World News: 14:45 GMT Thursday 6th December 2018. [Technavio Research via Businesswire via SPi World News]
The global prismatic lithium-ion battery market is expected to post a CAGR of nearly 7%, according to the latest market research report by Technavio. However, the market is expected to decelerate on a year-on-year basis during the forecast period.
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Technavio has released a new market research report on the global prismatic lithium-ion battery market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is a shift of the automotive industry toward EVs. The increasing GHG emissions and rising environmental concerns globally have driven countries to rethink the use of fossil fuels in transportation. The only feasible replacement for fossil fuel-powered vehicles is electric vehicles. Therefore, the key market vendors are increasing their efforts to produce more prismatic lithium-ion batteries that cater to the growing demand for EVs from the automotive industry. These factors will be driving the sales of prismatic lithium-ion batteries, thereby contributing to the growth of the market.
This market research report on the global prismatic lithium-ion battery market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing adoption of lithium-ion battery in energy storage as one of the key emerging trends in the global prismatic lithium-ion battery market:
Global prismatic lithium-ion battery market: Growing adoption of lithium-ion battery in energy storage
With the growing global focus on bringing more renewables into the energy mix, the market for electrochemical-based ESS has grown tremendously over the years. In the electrochemical ESS category, lithium-ion batteries are the most widely used ones as around half of the electrochemical ESS use the lithium-ion battery technology due to its high energy density, size advantage, and high efficiency. Additionally, the declining prices of lithium-ion batteries coupled with the increased need for ESS due to the rapidly increasing deployment of renewables will be contributing to the growth of the ESS market, which will subsequently drive the growth of global prismatic lithium-ion battery market.
“The manufacturing cost of lithium-ion batteries is declining significantly every year as the production scale and manufacturing efficiency have improved. The cost of lithium-ion batteries fell by 78.65% during the period from 2010 to 2017. This decline can be attributed to the increasing adoption by the automotive industry as well as the development of cost-effective production methods by vendors,” says a senior analyst at Technavio for research on energy storage.
Global prismatic lithium-ion battery market: Segmentation analysis
This market research report segments the global prismatic lithium-ion battery market by applications (non-automotive and automotive) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of nearly 49%, followed by the Americas and EMEA respectively. The APAC region is expected to continue to dominate the market during the forecast period owing to the increasing penetration of renewable energy, EVs, and consumer electronics.
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Some of the key topics covered in the report include:
Five Forces Analysis
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Business Wire: 14:45 GMT Thursday 6th December 2018
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