According to a new market research report published by Credence Research “Lithium Ion Battery Market (By Cell Type– Cylindrical, Prismatic and Pouch; By Application: Cellphones, Portable PCs, Tablets, Automotive and E-bikes, Power Tools and Others) – Growth, Future Prospects, Competitive Analysis and Forecast 2017 – 2025”, the global lithium ion battery market was valued at US$ 26.4 Bn in 2016 and is expected to grow at a CAGR of 15.5% during the forecast period from 2017 to 2025.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Lithium ion batteries have been subject to considerable demand, particularly due to their adoption in various consumer electronics such as smartphones, laptops, tablets, digital cameras and MP3 players, among others. As far as end-use applications are concerned, the consumer electronics segment held the largest share of revenue worldwide. With the growing demand for such consumer electronics, the overall market for lithium ion batteries is expected to continue to rise in the years to come. In addition, technological advances in the chemical technology used in lithium batteries are expected to result in an increase in improved batteries over the years.
Many uses of lithium ion batteries that have gained tremendous popularity in recent years include automotive and energy storage. Many of the world’s leading players have invested heavily in increasing their production capacity to build larger and more powerful batteries for large-scale applications. These segments are expected to see the fastest growth in the forecast period from 2017 to 2025.
The global lithium ion battery market is fairly consolidated with few leading manufacturers of lithium ion battery catering to the demand from existing end-users. However, there has been a rise in niche players which have been working towards design and development of new lithium based batteries to cater to innovative applications.
Some of the key players in the lithium ion battery market include Panasonic Corporation, SAMSUNG SDI CO., LTD., LG Chem, Sony Energy Devices Corporation, Maxwell Technologies, Inc., Shenzhen BAK Battery Co., Ltd., Tianjin Lishen Battery Co., Ltd., BYD Company Limited, Amperex Technology Limited, Tesla, Inc. and Valence Technology, Inc.
- Research and development activities towards designing new anodes to enhance battery performance
- Rising investments towards production of large scale batteries for applications in automotive, energy and utilities
- Continued development of lithium ion batteries with higher energy capacity and compact size