July 07, 2020
As per the report titled ‘Global Lithium Ion Battery Market: Analysis By Compound Type, End User, By Region, By Country (2020 Edition): Market Insight, Competition and Forecast (2020-2025) – By Region, By Country, available with Market Study Report LLC, global lithium ion battery market was valued at USD 21,850.65 million in the year 2019 and is expected to record remunerative growth over 2020-2025.
Owing to its light-weight property and minimal maintenance requirement, global lithium ion battery market is anticipated to register significant growth in the subsequent years. Additionally, burgeoning demand from automobile sector and collective inclination towards sustainable resources among leading countries are further propelling the market growth. Widespread adoption of technologies to enhance rechargeable battery will augment lithium ion battery market outlook.
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Based on compound type, nickel manganese cobalt (NMC) battery segment is expected to hold the largest fragment of the market share in the forthcoming years, owing to massive evolution in MNC battery technology. Modern-day batteries use three times less cobalt as compared to traditional batteries, hence replacing cobalt with nickel. The report projects that NMC battery will find extensive usage in electric vehicles during early 2020s.
Based on end-user spectrum, automotive segment is predicted to showcase notable growth rate over the analysis timeframe, on account of increasing demand for eco-friendly electric vehicles.
Speaking about the regional landscape, APAC is poised to dominate the global lithium ion battery market by the year 2025, owing to rapid urbanization, favorable government initiatives, and increasing demand of consumer electronics and automotive vehicles.
Major companies operating in global lithium ion battery market are CBAK Power Battery, Panasonic, Samsung SDI, Toshiba, BYD, LG Chem, GS Yuasa, CATL, A123 Systems and Automotive Energy Supply Corp. (AESC) among others.