Consumer Electronics Segment to Lead US Lithium ion Battery Market through 2023
Rising penetration of electric
vehicles coupled with increasing government focus towards renewable energy to
fuel growth in United States lithium ion battery market through 2023
According to a recently
published TechSci Research report “United States Lithium ion Battery Market
By Type, By End Use, By Battery Capacity, Competition Forecast &
Opportunities, 2013 - 2023’’, United
States lithium ion battery market is projected to grow at
CAGR of more than 13% on account of growing renewables and automobile sectors
coupled with technological advancements leading to reduction in the production cost
of lithium ion batteries. Moreover,
increasing demand for lithium ion batteries in renewable
based energy storage systems
is further likely to steer growth in United States lithium ion battery market. Additionally, rising number of government initiatives towards the
promotion of renewable energy are further likely to boost the market in the
coming years. Samsung SDI Co. Ltd. is the market leader in the US lithium ion
battery market, followed by Panasonic Corporation, LG Chem, among others.
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In
2017, consumer electronics segment accounted for the largest application share
in terms of value in United States lithium ion battery market and
the segment is likely to maintain its dominance throughout forecast period as
well on account of increasing use of mobile phones & tablets. Among types,
lithium cobalt oxide type of lithium ion battery held the majority revenue
share in the market in 2017 due to growing demand for consumer electronic
products. As per the regional analysis of United States lithium
ion battery market, West region accounted for the highest value share on
account of growing number of lithium ion battery manufacturing units and increasing
automotive production facilities in the region.
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“Increasing awareness among consumers towards
clean energy is driving demand for energy storage systems, which is likely to
positively influence United States lithium ion battery market
in the coming years. Moreover,
lithium ion batteries are
increasingly being used in utility grids to save energy. Furthermore,
technological developments for the use of advanced lithium
ion batteries in energy
deficit regions is anticipated to provide better energy storage solutions across
the country. These market developments are
expected to steer growth in United States lithium ion battery market through
2023.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“United States Lithium ion Battery Market
By Type, By End Use, By Battery Capacity, Competition Forecast &
Opportunities, 2013 - 2023” has
evaluated the future growth potential of United States lithium
ion
batteries market and
provides statistics and information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in United States lithium ion battery market.
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