Lithium-Ion Battery Market to Boom

Source:

"Rechargeable battery makers are betting on strong growth, from $11 billion last year to $32 billion in 2015."

Rechargeable battery makers are betting on strong growth thanks to rising demand from makers of electric cars, smartphones, tablets and other consumer electronics products.

Samsung SDI, which counts Apple and Samsung Electronics among its major battery clients, predicted the global lithium-ion battery market would swell to $32 billion in 2015 from $11 billion last year.

The estimate is more bullish than some analysts' predictions, reflecting prospects for the fast-growing electric car battery sector.

Samsung SDI also estimated electric vehicles would account for 7% of the global automobile market by 2015, rising to 17% by 2020.

Samsung SDI shares ended 4.8% higher after climbing as much as 5.8% to a fresh record high.

The company said earlier this month that it planned to spend $359 million on battery production this year in order to boost capacity.

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe