Lithium-ion battery market is expanding fast with the prosperous growth of new energy in these years. According to the report from Grand View Research, “the global lithium-ion battery market is expected to reach USD 93.1 billion by 2025, growing at a CAGR of 17.0%”.
With the advantages of high energy density and high safety level, lithium-ion battery is widely used in electronic consumer goods, electric vehicles, and grid storage systems. As a result, the demand of lithium-ion battery is consistently increasing which encourages more manufacturers to engage in lithium-ion battery production. However, it’s important to consider the following factors to keep up with the pace of lithium-ion battery market’s change with JumoreGlobal Insights:
- Market demand for lithium-ion battery
Market demand, an objective factor reflects the market trend, would not only drive the production and technology innovation of lithium-ion battery, but also shows the right direction for companies’ development strategy. For instance, growth of electric vehicle calls for the production of lithium-ion battery and brings the world with new manufacture factories. And Tesla, a famous electric vehicle car maker, has switched on world’s biggest lithium-ion battery as its car production volume is increasing.
For lithium-ion battery manufacturers, solutions to the problems like which type of battery should be chosen to produce, which potential customers should contact, and how to enhance the production capacity could be found according to the market demand. Only by analyzing the market demand precisely can they make a correct plan to expand their business.
- Pay attention to development of top vendors
Technavio had published the market research on global lithium-Ion battery market, which announced the top 6 vendors in the market. The Powerful companies include A123 Systems, Automotive Energy Supply, LG Chem, Panasonic, SAMSUNG SDI and Toshiba. Their technology innovation, products, market area and clients could be studied by the SMEs to improve themselves and catch up with the market trend.
- Challenges of the lithium-ion battery
However, every coin has two sides. Take the safety problem as an example, lithium-ion battery has a fire risk, so Europe had recently warned Christmas air travelers to care about their safety when they go travelling during the Christmas holiday, which also mind the battery manufacturers to research more on product safety. Another problem is the fierce competition due to the vast number of lithium-ion battery manufacturers, some small companies had shut down. So it’s necessary for the small battery manufacturers to exploit their own features and advantages to compete in the market.
The lithium-ion battery is predicted to have a prosperous prospect in the near future, and investment in this area is valued by some renowned companies. It’s a valuable opportunity for both investors and related manufacturers to improve themselves. Just pay attention to the market trend and get to know challenges, try to find solutions, success will come to you finally.