IMARC Group’s latest research report, titled “Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” provides an extensive analysis of the industry, including lithium-ion battery market size, share, trends, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market. The global lithium-ion battery market size reached US$ 45.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.
Lithium-ion Battery Market Overview:
A lithium-ion battery refers to a type of rechargeable battery that utilizes lithium ions to store and release electrical energy. It consists of three main components, including a cathode (positive electrode), an anode (negative electrode), and an electrolyte. It is typically manufactured of lithium cobalt oxide (LiCoO2), lithium manganese oxide (LiMn2O4), or lithium iron phosphate (LiFePO4). These materials have the ability to release and absorb lithium ions during the charging and discharging processes. The anode is typically composed of graphite, which allows for the intercalation of lithium ions. The electrolyte, a conductive solution, acts as a medium for the transport of lithium ions between the cathode and anode. An external power source applies a voltage to the battery during charging, causing lithium ions to move through the electrolyte from the cathode to the anode. This process is known as intercalation.
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Global Lithium-ion Battery Market Trends:
The escalating demand lithium-ion batteries due to their numerous advantages, such as high energy density, lightweight construction, and environmentally friendly properties, majorly drive the global market. Along with this, the growing sales of smartwatches and wearable fitness trackers, which enable individuals to monitor their steps, heart rate, calories, and sleep patterns, are significantly supporting the market. In addition, government agencies across the globe are actively promoting the adoption of electric vehicles (EVs) to decrease reliance on fossil fuels and minimize automotive emissions, which is positively influencing the market. Apart from this, the increasing integration of li-ion batteries in marine equipment and vessels is contributing to the market. Furthermore, technological advancements in the manufacturing of lithium-ion batteries are creating a positive market outlook.
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Key Market Segmentation:
Top Lithium-ion Battery Manufacturers in World:
Breakup by Application:
Breakup by Power Capacity:
Breakup by Product Type:
Breakup by Region:
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