Lithium-Ion Battery Market Worth $115.98 Billion, Globally, by 2027 at 15.6% CAGR: Verified Market Research
-The rising demand for smart devices and increasing electronic consumers are other factors propelling the growth of the market
Jersey City, N.J., Aug. 4, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Lithium-Ion Battery Market by Type (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Titanate Oxide (LTO)), by Power Capacity (0 TO 3,000 mAh, 3,000 TO 10,000 mAh, 10,000 TO 60,000 mAh, More Than 60,000 mAh), by Industry (Marine, Energy and Power, Consumer Electronics, Automotive, Aerospace and Defense), Geography". According to Verified Market Research, the Global Lithium Ion Battery Market was valued at USD 36.35 Billion in 2019 and is projected to reach USD 115.98 Billion by 2027, growing at a CAGR of 15.6% from 2020 to 2027.
This report provides detailed analysis of the growth trends among each of the segments as well as accurate forecasts in terms of the value and volume.
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Global Lithium Ion Battery Market Overview
The Lithium-Ion Battery Market is experiencing tremendous growth owing to the advancement in the technology, results in growing the production of electric plug-in vehicles. Elon Musk's car company and GM, among other auto companies, is focused on making much longer-range and more durable battery cells. The new technology will enable cars to move 400 miles or more between charges and lasting as long as 1 million miles. The battery manufacturing companies are highly focused on eliminating the expensive and controversial element cobalt from batteries. Apple lithium-ion battery uses fast charging that quickly reaches 80 percent of its capacity, then switches to slower trickle charging. Also, the rising demand for smart devices and increasing electronic consumers are other factors propelling the growth of the market. Moreover, the growing need for a battery in industrial applications is imposing a positive impact on market growth. The large-scale energy storage, and the stationary standby applications such as UPS and sitchgear & control are anticipated to fuel the growth of the market.
The major players in the market are Hitachi, LG Chem, Panasonic, BYD Company, Samsung SDI, BAK Group, GS Yuasa Corporation, Johnson Controls, Toshiba, and Lithium Werks.
Verified Market Research has segmented the Lithium-Ion Battery Market on the basis of Type, Power Capacity, Industry, and Geography.
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