Lithium Ion Battery Market is slated to witness a remarkable growth in the years ahead, with the projected revenue surpassing USD 50 billion by 2024. In the past few years, lithium ion batteries have witnessed a considerable adoption over the conventional batteries, owing to the better shelf-life, rechargeable characteristics, and enhanced efficiency of the latter. In addition to this, strict government regulations to curb the carbon emissions is another prominent factor boosting the lithium ion industry trends.
The diverse applications of lithium ion batteries across various sectors such as automotive, consumer electronics, and energy is further creating a profitable roadmap for the industry over the years to come. The increasing adoption of portable electronics products such as mobiles, tablets, etc. is directly and positively influencing lithium ion battery market share. Lithium ion batteries market size in the consumer applications is estimated to surpass USD 14 billion by 2024.
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Furthermore, the lithium ion battery market development in the automotive sector has been appreciable over the recent years. The growth can primarily be attributed to the growing concerns pertaining to the vehicle emissions coupled with a strong demand for electric vehicles globally. U.S. in this regard, is a major participant in the lithium ion industry growth being one of the foremost region witnessing heavy demand for electric vehicles and a high adoption rate of portable electronics devices.
The strict government norms to curtail environmental hazards has provided a plethora of opportunities for the lithium ion battery market globally. For instance, in 2008, European Union implemented battery directive against the use of environment-hazardous batteries. Germany is estimated to be the prime revenue driver of Europe lithium ion industry with an estimated growth rate of 10% over 2016-2024.
Asia Pacific has also shown a positive response in the lithium ion industry growth, driven by the strict environmental regulations imposed by the government. For instance, Japan stated a 150% y-o-y consumption rate of these batteries. The region is likely to exceed USD 2 billion by 2024. China is another lucrative ground in the APAC market, with a projected CAGR of 11% over the period of 2016-2024.
Renewable energy demand is at its peak in the era of depleting conventional resources. The nations are expanding their infrastructure and technological capabilities to enhance the use of these sustainable energy sources. In 2015, over 30% of the electricity demand in Germany was met using renewable energy. This high demand is, in turn, pushing the lithium ion battery market share in the renewable and grid energy storage, with an estimated revenue target of USD 12 billion by 2024.
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Taking into consideration the strong applications of these batteries in the diversified sectors, the lithium ion battery industry is slated to witness a strong growth curve over the years to come. Notable participants in this market are Toshiba, Panasonic, Samsung, Automotive Energy Supply Corporation, GS Yuasa International, Hitachi Chemical, A123 Systems, and LG Chemical Power Inc (LGCPI).
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