The global lithium-ion battery market is expected to reach USD 93.1 billion by 2025, growing at a CAGR of 17.0%, according to a new report. Increased usage of lithium-ion batteries in electric vehicles, portable consumer electronics and grid storage systems owing to its high energy density and high safety level is expected to drive market demand.
Lithium-ion batteries are used in applications that require lightweight and high-energy density solutions. These batteries provide the highest energy density per weight and are mostly used in cellular phones, notebook computers, and hybrid automobiles.
Technological advancements to reduce the weight of batteries, cost and increase their power output, is expected to augment industry expansion. In addition, competent distribution channels are likely to be an important way to gain a competitive advantage.
Energy storage system is expected to witness the fastest growth over the forecast period at a CAGR of 21% from 2017 to 2025 owing to the developments in wind and solar PV in countries including Germany, China and U.S.
Asia Pacific was the dominant market and accounted for 48.3% of the global share in 2016. The region is expected to show substantial rise on account of implementation of government policies to promote electric vehicles in India & China.
Moreover, presence of key energy generation companies in China including China Guangdong Nuclear Power Group, China National Nuclear Corporation, Shenergy Group, and Shenhua Group is expected to propel industry growth.
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Source: ASDReports - Market Research
Date: Nov 10, 2017