Transparency Market Research predicts the global lithium-ion battery market is to witness significant growth from 2016 to 2024. According to the research firm, the market is anticipated to expand at a CAGR of 11.6% during the forecast period. The market was valued at $29.68 Billion in 2015 and is likely to snag $77.42 Billion by 2024.
The market is classified based on power capacity, application, and region. Based on application, consumer electronics is predicted to contribute the major share during the assessed period. Based on geography, the market is spread across Europe, North America, Middle East and Africa, Latin America, and Asia Pacific. Of these Asia Pacific is anticipated to see a significant growth owing to incessant rise in demand for consumer electronics along with rapid adoption of lithium-ion batteries in the region.
- High Cost and Lack of Awareness Regarding Benefits of Lithium-ion Batteries to Deter Market Growth
- Growing Popularity of Hybrid and Electronic Vehicles to Bolster Market Growth
For more details, view the Report TOC.
Transparency Market Research