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The lithium-ion battery industry is predicted to reach $22.5 billion in 2016, according to recent report.
The lithium-ion battery industry is predicted to reach $22.5 billion in 2016, according to a February report by Frost & Sullivan. Consumer batteries (laptops, cell phones, cameras, etc.) account for the highest revenues at 64 percent of the overall lithium-ion battery market and are expected to constitute 52 percent of the market in the developing world.
The automotive and industrial markets (cordless power tools, forklifts, garden equipment, vehicles, etc.) are also projected to grow. In fact, they are expected to have the fastest growth in the next four years, with the transportation sector to exceed more than 25 percent of industry demand by 2020.
One of the most prestigious laboratories and research centers in Latin America, the National Institute of Industrial Technology of Argentina (INTI), recently turned to Intertek to better understand battery testing, certification and industry standards. Such relationships are key to the development and evolution of the lithium-ion battery industry in locations such as Latin America and many other developing countries.
Nearly half of the world's lithium production comes from Argentina, Chile and Bolivia, and the lithium-ion industry is expected to grow in developing countries such as these over the next three years. As a result, companies have recently been expanding mining and plant operations in Argentina as the country faces growing opportunities in the manufacturing of lithium batteries.
While the consumer segment is mature in developed economies, it is still growing in countries in Latin America. As the manufacturing of lithium batteries in Argentina continues to increase, international organizations and companies are coming together to advance the industry.
It is obvious that there are immense opportunities for growth and expansion in the global lithium-ion market. What trends are you seeing in the lithium-ion battery industry? Comment below to share your thoughts or to schedule a discussion with an Intertek and INTI expert today.
Today’s expert is Rich Byczek, Global Technical Lead for EV and Energy Storage at Intertek. Rich is based in the Greater Detroit Area.