Higher Efficiency and Longer Lifespan of Lithium-ion Battery Fuels their Demand

An intelligence report on the global lithium-ion battery market has been added to the portfolio of MarketResearchReports.biz titled, “Lithium-ion Battery Market, by Application (Electronic Devices, Automotive, etc), Material, Companies & Global Forecast to 2024.” Lithium-ion battery has been utilized in electronic sector since past two decades due to its high performance and compact size. Today’s e-bus and hybrid vehicle are the ones that are anticipated to use lithium-ion batteries the most.

The lithium-ion battery market is anticipated to grow tremendously within the forecast period, as these batteries have several advantages, for example, higher effectiveness and longer life expectancy as compared to different batteries. Quick development in the consumer electronic industry and a growing inclination towards sustainable clean fuels in the cars are expected to drive the lithium-ion battery market in the coming years. The growing adoption of lithium-ion batteries in energy storage systems, for example, solar networks in industrial and household applications is foreseen to boost the market in the near future. Be that as it may, the absence of awareness with respect to the advantages of these batteries and the high cost compared with traditional lead corrosive batteries may hamper the development of the market.

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Based on application, the lithium-ion battery market is divided into industrial, automotive, consumer electronics, and grid energy. Among these, the consumer electronics segment is expected to be the dominant segment of the global lithium-ion battery market within the forecast period. This segment is soaring impressively due to solid demand for low power capacity lithium-ion batteries that are used in cellphones. Moreover, increase in usage of these batteries in HEVs, EVs, and BEVs has fueled demand from the automotive segment as well. The rise in demand can also be credited to rise in awareness in the users and automobile makers about the advantages of clean fuel. The most important material in making of lithium-ion battery cells and battery packs is cathode. This is further divided into NMC (Lithium Nickel Manganese Cobalt Oxide), LCO (Lithium Cobalt Oxide), LMO (Lithium Manganese Oxide), NCA (Lithium Nickel Cobalt Aluminum Oxide), and LFP (Lithium Iron Phosphate).

Based on geographical regions, the lithium-ion battery market is segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. The lithium-ion battery market in Asia Pacific is anticipated to grow within the forecast period because of the rise in demand for these batteries in portable consumer electronic gadgets. China is expected to be the main market for lithium-ion batteries in Asia Pacific and in addition over the globe because of consistent rise in population and high financial development in the nation. Major leaders of lithium-ion batteries are based in Japan, China, and South Korea. Besides, North America holds a noteworthy share in the lithium-ion battery market as far as capacity is concerned.

Automotive Energy Supply Corporation (AESC), GA Yuasa Corporation, Panasonic Corporation, Johnson Controls, Inc., Hitachi Chemical Co. Ltd., Samsung SDI Co. Ltd., Toshiba Corporation, LG Chem Power, Inc. are some of the leading firms dominating the global lithium-ion battery market. The companies are investing on research and development activities to come up with a better product, that are better in quality and cost-effective as well, and to sustain their market position, along with better global reach. Firms are are focusing on better marketing and production strategies in order to compete against their competitors.

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