Global Lithium-Ion Battery Market is Estimated to Reach $5,022 Million by 2024, Says Accurize Market Research
Global lithium-ion battery market report published by Accurize Market Research forecast that the global market is expected to reach $5,022 million by 2024; growing at a CAGR of 26.2% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
To browse the complete report, visit at https://www.accurizemarketresearch.com/report/-global-lithium-ion-battery-market
Upsurge in demand for electronic devices such as smartphones and tablets and stringent government regulations to reduce pollutionacross the globe to drive the growth of the market
Upsurge in demand for electronic devices such as smartphones and tablets and stringent government regulations to reduce pollution levelfuels the demand for the global lithium-ion battery market. Moreover,growing demand for rechargeable vehiclesalso boosts the growth of the market.
MarketSegmentation
The global lithium-ion battery market has been bifurcated on the basis of material type, industry vertical, and geography. By material type, the market is further segmented into cathode, electrolytic solution, anode, and others. By industry vertical, the market is bifurcated into electronics, automotive, industrial, and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Mexico and Canada are covered under North America wherein Europe covers UK, France, Germany, and others. Asia-Pacific covers China, India, Japan, and others. RoW covers South America, Middle East and Africa.
“Cathode dominated with the largest market sharein the material type segment", says Accurize
By material type segment, Cathode accounted for the highest market revenue in 2017and is expected to continue its tendency during the forecast period 2017 – 2025.
Further, by industry vertical, electronics dominated vertical segment in 2017, owing to huge demand of lithium-ion batteries in smartphones and other electronic devices. The automotive segment is estimated to grow at the fastest CAGR driven by its increased demand in many electronic vehicles.
“Asia-Pacific dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Asia-Pacific accounted for the highest market share of 38.6% and is estimated to continue its dominance during the forecast period, owing to escalating demand from consumer electronics and rise in number of electric vehicles (EVs) in China, Japan, and India. Further, North America accounted for the second largest market share of 32.6%, as the lithium-ion batteries are broadly used in the automotive sector in North America. In terms of growth, Asia-Pacific is anticipated to reach the fastest CAGR of 12.3% during the forecast period 2017-2025, due to increasing acceptance of these batteries in tablets, smartphones, laptops & PCs.
Top players in the market
The key market players include LITEC Co., Ltd., A123 Systems, LLC., Automotive Energy Supply Corporation, Panasonic Corporation, Toshiba Corporation, Hitachi Chemical Co., Ltd.,Samsung SDI Co. Ltd., LG Chem Power (LGCPI), China BAK Battery Co. Ltd., and GS Yuasa International Ltd., among others.
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