The global lithium-ion battery market was valued at USD 40.5 billion in 2020 and is anticipated to grow at USD 109.6 billion by 2027, growing at a CAGR of 12.1% during the forecast period 2021-2027.

The global lithium-ion battery market is anticipated to grow at a CAGR of 12.1% during the forecast period 2021-2027. The lithium-ion battery market is used in various applications such as laptops, PDAs, cell phones, and iPods. The rising demand for smartphones and other electronic devices, rising adoption of electric vehicles, strict government regulations to control the rising pollution levels, rising adoption in the renewable energy sector are the factors that propel the growth of the global lithium-ion battery market.

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The COVID-19 outbreak has moderately impacted the lithium-ion battery market. The mounting requirement for continuous power supply from the critical infrastructures due to the COVID-19 pandemic will lead to the growth of the lithium-ion battery market.

Lithium Nickel Manganese Cobalt (LI-NMC) is anticipated to witness the largest market share in the lithium-ion battery market due to its good charging capacity and discharge cycle. Moreover, these batteries are widely adopted in various applications like automotive and consumer electronics industry as it offers high safety.
Increasing energy efficiency requirements in consumer gadgets, rising R&D activities for producing high quality and cost-effective products, supportive government regulations, and incentives to EVs are anticipated to provide promising opportunities to the industry players in the global lithium-ion battery market.

APAC is anticipated to have a significant share in the lithium-ion battery market. The rising disposable income, initiatives taken by the government, development in automotive and consumer electronics, rising demand for EVs, consumer awareness about adopting environment-friendly technologies, rising adoption of smart devices are some of the drivers for the growth of the lithium-ion battery market in the region. China is anticipated to adopt lithium-ion batteries to control pollution and its government is focusing on hybrid vehicles with electric drives, resulting in the growth of the lithium-ion battery market in Asia-Pacific region.

The prominent players in the lithium-ion battery industry include 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.

Source: VynZ Research