Lithium Ion Battery Market To Hit $53B By 2024, Says Global Market Insights

Lithium Ion Battery Market To Hit $53B By 2024, Says Global Market Insights

The report discusses how the 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.

Photo credit: iStock.com/fmajor

The global report outlook “Lithium Ion Battery Market Size By Technology, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2016 – 2024” by Global Market Insights Inc. says the lithium ion battery market size is forecast to cross $53 billion USD by 2024.

The report discusses how the 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, according to the report.

Growing adoption of plug-in hybrid electric vehicles (PHEVs) with favorable regulations – including subsidies and tax rebates – will stimulate lithium ion battery market share. The automotive sector has notable application areas, according to the report. 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.

According to the report, stringent regulations to encourage the use nonhazardous material will boost the market share over the 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 at more than $9 million. Consumer electronics, including cell phones, tablet devices and laptops, are key adoption areas contributing to segment growth. Separators are predicted to witness a growth of more than 10 percent 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.

Browse the report here.

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