Global – The global market for lithium-ion battery is expected to be worth US$ 77.423 billion in revenue by 2024, compared to US$ 29.683 billion in 2015. Competition between players on the worldwide lithium-ion battery market will ‘heat up further’ due to rapid expansion, according to Transparency Market Research.
The ‘robust’ upsurge represents a compound annual growth rate in revenue of 11.6% by 2024. In terms of volume, the market is slated to rise at a compound annual growth rate of 7.8% – meaning it will reach 4.085 billion units in 2024, compared to 2.101 billion units in 2015.
Apart from the prominent names, local players are also quite active in the global lithium-ion battery market. Although quality-wise, their products lag behind those of big players, together they still hold a ‘significant share’ in the market.
‘Buying into the promise of fast growth, numerous developers and manufacturers of lithium-ion batteries have forayed into the market. This has made the competitive landscape fragmented,’ the research firm states.
It adds that most new entrants are struggling to make profits and do not have much capacity to invest heavily in the business. ‘This could possibly deter aspiring players from entering the market in the future,’ the report argues.
The consumer electronics segment accounted for 64% of the global lithium-ion market. It is expected to hold on to its dominant share following the rising popularity of smartphones and other handheld devices.
Geographically, the Asia Pacific region holds a sway over the global lithium-ion battery market with almost half the share in it. This is mainly because of the strong presence of a host of international and local manufacturers in China and Japan.
Important markets in the Asia Pacific region are India, Singapore, and Australia. The overall Asia Pacific region will be worth an estimated US$ 21.72 billion by 2024.
North America trails Asia Pacific in the global lithium-ion battery market.