Research and Markets has announced the addition of the “Global Lithium-ion Battery Market 2012-2016” report to their offering. The analysts forecast the Global Lithium-ion Battery market to grow at a CAGR of 17.9 percent over the period 2012-2016. One of the key factors contributing to this market growth is the growing demand for Li-ion batteries in grid energy storage. The Global Lithium-ion Battery market has also been witnessing the advancement in technology. However, the high cost of Li-ion batteries could pose a challenge to the growth of this market.
The key vendors dominating this market space are Panasonic Crop., Samsung SDI Co. Ltd., LG Chem Ltd., and Sony Electronics Inc. Other vendors mentioned in the report are Amperex Technology Ltd., Build Your Dreams (BYD) Battery Co. Ltd., Boston-Power Inc., China BAK Battery Inc., Electrovaya Inc., EVE Energy Co. Ltd., Hitachi Maxell Ltd., Shandong Heter Lampson Electronic Co. Ltd., Tianjin Lishen Battery Co. Ltd., and Valence Technology Inc.
Commenting on the report, an analyst from the team said: The increased variety of applications for Li-ion batteries is another major factor that is currently influencing the growth of the Global Li-ion Battery market. Li-ion batteries have diverse applications spanning various fields. They are used in different sectors such as the Consumer Electronics, Industrial, and Automotive sectors, which include cell phones, laptop PCs, power tools, industrial cranes, gardening machines, electric bikes, electric scooters, tablets, medical devices, UPS systems, electric automobiles, and transit buses. Thus, the increasing demand for Li-ion batteries from various sectors is one the driving factors influencing the growth of the Global Li-ion Battery market.
According to the report, the growth of the Global Li-ion Battery market is driven by several factors, one of which is the cost-effectiveness of Li-ion batteries. The raw materials used in the manufacture of these batteries are more affordable than those used in other batteries such as nickel batteries.
Further, the report states that one of the major challenges in this market is the high cost of Li-ion batteries. The cost of Li-ion batteries is four to eight times higher than that of lead acid batteries and four times higher than that of NiMH batteries.