Lithium-Ion Batteries Will Rise 18% Per Year Through 2022
Lithium-ion will be the largest contributor to overall battery demand growth
CLEVELAND, July 11, 2018 /PRNewswire/ -- Global demand for lithium-ion batteries is forecast to increase 18% annually to $46 billion in 2022, expanding to 40% of total sales. Sales will be driven primarily by expanding use in HEVs and energy storage systems. Rapid expansion in these emerging segments will support strong growth in developing and developed countries alike. Rising income levels will also support demand gains in consumer applications. However, some segments of the consumer market have reached a level of relative maturity compared to the fast gains seen in the earlier part of the 2000s. These and other trends are presented in Global Batteries, 11th Edition https://www.freedoniagroup.com/industry-study/general-purpose-lighting-fixtures-in-the-us-by-product-market-and-region-14th-edition-3637.htm, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-batteries-by-product-and-market-11th-edition-3569.htm
Lithium-ion batteries were the second most commonly used secondary battery type in 2017, accounting for 29% of the global total. These products offer high power and energy densities and can survive significantly more recharge cycles than nickel-based batteries. Portable electronic devices have historically represented the largest application for lithium-ion batteries, but in recent years more intensive applications such as automotive batteries have become increasingly important drivers of growth.
Global demand for all batteries are forecast to increase 9.8% annually to $141 billion in 2022, an improvement on the 2012-2017 performance. Economic development in China and India and investment in East European manufacturing industries will drive gains.
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Machinery & Equipment studies can be purchased at https://www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
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