A new report by Global Market Insights, Inc. predicts the market for lithium-ion batteries to exceed $60 billion in revenue by 2024.
Energy Manager Today has reported that the lithium-ion batteries' market is poised to grow rapidly by 2024. Their article on a recent Global Market Insights, Inc. (GMI) report explains that with the adoption of electric vehicles and new government initiatives, the lithium-ion battery market will exceed $60 billion in revenue by 2024. They also project that this market will experience a compound annual growth rate of 12% from 2018 to 2024.
A market that seems to be an indicator for this future growth is the Japan lithium-ion battery market. According to Energy Manager Today's article, this market is projected to grow by more than 8% by 2024. A reason for this growth is the automotive sector's "growing adoption of smart devices" and recent government policies that encourage non-conventional fuel vehicles. Energy Manage Today reported that from 2014 to 2016, Japan experienced a 237% increase in lithium-ion cell manufacturing capacity in the automotive sector alone. GMI's predictions for the Asia-Pacific Lithium-Ion Battery Market Size between 2016 and 2024 can be viewed below:
Another reason for GMI's projections is because of the batteries' wide-ranging applications in the industrial sector. These applications including the defense, healthcare, mining, and construction sub-sectors. Due to the healthcare industry's growing interest in IoTs, a growing demand for off-grid technologies, and these batteries' multitude of other industrial applications, the industrial lithium-ion battery market is expected to surpass $9 billion by 2024.
GMI's report also lists the lithium-ion battery market's current and future leaders: Tesla, Panasonic, Samsung, Philips, Sanyo, Toshiba, Duracell, and more.
With such positive projections, the lithium-ion battery market's future is looking bright!