Market Size Forecasters adds “Lithium Ion Battery Market Size Report 2024” new report to its research database. The report spread across 154 pages and 167 table and figures in it.
Lithium ion battery market size is projected to surpass USD 53 billion by 2024, owing to high popularity of movable electronic equipment such as mobiles, smartphones, tablets, and personal digital assistants. Favorable ionized lithium characteristics such as heat resistance, high stability, and effective recharging ability over other substitutes will drive the industry trends over the period of 2016-2024. Furthermore, low risk of equipment damage will further influence lithium ion battery market growth over the next few years. Enhanced shelf life is yet another distinguished feature of the lithium ion battery, which is predicted to push the industry size over the next few years.
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Escalating demand for plug-in hybrid electric vehicles owing to supportive government policies will promote lithium ion battery industry expansion in the future. Large-scale use of secondary batteries in electronics items and inverters is also anticipated to soar the business growth over the years to come. Strict legislations to curb greenhouse emissions will contribute markedly towards the business expansion over the forthcoming years.
The industry is segmented in terms of applications, technology, and regions.
Lithium Ion Battery Market, By Applications
Lithium Ion Battery finds wide applications across Renewable & Grid Energy Storage, Automotive, Consumer, and Industrial sectors.
Lithium ion battery industry revenue in consumer applications is expected to hit USD 14 billion by 2024, driven by the rampant use of personal mobiles along with high demand for portable electronic instruments. Furthermore, popular use of portable medical instruments in the developed economies such as the U.S. is predicted to favorably impact lithium ion battery industry size.
Renewable & Grid Energy applications will hit USD 12 billion by 2024, driven by high focus on efficient storage facilities as well as ample utilization of renewable energy sources in developed nations. For instance, Germany generated over 30% of electricity from sources of renewable energy in 2015. Furthermore, in the same year, Europe observed a high renewable energy storage infrastructure expansion, thereby contributing substantially to the industry development.
Lithium ion battery industry size in automotive applications, worth USD 7 billion in 2015, is projected to witness a high surge over the forecast timeframe. Stringent rules to combat fuel emissions from automobiles coupled with rising demand for electric vehicles will favorably influence the industry over the coming seven years.
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Lithium Ion Battery Industry, By Technologies
In terms of technology, lithium ion battery market is segmented into Electrolytes, Cathodes, Separators, and Anodes.
Cathode-based lithium ion battery market was worth over USD 9 billion to revenue in 2015, and is expected to make significant contributions towards the industry over 2016-2024. It is primarily used in healthcare instruments as well as consumer electronics due to its high-energy storage capacity.
Separator technology is expected to record a growth of 10% over the forecast timeline, driven by the properties of increased product lifespan and improved functionality. Owing to such favorable characteristics, healthcare equipment manufacturers also encourage the adoption of separator-based lithium ion batteries.
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