Due to benefits associated with them, such as less need for engine maintenance, less usage of toxic oil waste, and a reduction in pollution from fuel combustion engines, together with the advancement of better battery technology, the number of electric vehicles is constantly rising.
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The market for these energy-efficient, pollution-reducing vehicles has grown as a result of consumers’ increasing adoption of EVs. Read more data on the Lithium-Ion Battery Market – The growth and development of the lithium-ion battery market in the North American region are being fueled by factors like the increase in sales of cars and electric vehicles throughout the region as well as the rising demand for lithium-ion batteries for mobile phones. dominated the lithium-ion battery industry. Expanding disposable income and rising consumer awareness of lithium-ion batteries in the market throughout the projection period are two additional factors boosting the region’s lithium-ion battery market.ĭuring the projection period, North America is anticipated to grow the fastest. The growth in demand for smartphones and tablets in developing nations like China, Japan, and India is driving the lithium-ion battery market in the Asia-Pacific region. Lithium-ion battery production is thought to be concentrated in China. The Asia-Pacific region’s lithium-ion battery market is dominated by China. With a 47% sales share, Asia-Pacific was the global leader for lithium-ion batteries in 2021. US, Canada, Mexico, Japan, South Korea, India, Australia, ASEAN and Rest of APAC, UK, Germany, France, Italy, Spain, Russia, and Rest of Europe, Brazil, Argentina and Rest of South America, Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA
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Lithium-Ion Battery Market Report Scope Report Attributes and Details Looking useful? Try the demo of the report – The smartphones, tablets, and PCs category is predicted to rule the market for all electronic devices. All electronic devices use the rechargeable battery known as lithium-ion. Lithium-Ion Battery is frequently used in electronic consumer products including computers, PDAs, iPods, cell phones, as well as in the automotive, military, and aerospace industries. Other significant driving forces include a rise in the demand for plug-in vehicles, a rise in the need for automation and battery-operated material-handling equipment in industries, a surge in the demand for smart devices and other industrial goods, and a high demand for lithium-ion batteries for industrial applications. Some key driving factors are Long battery life, low battery costs, high battery density, rising consumer electronics adoption, and expanding R&D efforts by many groups and battery manufacturers. In comparison to other technologies, lithium-ion technology now has a number of benefits, including a high energy density and a low rate of self-discharge. In contrast to disposable lithium primary batteries, which use metallic lithium as the electrode, lithium ion batteries (LIB) use intercalated lithium compound as the electrode. From USD 38 billion in 2020, it is anticipated to rise to over USD 101 billion by 2029Įverything from smartphones to power tools, electric automobiles to aerospace parts is powered by lithium ion batteries. 18, 2022 (GLOBE NEWSWIRE) - Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Lithium Ion Battery Market.įrom 2020 to 2029, the global lithium ion battery market is anticipated to expand at a CAGR of 11.5%.
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