The global lithium-ion batterymarket is expected to experience strong growth and reach $24.2 billion by 2018.
Lithium-ion battery is used in a variety of markets,such as consumer electronics, automotive, and industrial. The global lithium-ion batterymarket is expected to experience strong growth and reach $24.2 billion by 2018. The prime drivers of the market are growing demand of electronic products, automotive vehicles, etc. Trends are favorable for growth across the industry; however, significant differences in growth potential among the application markets and regions exist.
The report outlines that earlier the lithium-ion battery was used only in some limited applications. With changing customer needs and growing awareness, the industry is meeting new challenges to develop new applications. This requires high level of capital investment and sophisticated technological capabilities. The cost of lithium-ion battery is expensive which may negatively affect the industry.
The biggest driver for growth of lithium-ion battery in the automotive market is its usage in electric, hybrid electric, plug-in hybrid electric, and fuel cell electric vehicles where lithium-ion battery is used for storing the electric energy which is produced by chemical reaction. Another driver is the portability and durability of the battery product.
The global lithium-ion battery industry is growing at an impressive rate and is expected to grow more in near future. The demand is growing in automotive lithium-ion battery application.Hike in oil price is likely to drive the growth for electric car, electric bus, electric cycle, and electric two wheelers vehicles where lithium-ion battery is used.
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