According to the latest market research study released by Technavio, the global Li-ion battery market is expected to grow at a CAGR of more than 15% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global Li-ion battery market based on application:
Global Li-ion battery market share by application 2015
|
Consumer electronic |
74.00% |
|
Electric vehicles |
16.00% |
|
Energy storage |
6.50% |
|
Others |
3.50% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Global Li-ion battery market by consumer electronics 2015-2020
The consumer electronics segment accounted for around 74% of the global Li-ion battery market in 2015. The li-ion batteries have maximum application in the consumer electronics segment accounting for around 98% of the market and are considered as the ideal choice of power source. Several technological advancements have led to the rapid growth of the consumer electronics segment with major market shares occupied by electronic goods such as laptops, notebook PCs, tablets, cell phones, and digital cameras. There is a lot of competition among these goods, for instance, laptops are facing tough competition with tablets and smartphones. With the increase in demand for various end-user applications such as cell phones, laptops, PCs, power tools, tablets, and medical devices, it is expected that the global lithium battery market by the consumer electronics sector will witness a sharp growth during the forecast period. Apart from this, the global economic situation directly affects the customers’ purchasing power capacity which also determines the sale of these consumer electronic goods.
“Lithium iron phosphate batteries provide better chemical and thermal stability and can operate 2,000-3,000 life cycles of recharging. It can also provide extremely low self-discharge rates and can be charged quickly. These benefits are expected to boost growth in the global lithium iron phosphate battery market during the forecast period,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for research on energy storage.
Factors such as the launch of new product lines, urbanization in emerging countries and new product categories also drive the global consumer electronics market.
Global Li-ion battery market by electric vehicle 2015-2020
In 2015, electric vehicle accounted for around 16% of the global Li-ion battery market. To boost vehicle efficiency and performance along with concerns of the impact on natural environment, vendors of electronic vehicles are looking for unconventional energy storage systems. Owing to the high energy density and long cycle times, Li-ion batteries, especially lithium iron phosphate batteries, are the preferred choice among various other batteries. The key revenue generators of the global Li-ion battery market is the US, China, Norway, Netherlands, Germany, France, and the UK, due to the increased demand of EVs in these countries. In the US automotive industry, vendors have started introducing EVs with advanced features. It is expected that the nation will be the global leader in the next-generation vehicle technologies. Besides this, it is also expected that the country can lower its dependence on petroleum products with financial incentives and R&D, leading to the boost in the growth of AEVs in the forecast period.
Global Li-ion battery market by energy storage 2015-2020
The energy storage segment accounted for around 7% of the global Li-ion battery market in 2015. The rising fluctuations in the demand and supply for electricity have led to the increase in demand for Li-ion batteries in grid energy storage. Li-ion batteries store excess power and make this stored power available during peak hours of demand. There is an increased need for grid energy storage, especially in wind and solar energy due to the growth in renewable energy production. Globally, some ESS projects have been active, and many are in the planning stages. Over the past two decades, the share of renewable and alternate sources of energy in the global energy mix has risen with key revenue generating from the US, China, and the EU. The global market for ESS is expected to be driven by the increased focus toward enhancing the reliability of power supply, which will boost the market for Li-ion batteries. Owing to growing demand for electricity storage, Li-ion battery for energy storage is expected to witness substantial growth during the forecast period. The properties such as light weight, non-aqueous electrolytes that offer high operating voltages, and compactness, makes Li-ion batteries strong in the battery energy storage market. Vendors are focusing on enhancing the Li-ion batteries in every possible way, which leads to a reduction of its cost year by year.
The top leading vendors operating in the global Li-ion battery market are:
- Panasonic Industrial Devices
- Automotive Energy Supply Corporation
- LG Chem
- Samsung SDI
- Toshiba
- A123 Systems
Other prominent vendors in the market are Blue Energy, BYD, China BAK Battery, Coslight, GS Yuasa, Hitachi, Saft, Johnson Controls, Kokam, Li-Tec, MANZ AG, NEC, SK Innovation, Sony, and Tianjin Lishen Battery.
A more detailed analysis is available in the Technavio report titled, ‘Global Li-ion Battery Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Lithium Market 2016-2020
- Global Battery Market for E-scooters 2016-2020
- Global Off-grid Energy Storage System Market 2016-2020
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