rising interest for low power limit lithium-ion batteries to be utilized as a part of cell phones.
Notwithstanding, attributable to the saturation of the market in many regions, the demand for high power limit batteries for vehicles has picked up priority. It has been predicted that the automobile section will pick up a critical offer in the lithium-ion battery market before the finish of 2024. The rising use of these batteries in HEVs, EVs, and BEVs has fundamentally supported this section and this surge can be ascribed to the expanding level of mindfulness among customers and automobile manufactures alike with respect to the advantages of clean fuel.
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North America to Lead from the Forefront: The market for lithium-ion battery in Asia Pacific is relied upon to extend essentially amid the estimate time frame because of the expanded interest for these batteries in convenient customer electronic gadgets. China is foreseen to be the main market for lithium-ion batteries in Asia Pacific and additionally over the globe attributable to the regularly rising populace and high financial development in the nation. Major worldwide pioneers of lithium-ion batteries are moved in South Korea, Japan, and China.
North America holds a noteworthy offer in the lithium-ion battery market as far as limit. Expanding mindfulness about the advantages of lithium-ion batteries in the region has increased the use of these batteries as a substitute fuel in transportation. Major worldwide players concentrate on the large scale manufacturing of lithium-ion batteries keeping in mind the end goal to accomplish bring down expenses and increment their market infiltration.
Some of the leading companies operating in the global market for lithium-ion battery are Toshiba Corporation, LG Chem Power, Inc., Samsung SDI Co. Ltd., Hitachi Chemical Co. Ltd., and GA Yuasa Corporation, among many others.