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Global Lithium-Ion Battery Market Is Driven By Increased Use Of Lithium-Ion Battery In Various Applications(July 28, 2017)
SAN FRANCISCO, July 28, 2017 (GLOBE NEWSWIRE) -- The Global Lithium-Ion Battery Market Report, published by Variant Market Research, forecasts that the global market is expected to reach $56 billion by 2024 from $25 billion in 2016; growing at a CAGR of 10.6% from 2016 to 2024. The report will include a detailed analysis of the lithium-ion battery market with respect to major segments such as material type, industry vertical, and geographical. Lithium-Ion battery is a combination of lightweight lithium and carbon which has various innovative features such as lightweight, high energy density, high energetic, and low maintenance cost. They are widely used in mobile phones, notebook computers, electric vehicles, and have numerous other industrial uses.
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Increasing popularity of electric vehicles will drive lithium-ion battery market
The global lithium-ion battery market is driven by factors which include growing demand for electronic devices, such as smartphone and tablets, rising demand for electric vehicles, and government regulation to reduce pollution levels. However, the high cost of material and risk of fire in electronic devices would restrain the growth of the market. Additionally, demand for an electric vehicle in emerging economies would provide several growth opportunities for the market in the upcoming years. Global demand for electric vehicles is anticipated to surge over the next few years. This will lead to reduced cost of transportation, development of autonomous driving and others. Improving economic levels in emerging economies will boost vehicle ownership and lower battery cost and fuel efficiency, which would spur the demand further.
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The global lithium-ion battery market has been segregated into material type, industry vertical, and geography. By material type, the market is categorized into electrolytic solution, cathode, anode, and others. Furthermore, by industry vertical, the market is sub-segmented into automotive, electronics, industrial, and others. Based on geography, the segments categorized are North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Cathode dominated the material type segment
Cathode accounted for the highest market revenue in 2016. Additionally, cathode aids to enhance the efficiency of future lithium-ion battery with reduced cost. Research & development is being conducted to introduce new carbon materials and the current cathode materials are slight toxic and expensive.
Automotive sector accounted for the largest market share in application segment
Automotive sector accounted for the largest market share in the application segment. Lithium-ion batteries are being widely used in electric vehicle. Additionally, increased demand for medium-sized cars from rural and semi-urban areas in emerging economies also fuel the growth of automobile industry.
Asia-Pacific region witnessed fastest CAGR during the forecast period
Asia-Pacific is expected to grow with the fastest CAGR during the forecast period. Electronic devices are one of the most prominent and stimulating applications of lithium-ion battery in the Asia-Pacific region. Increasing population has spurred the demand for electronic devices such as smartphones, tablets, and laptops, among others. Moreover, growing awareness and popularity of hybrid and electric vehicles also supplements the growth of lithium-ion battery in this region.
GS Yuasa Corporation announced that the lithium-ion batteries manufactured by group company GS Yuasa Technology Ltd. have been installed in the Epsilon-2 Launch Vehicle, previously installed with the common lithium ion batteries. These batteries supply high-performance, and are high-quality batteries for special environments such as sea, land and air. The key players operating in the market are Samsung SDI Co. Ltd., BYD Co. Ltd., A123 Systems, LLC, LG Chem Power Inc., Automotive Energy Supply Corporation, Toshiba Corporation, Panasonic Corporation, Hitachi Chemical Co., Ltd., GS Yuasa International Ltd., and China BAK Battery Co. Ltd., among others.
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Scope of Lithium-Ion Battery Market
Material Type Segments
- Electrolytic solution
Industry Vertical Segments
- North America
• US• Canada
• South America
• Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients' objectives. We also provide customized data packs proposing market sizing in an Excel/PDF/PowerPoint or Word format, as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial Services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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