How big is the Lithium-ion Battery Market?
IMARC Group’s latest research report, titled “Lithium-ion Battery Market Report: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The global lithium-ion battery market size reached US$ 45.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.
A lithium-ion battery is a rechargeable battery that is widely utilized in numerous consumer electronics and portable devices, such as laptops, smartphones, tablets, and digital cameras. It consists of lithium ions that generally move from the negative to the positive electrode during discharge and back while charging. It includes various components, including a separator, anode, cathode, and electrolyte. It is manufactured from lithium, cobalt, manganese, and graphite and can withstand an extensive number of charge and discharge cycles while possessing no memory effect, slow loss of charge, and a low self-discharge rate. There has been a significant increase in the demand for lithium-ion batteries due to their small, lightweight, and efficient storage energy characteristics.
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Global Lithium-ion Battery Industry Trends:
The escalating demand for lithium-ion batteries from the industrial sector majorly drives the global market. This can be supported by the rising product utilization in the aviation, military, defense, electronic, and automotive industries. For instance, it is utilized in a wide range of military applications, such as communication systems, unmanned aerial vehicles, and night vision equipment. Due to their high energy density, lithium-ion batteries are capable of storing more energy than other battery types, which is accelerating their demand on the global level. Since lithium-ion batteries are compact, and have a long life, making them ideal for powering portable electronic devices, which is acting as another growth-inducing factor. Moreover, the shifting consumer inclination toward energy-efficient home appliances, including refrigerators, washing machines, and air conditioners, is contributing to the market.
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What is the Future of the Lithium-ion Battery Market?
Along with this, the increasing adoption of electric vehicles(EVs) due to an enhanced focus on sustainable development, this is driving the demand for lithium-ion batteries across the globe. In addition, the rising demand for renewable energy is also significantly supporting the market as lithium-ion batteries are used to store energy generated from renewable sources, such as wind and solar power. Apart from this, several governments are providing incentives and subsidies to promote the use of lithium-ion batteries that help to reduce the cost of lithium-ion batteries, further propelling the market. Furthermore, the rising implementation of lithium-ion batteries in a wide range of industrial applications, including robotics, medical devices, and aerospace applications, is creating a positive market outlook.
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Key Market Segmentation:
Top Lithium ion Battery Manufacturers in World:
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