Lithium ion battery market for power capacity range 3,000–10,000 mAH is expected to grow at the highest CAGR

The report "Lithium Ion Battery Market by Type (Li-NMC, LFP, LCO, LTO, LMO, NCA), power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh), Industry (Consumer Electronics, Automotive, Medical, Industrial), and Region - Global Forecast to 2025"  The overall lithium ion battery market is expected to grow from USD 37.4 billion in 2018 to USD 98.0 billion by 2025, at a CAGR of 15% from 2018 to 2025.

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The lithium ion battery market for power capacity range 3,000–10,000 mAH is expected to grow at the highest CAGR between 2018 and 2024. The market for this range is expected to grow at a high CAGR due to the fact that it covers a majority of industries such as consumer electronics, electric vehicle, power tools, and aerospace & defense. This makes it more desirable in future for numerous applications.

The market for automotive industry is expected to grow at the highest CAGR between 2018 and 2024. The automotive industry is expected to be one of the major segments for lithium ion battery. The automotive segment includes battery-driven vehicles such as electric vehicles, which also include hybrid electric vehicles, plug-in electric vehicles, e-bikes, and automated guided vehicles, which are major consumers of lithium ion battery. There is an increasing competition between battery models installed in EVs owing to the need for operational excellence. Increasing adoption and awareness of EVs support the growth of the lithium ion battery market.

The lithium ion battery market in APAC is expected to grow at the highest CAGR during the forecast period. APAC has become an attractive automotive market. In recent years, this region has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in emerging nations have opened new avenues and opportunities for OEMs. Additionally, the increasing purchasing power of the population has stimulated the demand for consumer electronics and automobile resulting into the high demand for the lithium ion battery market in APAC.

Key Market Players

The lithium ion battery market is highly competitive, with the presence of several big and small market players. In 2017, leading players in the lithium-ion battery industry were LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BYD Company (China), and BAK Group (China). Product launches and developments, partnerships, agreements, collaborations, and acquisitions are some of the major strategies adopted by the players to grow in the lithium-ion battery market.

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