Lithium ion battery is a rechargeable battery with longer lifecycle. It is used in applications which require high energy density solutions. It is used in notebook computers, hybrid automobiles and cellular phones. The global lithium ion battery market is growing at a significant rate, due to mounting requirement for electric vehicle, and mounting need for smart devices and other consumer electronic products.

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On the basis of vertical the lithium ion battery market is subdivided into consumer electronics, automotive, industrial, power, medical, aerospace and defense, and marine. Among the all vertical, the consumer electronics accounted the largest share in the lithium ion battery market, as lithium ion batteries are the preferred for consumer electronics, due to mounting need for smartphones and laptops, decreasing prices of smart devices, mounting disposable income, budding acceptance of IoTs, less recharge time and high energy density

Mounting acceptance of novel technologies in lithium ion batteries, stringent government regulations for the disposable of lead, mounting disposable income, and decreasing prices precedents to implementation of lithium ion batteries in novel application areas are also facilitating the growth for the lithium ion battery market.

Safety concerns due to high temperature of lithium ion batteries and insufficient charging infrastructure are the major challenges for the growth of lithium ion battery market. In addition, advance of lithium-air, sodium-ion, and lithium–sulfur batteries to act as substitutes for lithium ion batteries are also hindering the growth of the lithium ion battery market.

Geographically, Asia-Pacific accounted the major share and is observed to witness highest growth in the lithium ion battery market due to mounting funding from the government. In addition, mounting disposable income, continuous development in automotive and consumer goods sector, mounting demand of electric vehicles, mounting consumer alertness to adopt environment friendly technologies and mounting adoption of smart devices are also facilitating the growth of the Asia-Pacific lithium ion battery market.

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In addition, in March 2018, Lithium Werks acquired the A123 Systems manufacturing plants located in China, to improve its position in market. BAK Group, Panasonic Corporation, Saft Groupe SA, BYD Company Ltd., Johnson Controls Inc., GS Yuasa Corporation, LG Chem, Ltd., Samsung SDI Co., Ltd., Lithium Werks, Hitachi Ltd., Toshiba Corporation and Valence Technology, Inc. are the key players offering lithium ion battery.

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