Lithium ion battery market size is expected to grow from an estimated value of USD 37.4 billion in 2018 to USD 92.2 billion by 2024.
Declining lithium-ion battery prices are likely to open opportunities for the growth of the market during the forecast period.
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Need for high power and energy density has created demand for reliable and safe batteries for industries such as automotive and consumer electronics. Factors such as increasing demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications are driving the growth of the lithium ion battery market.
Based on Type, Lithium Nickel Manganese Cobalt Battery to register fastest CAGR between 2018 and 2025
The market for lithium nickel manganese cobalt battery is expected to grow at the highest growth rate from 2018 to 2025. The energy density of NMC batteries is its primary strength. It achieves this energy density with good stability due to the use of an optimum ratio of nickel manganese and cobalt. It also has a good charge and discharge cycle. These features enable its application in industries such as automotive.
Europe expected to be the fastest-growing market for Lithium-ion Battery during the forecast period
Europe is expected to be the fastest-growing market for lithium ion battery from 2018 to 2025. Europe is home to some of the largest battery manufacturers such as Saft (France) and FIAMM (Italy). The consumer electronics market for wearable devices is witnessing a positive growing curve in Europe. Presence and active association in Europe such as Association of European Automotive Industrial Battery Manufacturers and PRBA is supporting the use of lithium ion battery in different application in safe mode by their set standards and certification.
Key players operating in the lithium ion battery market include BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba (Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe, (France), VARTA Storage (Germany), Farasis Energy (California), and Sila Nanotechnologies (California).
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