Latest Proections for the Global Lithium-Ion Battery Market .
Electric vehicles running on lithium-ion batteries constitute one of the fastest growing clean energy segments across the globe. As of 2015, around 95% of hybrid electric vehicles plying on the roads, globally, were using lithium-ion batteries.
It is estimated that more than 350,000 electric cars were sold worldwide in the same year, and most of these cars run on lithium-ion batteries. Moreover, continuing surge in sales of smartphones is another major factor driving demand for lithium-ion batteries. Globally, smartphone sales are forecast to increase from an estimated 1.89 billion units in 2015 to 2.61 billion units by 2019.
According to a recently published TechSci Research report “Global Lithium ion Battery Market By Type, By End User, By Region, Competition Forecast and Opportunities, 2011 – 2021”,
The global lithium-ion battery market is projected to grow at a CAGR of more than 17% during 2016 – 2021, on account of surging demand for portable and stationary energy storage, increasing environmental concerns and escalating number of solar & wind projects.
Lithium-ion batteries are being increasingly preferred over traditional lead acid batteries for power storage purposes in renewable power projects as well as residential and commercial set-ups, globally. Demand for energy is forecast to increase from 12,928.4 Million Ton Oil Equivalent (MTOE) in 2014 to 17,000 MTOE by 2020. Anticipated growth in global energy demand is expected to boost adoption of lithium-ion batteries over the course of next five years.
Electric Vehicle Sales, By Country, By Number of Units Sold and Percentage Share in Total Automobile Sales, 2015-Q1
Electric Vehicles Sales (in % share of Electric numbers)
About Gordon Smith Gordon's expertise in the area of industrial energy efficiency and alternative energy. He is an experienced electrical engineer with a Masters degree in Alternative Energy technology. He is the co-founder of several renewable energy media sites including Solar Thermal Magazine.