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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 reached a value of US$ 39.41 Billion in 2021. A lithium-ion battery is a rechargeable battery that is generally utilized in electric vehicles (EVs) and portable electronics. It is manufactured using carbon and lithium while being equipped with a separator, electrolyte, anode and cathode. In comparison to nickel-cadmium batteries, it requires minimal maintenance, is eco-friendly in nature and has lower self-discharge rates. Along with this, it also offers higher energy density, due to which it delivers a large amount of current for high power applications. As a result, it is extensively used in consumer electronics, automobiles and pacemakers.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Lithium-ion Battery Market Trends:
The global market is primarily driven by the rising utilization of portable electronic devices among the masses. Moreover, the increasing adoption of electric vehicles (EVs) is further propelling the market growth. Along with this, the increasing initiatives undertaken by the government of multiple countries for minimizing carbon emissions have boosted the demand for lithium-ion batteries. Furthermore, continual technological advancements, such as the introduction of the nanobolt tungsten lithium battery, are creating a positive outlook for the market across the globe. The market is further driven by the rising adoption of lithium-ion batteries across the manufacturing and solar power sectors. Other factors, including the miniaturization of lithium-ion batteries, continuous product innovations, rapid urbanization and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 83.62 Billion by 2027, growing at a CAGR of 13.62% during 2022-2027.
Market Summary:
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