LONDON, Feb. 27, 2017 /PRNewswire/ -- US Industry Study with Forecasts for 2020 & 2025
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US demand for rechargeable secondary batteries will rise 5.3 percent per annum to $14.2 billion in 2020. Strong growth in hybrid and electric vehicle production and the large existing stock of conventional vehicles will buoy advances. Users are turning away from lower-value secondary battery chemistries such as nickel-metal hydride toward more powerful, more expensive rechargeable lithium types.
This study will answer questions such as:
- Why are users willing to pay for rechargeable lithium batteries?
- What are key growth markets for rechargeable batteries going forward?
- What are the fastest growing rechargeable battery products and where are they used?
Description
Rechargeable lithium batteries continue to post strongest growth
Due to cost advantages, lighter-weight, and ongoing improvements, lithium-ion (Li-Ion) batteries are increasingly finding use in high-drain applications such as consumer electronics and cordless electric power tools. Li-Ion batteries also stand to take off in hybrid and electric vehicle (H/EV) applications.
Manufacturers are increasingly turning away from lower-value nickel metal in favor of Li-Ion, which offers greater power density. Li-Ion batteries are forecast to decrease in price in the near future, which will support demand. Li-Ion is also the most popular battery chemistry in energy storage systems (ESSs) and will continue to dominate battery chemistries utilized in this application going forward. Electronic cigarettes (e-cigarettes) are another niche market with the potential to offer significant future growth.
Electric vehicle production to drive demand
Rechargeable battery demand will more than double in the H/EV market between 2015 and 2020, boosted by robust increases in electric vehicle production, growth in output and stocks of micro and mild hybrids equipped with start-stop systems, and a trend away from the usage of lower-value Ni-MH batteries toward more powerful, higher-cost, and lighter-weight Li-Ion batteries in full hybrids.
US trade deficit to decline
Shipments of rechargeable batteries from US facilities are projected to outpace demand through 2020. This will be due to both robust gains in domestic lithium battery production, as exemplified by an anticipated ramping up of output at Tesla's Gigafactory in Nevada, and continued growth in shipments of lead-acid batteries. Although the US will remain a net importer of rechargeable batteries, its trade deficit will decline through 2020, and by 2025 the country is expected to post a modest trade surplus.
Study coverage
Rechargeable Batteries presents historical demand data (2005, 2010, 2015) plus forecasts (2020, 2025) by product (lead-acid, rechargeable lithium, nickel-metal hydride, nickel-cadmium, other) and market (motor vehicle, portable device, motive power, backup power, other). The study also assesses key market environment factors, analyzes the industry structure and evaluates company market share.
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