Dublin, Dec. 30, 2019 (GLOBE NEWSWIRE) -- The "Lithium-Ion Battery Market Research Report: By Type, Application, Regional Insight - Global Industry Analysis and Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
Advancing at a 21.8% CAGR during the forecast period, the lithium-ion (Li-ion) battery market is estimated to grow to $106,493 million by 2024. The presence of monetary and non-monetary government subsidies, falling battery prices, and flourishing electric vehicle market are driving the demand for these batteries.
The lithium-ion battery market is expected to experience a boom in the forecast period due to recent advancements in consumer electronics technologies. Owing to the many remarkable properties of Li-ion batteries such as high energy density, consumer electronics manufacturers prefer these over other batteries. The high demand for consumer electronics is a result of the changing lifestyle, expanding middle-class population, and a shift to smart electronic devices. This, in turn, is expected to drive the demand for lithium-ion batteries.
These batteries also find application in the renewable energy sector for the stationary energy storage purpose. The demand for such batteries is set to increase as the renewable energy sector is growing owing to the increasing technological advancements in solar and wind power segments, supportive government policies, and increasing interest of investors in renewable power.
The lithium-ion battery market, based on application, is categorized into automotive, industrial, consumer electronics, medical, aerospace & defense, telecom, and others. In 2018, the largest market share was accumulated by the consumer electronics category, which correlates to the lithium-ion battery use in the manufacturing of these devices. When specific energy is considered, lithium-ion batteries have a better energy density than nickel-metal hydride (NiMH) and nickel cadmium (NiCd) batteries.
The subdivisions of the lithium-ion battery market based on type are lithium iron phosphate (LFP), lithium nickel manganese cobalt oxide (NMC), lithium manganese oxide (LMO), lithium nickel cobalt aluminum oxide (NCA), and lithium cobalt oxide (LCO) batteries. The largest market share in 2018 was held by LFP batteries, which can be ascribed to their heavy consumption in China, which is the largest market for electric vehicles and holds a significant share in the consumer electronics market as well; both industries employ LFP batteries heavily.
The NMC subdivision of the lithium-ion battery market is expected to witness the highest CAGR during the forecast period and hold the largest share by 2024 due to the longevity, high storage capacity, and thermal stability of such batteries. To make the battery cheaper, researchers and designers are focusing on reducing the cobalt content, which would ultimately contribute in this subdivision's growth.
The most significant share in the lithium-ion battery market was held by Asia-Pacific amongst all regions. The factors fueling the market growth in this region are the increasing demand for smart devices and electric vehicles and technological advancements. Further, the increasing government support in terms of subsidies and incentives has led to the price reduction of these vehicles, which has further contributed in the lithium-ion batteries' increasing demand in the region.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Type
1.3.2 Market Segmentation by Application
1.3.3 Market Segmentation by Geography
1.3.4 Analysis Period
1.3.5 Market Data Reporting Unit
1.3.5.1 Value
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Type
4.1.2 By Application
4.2 Value Chain Analysis
4.3 Manufacturing Processes
4.4 Market Dynamics
4.4.1 Trends
4.4.2 Drivers
4.4.3 Restraints
4.4.4 Opportunities
4.5 Pricing Analysis
4.5.1 Cost Break-Up of Lithium-ion Value Chain
4.6 Global Industry Outlook
4.6.1 Electric Vehicle Outlook
4.6.2 Consumer Electronics Market Outlook
4.7 Production Capacity by Country
4.8 Production Capacity by Player
4.9 Battery Comparison Chart
4.10 List of Raw Material Suppliers
4.11 List of Battery Component Suppliers
4.12 List of Cell Manufacturers
4.13 List of End Users
Chapter 5. Global Market Size and Forecast
5.1 By Type
5.2 By Application
5.2.1 Consumer Electronics Application, By Type
5.2.2 Automotive Application, By Type
5.3 By Region
Chapter 6. North America Market Size and Forecast
6.1 By Type
6.2 By Application
6.2.1 Consumer Electronics Application, By Type
6.2.2 Automotive Application, By Type
6.3 By Country
Chapter 7. Europe Market Size and Forecast
7.1 By Type
7.2 By Application
7.2.1 Consumer Electronics Application by Type
7.2.2 Automotive Application, By Type
7.3 By Country
Chapter 8. APAC Market Size and Forecast
8.1 By Type
8.2 By Application
8.2.1 Consumer Electronics Application, By Type
8.2.2 Automotive Application, By Type
8.3 By Country
Chapter 9. LATAM Market Size and Forecast
9.1 By Type
9.2 By Application
9.2.1 Consumer Electronics Application, By Type
9.2.2 Automotive Application, By Type
9.3 By Country
Chapter 10. MEA Market Size and Forecast
10.1 By Type
10.2 By Application
10.2.1 Consumer Electronics Application, By Type
10.2.2 Automotive Application, By Type
10.3 By Country
Chapter 11. Competitive Landscape
11.1 Market Share Analysis of Key Players
11.2 Competitive Benchmarking of Key Players
11.3 Strategic Developments of Key Players
Chapter 12. Company Profiles
12.1 BYD Company Limited
12.1.1 Business Overview
12.1.2 Product and Service Offerings
12.1.3 Key Financial Summary
12.2 LG Chem Ltd.
12.3 Panasonic Corporation
12.4 Samsung SDI Co. Ltd.
12.5 Shenzhen BAK Battery Co. Ltd.
12.6 GS Yuasa Corporation
12.7 Hitachi Chemical Company Ltd.
12.8 Johnson Controls International plc
12.9 Toshiba Corporation
12.10 Amperex Technology Limited
12.11 Tesla Inc.
12.12 Tianjin Lishen Battery Joint-Stock Co. Ltd.
12.13 Murata Manufacturing Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/e2lwdn
Global Lithium-Ion Battery Market Expected to Grow with a CAGR of 21.8% by 2024
| Source: Research and Markets