A recent analysis by MarketsandMarketsTM projects that the Lithium-ion Battery Market will grow at a CAGR of 13.1% from 48.6 billion dollars in 2023 to 135.1 billion dollars by 2031. The rising demand for lithium-ion batteries, which are used in consumer electronics like smartphones, laptops, and electric cars, is credited with driving the market's expansion. The research also emphasises how the market for lithium-ion batteries is expanding as a result of the rising need for renewable energy sources like solar and wind, which call for solutions for energy storage. Due to the existence of significant lithium-ion battery producers and rising investments in the electric vehicle sector, the Asia Pacific region is anticipated to dominate the market over the forecast period.

The market for lithium-ion batteries is seeing growth due to the increased use of these batteries in smart electronics and plug-in cars. The increased demand for lithium-ion batteries, which are used in consumer electronics such as smartphones, laptops, and electric cars, is helping to fuel the market's expansion. The study also emphasises how lithium-ion battery producers are concentrating on product innovation, which is anticipated to fuel market expansion over the course of the projection period. Energy storage solutions are needed to support the use of renewable energy sources like solar and wind, which is another reason boosting the demand for lithium-ion batteries.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=49714593

Major companies operating in this lithium-ion battery market include LG Chem (South Korea); SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China).

Lithium Nickel Manganese Cobalt Oxide holds the second-largest market share in 2021
The lithium nickel manganese cobalt oxide (Li-NMC) segment, which accounted for the second-largest market share in 2021 and was valued at USD 9.8 billion, is one of the important segments of the lithium-ion battery industry. The very low self-heating rate of Li-NMC batteries, which are increasingly being used in electric vehicles, is credited with the segment's growth. Li-NMC batteries can be utilised for power tools, medical devices, and other electric powertrains in addition to electric automobiles. Additionally, Li-NMC batteries are fireproof batteries that can be used in residential applications for home battery storage combined with solar photovoltaic cells. These batteries can be employed for uninterrupted power supplies.

Lithium-ion batteries with capacity ranging from 3,000 – 10,000 mAh are highly adopted by end-users

For heavy load applications, lithium-ion batteries with capacities between 3,000 and 10,000 mAh are widely used in a variety of industries. Batteries are frequently utilised to create modules for a variety of devices, including power backup systems, robots, industrial applications, and electric cars. These lithium-ion batteries come in a variety of shapes, including cylinder, prismatic, and battery pack varieties. Due to their high energy density, which enables them to run a variety of devices for longer periods of time, these batteries are highly favoured by end users. Additionally, they are ideal for portable and transportable applications due to their light weight and small size.

High (above 36V) segment dominated the lithium-ion market in 2021

Due to its popularity across a variety of industries, the high voltage segment of lithium-ion batteries led the market in 2021. For applications requiring high power output, such as the military, electric vehicles, marine, massive machinery, and communications, these batteries are chosen. Additionally, due to their light weight, which lowers the overall weight of the aircraft, high voltage lithium-ion batteries are used in aerospace applications to power electrical equipment. Because they are suited for a wide range of applications and have a high energy density, long lifespan, and low self-discharge rate, high voltage lithium-ion batteries are projected to see increased demand in the future.

Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/lithium-ion-battery-market-49714593.html

Automotive industry dominated the lithium-ion battery market in 2021

In 2021, the automotive sector remained dominant in the lithium-ion battery market, with battery-powered cars such plug-in hybrids and hybrid electric vehicles being the main users of lithium-ion batteries. The market for lithium-ion batteries is expanding as a result of the rising adoption and popularity of these cars. The automotive industry is primarily responsible for the growth of the lithium-ion battery market in the Asia Pacific and Europe regions. In addition, the UK is taking steps to encourage the expansion of the market for electric vehicles, which is anticipated to help the sector even further.

The lithium-ion battery market in Asia Pacific is the largest dominating region in 2021

With the biggest market share, the Asia Pacific region will continue to dominate the lithium-ion battery market in 2021. Numerous notable market companies, including LG Chem, BAK Power Battery, GS Yuasa International, Samsung SDI, CATL, Panasonic Holdings Corporation, and BYD Company Ltd., are present in the area, which has contributed to the industry's growth. China, which has a large number of well-established firms as well as local or domestic players, is one of the primary contributors to the growth of the regional market. Rising urbanisation, industrialization, and demand for electric vehicles are the main factors fueling market expansion in the area. The region's market is anticipated to develop as a result of the existence of numerous end-use industries like the automotive, consumer electronics, and aerospace sectors.

News Covered:

https://www.globenewswire.com/en/news-release/2022/09/16/2517697/0/en/Lithium-ion-Battery-Market-worth-135-1-billion-by-2031-Exclusive-Report-by-MarketsandMarkets.html

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Visit Our Website: https://www.marketsandmarkets.com