The global market for lithium-ion battery is prognosticated to witness a promising growth in the coming years, as reported by Transparency Market Research (TMR). The market’s vendor landscape features a consolidated ecosystem at the moment, with the leading three players vying for the top spot in the market. These players held roughly 57% of the overall market share in 2016, the companies namely being Samsung SDI Co., Panasonic Corporation and LG Chem Power Inc. A number of vendors are focusing on development of products while ensuring they are imbibed with the latest electronic innovations that aim at providing the highest battery performance possible. Companies are additionally looking into leveraging their product in a way so as to gain a strategic advantage over their competitors.
Key vendors operating in the global lithium ion battery market include Hitachi Chemical Company, Ltd., Automotive Energy Supply Corporation (ASEC), Johnson Controls Inc., GA Yuasa Corporation, Panasonic Corporation, and Toshiba Corporation. The vendors are further engaging in strategies such as mergers and acquisitions, joint ventures and collaborations in order to thrive in the stiff market competition. Recently, LG Chem Ltd. signed an agreement with Daimler AG, a Germany-based multinational automotive firm, to supply lithium-ion batteries for installation in their smart electric vehicles. This strategy is likely to enhance its distribution network and boost its presence as a key automotive battery provider.
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According to TMR’s analysts, the global lithium-ion market was envisaged to be at US$29.68 bn in 2015 and is predicted to reach a value of US$77.42 bn by 2024. Over the forecast period of 2016 to 2024, the market is predicted to exhibit a solid 11.6% CAGR.
Among the key application segments, consumer electronics is expected to gain traction a swift pace and emerge as the leading one. Consumer electronics is expected to contribute to almost half the overall global revenue over the forecast duration.
Considering the geographical segmentation, the region of Asia Pacific is forecasted to exhibit a swift growth. The rapid adoption of lithium-ion batteries by the burgeoning consumer electronics industry in the region is expected to boost this market.
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