The Allied Market Research recently published the latest forecast on the global lithium-ion battery market. By 2022, experts project the industry to reach $46.21 billion with a compound annual growth rate of 10.8%.
The introduction of new materials allows manufacturers to decrease the cost of producing lithium-ion batteries, poising worldwide markets toward continued growth and to gain more advantage. Expect to see economical options from leading references like Benchmark Minerals as supply chain prices become more competitive.
Li-ion batteries are rechargeable; they have a high energy density, and people mainly use them in portable gadgets. The increasing use of tablets, PCs, smartphones, power tools, and digital cameras has been the strongest driver for the significant growth that the industry is experiencing right now.
The automobile market is also taking a bigger chunk of the pie as electric vehicles that are in need of lithium-ion batteries emerge. Since these rechargeable batteries are lightweight and come in smaller sizes, automobile manufacturers prefer them to nickel metal batteries.
A large number of domestic players in the lithium-ion battery industry occupy about 60 percent of the market segment in the overall figure. Among existing players, Panasonic Corporation led the global scene in 2015 with its 15.6 percent market share.
However, due to the rising competition among major players, the company may not make it to the top in the coming years.
The Global Lithium-Ion Battery Market Scenario
Currently, the highest revenue-generating industry for the market is electronics. This is owing to the increase in adoption of Li-ion batteries in laptops, personal computers, smartphones, and tablets.
Meanwhile, the automotive industry is proving to be the most lucrative with the mounting demand for hybrid and electric vehicles across countries such as Japan, Chine, and the U.S.
Various factors hold the scope for this global growth. More mega factories are also stepping into the market with their innovative products. With affordable materials and emerging technologies, expect to lithium-ion batteries to be more competitive and accessible.