Avicenne Energy is a market research and consulting firm that has established a well-regarded reputation for coverage of the battery market. Each year Avicenne publishes a comprehensive report, “The Worldwide Rechargeable Battery Market.”
The Avicenne graph below shows how Li-ion battery market size and share grew from 1995 through 2015. An earlier post, LI-ION BATTERY PRODUCTION, described how Sony commercialized the first lithium-ion (Li-ion) battery in 1991 to help drive large-scale adoption of their handheld camcorder. In 1995, Li-ion trailed both Nickel-Metal Hydride (NiMH) and Nickel-Cadmium (NiCd) batteries in market size. By 2000, Li-ion battery market size surpassed NiMH and NiCd combined, due in large part to the adoption of Li-ion batteries for the fast-growing portable, laptop computer market.
Between 2005 and 2015, the Li-ion battery market grew at a 14% compound average growth rate (CAGR). The graph below provides insight as to the major drivers of this rapid growth. Portable computers continued to drive Li-ion battery use, as the sales of laptop computers passed desktop computers in 2005. Portable computers (laptops and then notebooks) have become an ever larger portion of the total personal computer market. But, by far, the more significant drivers of the Li-ion battery market were two new mobile information and communications technology (mICT) platforms: smartphones and tablets.
In the next post, I’ll examine Li-ion market projections for the next decade.