Lithium-Ion Battery Market: Key Features, Growth Drivers, Upcoming Trends with Top Company Profiles (LG Chem., A123 Systems, SK Energy, BYD, BAK Group etc.) Analysis till 2023

Overview:

Lithium-ion is a rechargeable battery used in various industries. The batteries come with high life-cycle and provide high-energy-density. From the last few years, the lithium battery market has seen tremendous growth because of its high demand in consumer electronics. The batteries are also popular in the automotive sector. The lithium-ion batteries have also become a great source of power in the new devices introduced in the market.

The rising demand for high-power and durable cells is the primary factor that drives the growth of the lithium battery market globally. The lithium-ion batteries are primarily used in smartphones and consumer electronics. The increasing penetration into the vast applications is an essential reason for the growth in the market. The backup that the battery provides is the primary factor why most of the end-users use it in their devices. Most of the smartphone companies are using the lithium-ion batteries to attract the customer with high-battery backup.

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The rise in the automotive sector is another primary reason for the growth in the market. The hybrid electric cars developed these days’ uses lithium-ion batteries which drives the global market of the cell.

Segmentation:

The global market of lithium-ion batteries is of four major types; it includes type, capacity, power and vertical. Based on the vertical segmentation, the lithium-ion batteries are of various kinds; it includes aerospace, automotive, defence, consumer electronics, marine, medical and power. The consumer electronics sector holds a significant share of the market; it increases the demand for highly-efficient and portable lithium-ion batteries; The better performance and reliability are two main qualities of the lithium-ion batteries.

The automotive segment is also about to grow during the forecast period. The hybrid electronic cars developed these days are using the lithium-ion batteries that increase the demand for the cells in the automotive sector.

Regional overview:

At present, the Asia-pacific region holds a significant share of the lithium-ion market. The rise in technology, especially in the cell phone industry is one of the primary reasons for the growth of the market in the Asia-pacific. Regions like Europe and North-America follow it.

The primary reasons that contribute to the growth of the market are the increasing focus of the governments towards reducing the emission of greenhouse gases. These regions also allow the faster implementation of the advance technology. Additionally, the growing numbers of the manufacturers also provide a boost to the lithium-ion battery market.

The lithium-ion battery is going to witness a substantial growth due to the evolution of the electric vehicles.

Recent industry news:

The lithium-ion batteries market will foresee significant growth in the upcoming years. Most of the countries are working on to cut the use of carbon in all the sectors. It allows the market to boost up in all the areas. The power generation and transport are the two significant sectors that positively impact the growth of the global market. The adoption of renewable energy in every industry will propel the demand of the lithium-ion market in the upcoming years.

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