Global Lithium-ion Batteries Market - How the Market Will Witness Substantial Growth in the Upcoming years?

Lithium-Ion Battery Market is projected to grow up to USD 106.3 billion by 2027 growing at a CAGR of 16.7% during the forecasting period 2021-2027. Electronic devices such as smartphones, power tools, and digital cameras all use lithium-ion batteries. As a result, with the growing need for storage and power backup, battery demand in the railway and manufacturing industries, as well as solar power, is expected to rise. Over the forecast era, the demand for lithium-ion batteries will be powered by long life cycles, lower battery costs, and high density.

These types of lithium-ion batteries use a variety of materials as electro codes, the most common of which is a cathode and anode combination, which is commonly used in electronic devices such as cell phones and laptops. Using this type of lithium-ion battery allows for higher energy density, self-discharge power, low maintenance, and cell voltage maintenance, among other benefits.

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Key Driving Factors: The automotive market is expected to expand at large:

The growth of the lithium-ion battery market is being fueled by rising EV adoption and recognition, as well as government policies and regulations promoting EV adoption around the world. The demand for these vehicles is expected to increase in the near future, owing in part to the introduction of various environmental legislation and emission standards. The demand for Li-ion batteries has risen as a result.

This report offers the major market player’s profiles, such as Automotive Energy Supply Corporation, Panasonic Corporation, LITEC Co., Ltd., Samsung SDI Co. Ltd., LG Chem Power (LGCPI), A123 Systems, LLC, China BAK Battery Co. Ltd., Hitachi Chemical Co., Ltd., Toshiba Corporation, and GS Yuasa International Ltd.

Opportunities: Growing Demand for Batteries:

Increasing demand for other types of batteries in energy storage, consumer electronics, and electric vehicles is expected to limit the market over the forecast period. These batteries include lithium-air, flow batteries, sodium nickel chloride batteries, and lead-acid batteries. Increasing concerns about favourable government incentives, climate change, declining battery costs, and the dropping price of solar photovoltaic cells have contributed to a shift toward renewable energy as a source of electricity.

By Battery Type:
The primary strength of NMC batteries is their energy density. Due to the use of an ideal nickel manganese and cobalt ratio, it achieves this energy density with excellent stability. It has a decent charging and discharging cycle as well. These characteristics allow it to be used in industries such as automotive. Laptop batteries, mobile phones, tablets, automotive, power tools, and electrical storage systems all use NMC. It's small and compact, making it ideal for slimmer and lighter tablets and smartphones. This property would cause LCO and NCA cathode materials to be gradually phased out of laptop, cell phone, and tablet batteries.

The Lithium-ion Battery market report has been categorized as below

By Application
• Consumer Electronics
• Automotive
• Power
• Industrial
• Medical
• Aerospace & Defense
• Marine

By Battery Types
• Lithium Nickel Manganese Cobalt (Li-NMC)
• Lithium Iron Phosphate (LFP)
• Lithium Cobalt Oxide (LCO)
• Lithium Titanate Oxide
• Lithium Manganese Oxide
• Lithium Nickel Cobalt Aluminum Oxide

By power Capacity
• 0-3,000 mAh
• 3,000 mAh-10,000 mAh,
• 10,000 mAh-60,000 mAh,
• Above 60,000 mAh

By Region
• North America
• Europe
• Asia Pacific
• Rest of World

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