Lithium Ion battery market to reach $53bn by 2024

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Global Lithium Ion Battery Market to grow at over 9% CAGR to reach $53bn by 2024: Global Market Insights Inc.


Lithium Ion Battery Market size will exceed over USD 53 billion by 2024; as per a latest study by Global Market Insights, Inc.

Increasing adoption of portable electronic devices owing to its longer shelf life will drive the global lithium ion battery market size from 2016 to 2024. Ionized lithium has higher stability and heat resistance properties coupled with faster recharging efficiency when compared with other available alternatives. Low risk of explosion or damage to equipment will further complement the industry outlook.

Growing adoption of plug-in hybrid electric vehicles (PHEVs) with favorable regulations including subsidies and tax rebate will stimulate lithium ion battery market share. Automotive sector are notable application areas. Ample supply of raw materials at affordable prices has encouraged high production volume, making them the preferred technology in applications including inverters, consumer electronics and industrial batteries.

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Stringent regulations to encourage the use nonhazardous material will boost the market share over forecast period. The Department of Energy and National Renewable Energy Laboratory (NREL) introduced directive NREL/TP-463-7673 to encourage the adoption of environmentally safe batteries. The regulation also enlists the battery safety standards that need to be adhered to by electric vehicle manufacturers.

Lithium ion battery market size from cathodes for 2015 was valued over USD 9

million. Consumer electronics including cell phones, tablet devices and laptops are key adoption areas contributing to segment growth.

Separators are predicted to witness growth over 10% by 2024. Superior charging ability coupled with greater shelf life are notable features which may favor the industry landscape. Increasing adoption of supercapacitor in mobile phones subject to its longer operating life will positively influence business growth.

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Europe Lithium Ion Battery Market size, by application 2014-2024 (USD Billion)


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Renewable and grid storage applications will surpass USD 12 billion by 2024. Europe witnessed significant increase in infrastructure required for renewable energy storage, further propelling the lithium ion battery market size. In 2015, Germany produced more than 30% of its annual electricity demand from renewable energy sources.

Lithium ion battery market size from consumer applications is predicted to surpass USD 14 billion by 2024 owing to increasing portable electronic device demand. Growing adoption of portable electronic devices in the U.S. and Europe will positively impact business growth.

U.S. li-ion battery market size was valued over USD 5 billion in 2015 and is expected to witness strong growth owing to high adoption of electric vehicles. Strict regulations to restrict the vehicular emission levels will further boost the industry landscape.


Application TrendsConsumer applications are predicted to exceed USD 14 billion by 2024 due to growing personal mobile electronics demand. Growing emphasis on adoption of portable medical devices in developed countries will positively influence the industry landscape. Renewable and grid energy applications are predicted to witness growth of over 9% owing to increased emphasis on effective storage and use of sustainable sources in developed nations.

Regional TrendsU.S. lithium ion battery market share contributed over 70% of the regional revenue in 2015 and is expected to witness significant growth due to increasing electric vehicle demand with growing adoption of high quality consumer electronics products. The total electric vehicle sales in the country for 2015 was 542,000, up from 487,000 in 2014.

Competitive Market ShareNotable industry participants include Toshiba, Samsung, Panasonic, GS Yuasa International, Automotive Energy Supply Corporation, A123 Systems, Hitachi Chemical, LG Chemical Power (LGCPI), China BAK Battery. In January 2016, Tyco and Johnson Controls entered a definitive merger agreement to operate in the energy storage business together, focusing primarily on R&D in the lithium ion battery market.

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Lithium Ion battery market to reach $53bn by 2024