Albany - NY, Sept. 10, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR), a market intelligence company based in the U.S., recently published a research report on the global lithium ion market. According to the study, the global lithium ion battery market will reach a value of US$33.11 billion by 2019 from US$11.70 billion in 2012, registering a healthy CAGR of 14.4% from 2013 to 2019. The research report, titled "Global Lithium Ion Battery Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2013 - 2019" is available for sale on the company website.The TMR study states, the increasing need of alternate energy sources from automobiles, consumer electronics, and industrial sector is primarily driving the global lithium ion battery market.
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Escalating crude oil prices has significantly increased the demand for Electric Vehicles and Hybrid Electric Vehicles (HEVs) powered by lithium ion batteries in the automobiles sector, as per the study findings. Further in consumer electronics, lithium ion batteries are highly demanded to offer high life cycle and ensure slow battery discharge in devices such as tablets, which will propel the market.Mounting environmental concerns due to the increasing rate of carbon emissions and stringent regulations imposed by the government to control the same particularly in regions such as North America, Europe, and China are increasing the adoption of lithium ion batteries, as per TMR findings.However, high price and inadequate awareness regarding the advantages of lithium ion batteries will hinder growth of the market, adds the report. As such, lithium ion batteries find lower adoption in electronics, automotive, and industrial sectors.
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Moreover, lithium ion batteries have chances of exploding when exposed to high heat and temperature conditions, which is a major factor inhibiting its market growth. To eliminate the risk, technological advancements are introduced which is expected support growth of the market, the TMR study states.The TMR study segments the global lithium ion battery market on three criteria namely material type, application, and geography. Among the application segments, consumer sector accounted for the largest market share in 2012, followed by the automotive sector. The consumer electronics segment will dominate the market during the forecast period owing to its high application in cellphones, tablet computers, smart phones, digital cameras, and other consumer electronics, as examined by the TMR study. Emerging applications in military, medical industry, and energy production will also open growth avenues for the lithium ion battery market, as examined by the research report. Geography wise, Asia Pacific led the lithium ion battery market in 2012 accounting for 49% market share. The robust demand for lithium ion battery in China and Japan is driving the Asia Pacific market.
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Further as per the study findings, strict government regulations imposed to control carbon emissions in China will support growth of the market. Hybrid buses in China are largely powered with lithium ion battery, which is a key factor driving the lithium ion battery market in Asia Pacific.
Lithium-Ion Battery Market by Material Type
- Electrolytic Solution
- Others (Binders, Separators etc)
Lithium-Ion Battery Market by Application
- Bus and Trucks
- Train and Airplanes
- Other (e-scooter and e-bikes)
- Smart Grid
- Mobile phones, smartphones and tablet PCs
Others (Energy, Medical, Military)
Lithium-Ion Battery Market by Geography
- North America
- Rest of the World
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research