Global Lithium Batteries Market to See 15.8% Annual Growth Through 2023
Strong Demand from China Boosting Industry Expansion
WELLESLEY, Mass., April 23, 2019 (Newswire.com) - Strong demand and new projects worldwide are boosting the global lithium batteries market, according to a report by BCC Research.
The market expects to see a compound annual growth rate (CAGR) of 15.8% through 2023, when it could be worth $47.4 billion, according to the report “Lithium Batteries: Markets and Materials.”
- Secondary batteries lead the market by size and growth, with a 2018 value of $21.4 billion and a CAGR of 16.3%.
- By active element, lithium-iodine batteries lead the primary battery segment by growth, with a CAGR through 2023 of 12.7%, followed by lithium-silver vanadium pentoxide at 7.4% and lithium-thionyl chloride at 5.3%.
“Growth in EV battery production is being driven in general by the Asia-Pacific region and, in particular, by China,” notes report author Christopher Frye. “China is making a concerted effort to build an internal battery manufacturing infrastructure to support an ever-expanding EV market, which now boasts more than 70 different models, in addition to developing electric buses that are already registering astronomical growth.”
Military Uses Seen as Emerging Market Force
The U.S. military is the single largest purchaser of advanced batteries, and the batteries are used in parameter sensors, range finders, weapons, steering controls and transmitters. In the past several decades, the military has reduced the number of different types of batteries used. Emerging uses include their applications in electric vehicles, fighting vehicles, manufacturing and strategic defense.
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Source: BCC Research