In accordance with the study "Lithium-ion Battery Market by Type, Capacity, Voltage, Industry - Global Forecast to 2031," the market for lithium-ion batteries is anticipated to reach USD 135.1 billion by 2031, expanding at a CAGR of 13.1% from 2023 to 2031. Due to its high energy density, prolonged lifespan, and lightweight nature, lithium-ion batteries are becoming more and more in demand across a range of industries, including consumer electronics, automotive, and aerospace. The paper also describes the various lithium-ion battery types, including Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), and Lithium Cobalt Oxide (LCO), and how these batteries are used differently in various sectors of the economy. One of the main drivers propelling the growth of the lithium-ion battery market is the rising demand for electric vehicles, the trend towards renewable energy storage, and the demand for more effective and durable portable electronic gadgets.

The demand for lithium-ion batteries is developing in the global market due to plug-in car adoption and the development of smart electronics. Additionally, lithium-ion battery producers are concentrating on product developments to improve battery performance, which is also anticipated to support the market's expansion. During the forecast period, the consumer electronics, automotive, and aerospace industries are anticipated to make the largest contributions to market growth.

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).

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Lithium Nickel Manganese Cobalt Oxide holds the second-largest market share in 2021

The lithium-ion battery industry's Lithium Nickel Manganese Cobalt Oxide category has shown significant growth and accounted for the second-largest market share in 2021. Due to its very low self-heating rate, its use in electric vehicles is the driving force behind this growth. Power tools, medical devices, and other electric drivetrains all use Li-NMC batteries. These batteries can be utilised in a variety of applications, including energy storage systems (ESS) in the automobile industry. Li-NMC batteries are also fireproof, making them a good choice for household applications such home battery storage using solar photovoltaic cells and uninterrupted power supply.

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

Several industries, including automotive, consumer electronics, and aerospace, are adopting lithium-ion batteries with a capacity ranging from 3,000 to 10,000 mAh. These batteries are frequently utilised in heavy-duty applications such electric vehicles, machinery, and medical equipment. The batteries come in cylinder, prismatic, and battery pack shapes, and they are frequently coupled to create modules. These batteries have a high energy density, a long lifespan, and fast charging capabilities, which make them perfect for usage in a variety of applications and contribute to their high level of adoption.

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

The market for lithium-ion batteries was dominated by the high voltage sector (over 36V) in 2021 as a result of its numerous uses in the power, military, electric car, marine, and other industries. These batteries are favoured because of their light weight, which also qualifies them for aeronautical applications. Due to their effectiveness and adaptability, high voltage lithium-ion batteries are anticipated to be in high demand in the future.

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Automotive industry dominated the lithium-ion battery market in 2021

Due to the rising popularity of hybrid electric vehicles and plug-in hybrid electric vehicles and their increased adoption, the automotive industry dominated the lithium-ion battery market in 2021. These automobiles use a lot of lithium-ion batteries. The market for lithium-ion batteries in Europe and the Asia Pacific is anticipated to develop primarily as a result of the expansion of the automobile sector. Future market expansion is anticipated to be supported by initiatives to expand the market for electric vehicles in nations like the UK. Overall, it is anticipated that the popularity of electric vehicles will continue to increase the demand for lithium-ion batteries in the automotive industry.

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

Due to the significant presence of various market participants, including both well-established manufacturers like LG Chem, Panasonic, and Samsung SDI and local or domestic players, the Asia Pacific region led the lithium-ion battery market in 2021. China, which is home to many well-established and local businesses, is one of the main drivers of regional market growth. In the upcoming years, it is anticipated that the presence of these players would produce significant prospects for market expansion. Due to the region's rising demand for electric vehicles and renewable energy storage options, the Asia Pacific region is anticipated to maintain its leadership in the lithium-ion battery market.

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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

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