PORTLAND, Oregon, October 24, 2018 /PRNewswire/ --
Increasing demand for electric vehicles, stringent government regulations to reduce pollution, and higher energy requirement for new consumer gadgets are expected to boost the growth of the global lithium-ion battery market
Allied Market Research recently published a report titled, "LithiumIon Battery MarketBy Component (Cathode, Anode, Electrolytic Solution, and Others) and End User (Electronics, Automotive, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers detailed insights on the top investment pockets, drivers & opportunities, industry trends, key market segments, top investment pockets, and competitive landscape. According to the report, the global lithium-ion battery market was pegged at $30.19 billion in 2017 and is expected to garner $100.43 billion by 2025, registering a CAGR of 17.1% from 2018 to 2025.
Increasing demand for electric, hybrid electric, and plug-in hybrid vehicles, stringent government measures to control air pollution, and growing demand for smartphones, tablets, and other devices drive the growth of the global lithium-ion battery market. However, high price of lithium-ion batteries and risk of fire in electronic devices hamper the market growth. On the contrary, higher energy requirements of new consumer gadgets are expected to create lucrative opportunities for the market players in the coming years.
Cathode segment to hold the largest market share through 2023
In 2017, the cathode segment was the largest contributor to the market, accounting about one-third of the total market revenue and is expected to continue its dominance throughout the forecast period. However, the electrolytic solution segment is estimated to register the fastest CAGR of 17% from 2018 to 2025. The anode segment would grow at a steady rate during the forecast period.
Automotivesegment to create lucrative opportunities
The automotive segment constituted more than half of the market revenue in 2017, as electric & hybrid vehicles are the major consumers of lithium-ion batteries. This segment would grow at the fastest CAGR of 17.4% during the study period, as rapid technological advancements has fueled the demand for these batteries by 2025. The report analyzes other prominent segments including electronics, industrial, and others.
The lithium-ion battery market in Asia-Pacific contributed about 40% of the total market share in 2017. It is expected to maintain its dominance throughout the forecast period, owing to the growing sales of automobiles in developing economies such as India and China. However, North America region would register the fastest CAGR of 17.7% during the study period, owing to surge in product consumption in the automotive sector in the region. The other regions analyzed in the report are Europe and Latin America, Middle East and Africa (LAMEA).
Key market players
The key players analyzed in the report include Automotive Energy Supply Corporation, Samsung SDI Co. Ltd., LITEC Co., Toshiba Corporation, China BAK Battery Co. Ltd., Panasonic Corporation, LG Chem Power (LGCPI), A123 Systems, Hitachi Chemical Co., Ltd., and GS Yuasa International Ltd.
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