Lithium Ion Battery Market to Grow at CAGR 17% Till 2021 Says TechSci Research
NEW YORK, July 6, 2016 /PRNewswire/ --
Booming Consumer Electronics Market, Growing Demand for Uninterrupted Power & Grid Stability and Increasing Demand for Electric Vehicles to Drive Demand for Global Lithium-Ion Battery Market
According to a recently published TechSci Research report "Global Lithium ion Battery Market By Type, By End User, By Region, Competition Forecast and Opportunities, 2011 - 2021", the global lithium-ion battery market is projected to grow at a CAGR of more than 17% during 2016 - 2021, on account of surging demand for portable and stationary energy storage, increasing environmental concerns and escalating number of solar & wind projects. Lithium-ion batteries are being increasingly preferred over traditional lead acid batteries for power storage purposes in renewable power projects as well as residential and commercial set-ups, globally. Demand for energy is forecast to increase from 12,928.4 Million Ton Oil Equivalent (MTOE) in 2014 to 17,000 MTOE by 2020. Anticipated growth in global energy demand is expected to boost adoption of lithium-ion batteries over the course of next five years.
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Electric vehicles running on lithium-ion batteries constitute one of the fastest growing clean energy segments across the globe. As of 2015, around 95% of hybrid electric vehicles plying on the roads, globally, were using lithium-ion batteries. It is estimated that more than 350,000 electric cars were sold worldwide in the same year, and most of these cars run on lithium-ion batteries. Moreover, continuing surge in sales of smartphones is another major factor driving demand for lithium-ion batteries. Globally, smartphone sales are forecast to increase from an estimated 1.89 billion units in 2015 to 2.61 billion units by 2019.
Electric Vehicle Sales, By Country, By Number of Units Sold and Percentage Share in Total Automobile Sales, 2015-Q1
Electric Vehicles Sales (in % share of Electric
numbers) Vehicles
US 14,832 1.20%
China 12,555 0.30%
UK 8,684 0.80%
Norway 8,112 33.10%
Japan 7,750 0.60%
Netherlands 5,760 5.70%
Germany 4,520 0.60%
France 3,626 0.80%
Source: Global EV Outlook
Browse 5 market data Tables and 120 Figures spread through 240 Pages and an in-depth TOC on
"Global Lithium-ion Battery Market"
Lithium Nickel Manganese Cobalt (Li-NMC) dominated the global lithium-ion battery market in 2015, and the segment is anticipated to maintain its dominance over the next five years as well. Consumer electronics is the largest end user of lithium-ion batteries across the globe as Lithium-ion batteries are one of the most popular types of rechargeable batteries for portable electronics, with a high energy density, negligible memory effect and low self-discharge. In 2015, Asia-Pacific dominated the global lithium-ion battery market, followed by North America, Europe, Middle East & Africa and South America.
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"Governments across various countries have adopted policy measures to support adoption of electric vehicles integrated with lithium-ion batteries. These measures include provision of incentives, tax rebates, subsidies, etc., which help in the reduction of total cost of ownership of electric vehicles in their entire lifecycle. Backed by anticipated rise in sales of electric vehicles, the global lithium-ion battery market is expected to register healthy growth rate over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Lithium-ion Battery Market By Type, By End User, By Region, Competition Forecast and Opportunities, 2011 - 2021" has evaluated the future growth potential of lithium-ion battery market, and provides statistics and information on market structure, consumer behavior and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global lithium-ion battery market.
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