At CAGR of 13.62%, Lithium-ion Battery Market Projected to Reach a Value of US$ 83.62 Billion by 2027

According to the latest report by IMARC Group, titled "Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the global lithium-ion battery market size reached US$ 39.41 Billion in 2021. The market is projected to reach a value of US$ 83.62 Billion by 2027, growing at a CAGR of 13.62% during 2022-2027.

A lithium-ion battery (LIB) is a rechargeable battery that utilizes an intercalated lithium compound as its electrode. It comprises graphite anodes, lithium cobalt and manganese, and organic electrodes and works as an electrochemical storage device that does not require complete discharge prior to recharging. In comparison to traditional counterparts, it exhibits a higher energy density, requires minimal maintenance, and has a lower self-discharge rates. Besides this, it also offers an excellent energy-to-weight ratio, high open circuit voltage, and does not require scheduled cycling. As a result, LIB provides extensive applications across numerous verticals such as, automotive, aerospace, military and electronics.

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Market Trends:

The increasing demand for consumer electronics among the masses is driving the global market. Coupled with the shifting preferences toward compact and portable devices has led to the escalating demand for efficient storage and power backup solutions, thereby catalyzing the demand for lithium-ion batteries. Along with this, the growing adoption of electric vehicles (EVs) due to an enhanced focus on sustainable development is providing a boost to the market growth. Moreover, widespread utilization of robotic solutions across multiple industries, along with the deployment of smart grids and renewable energy systems, especially in developing countries, are driving the market growth favorably. Other factors, including rapid industrialization, continuous product innovations and extensive research and development (R&D) activities conducted by leading players, are also positively influencing the market growth.

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Key Market Segmentation:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market include:

Competitive Landscape:

• A123 Systems LLC
• AESC SDI CO.LTD.
• LG Chem Ltd.
• Panasonic Corporation
• SAMSUNG SDI CO. LTD.
• Toshiba Corporation
• BAK Group, Blue Energy Limited
• BYD Company Ltd.
• CBAK Energy Technology, Inc.
• Tianjin Lishen Battery Joint-Stock CO.LTD.
• Valence Technology Inc.
• SK innovation Co. Ltd
• Hitachi Ltd.

Breakup by Product Type:

• Lithium Cobalt Oxide
• Lithium Iron Phosphate
• Lithium Nickel Manganese Cobalt
• Lithium Manganese Oxide
• Others (Li-ion Nickel Cobalt Aluminium Oxide and Li-ion Titanate Oxide)

Breakup by Power Capacity:

• 0 to 3000mAh
• 3000mAh to 10000mAh
• 10000mAh to 60000mAh
• More than 60000mAh

Breakup by Application:

• Consumer Electronics
• Electric Vehicles
• Energy Storage
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

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This release was published on openPR.