Wilmington, Delaware, United States, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global lithium-ion battery market size was valued at US$ 21.3 Bn in 2021. The global market is likely to rise at a CAGR of 10.8% during the forecast period, from 2022 to 2031. The global lithium-ion battery market is anticipated to attain valuation of US$ 57.9 Bn by 2031. Since the popularity of electric vehicles, such as electric bikes and electric cars, has risen, there has led to a considerable rise in the lithium-ion battery market growth.
In addition, the usage of consumer electronics products that employ lithium-ion cells, including laptops and mobile phones has caused a sharp increase in the utilization of lithium-ion batteries. In addition, lithium-ion batteries are also now recognized as the industry standard for any device using a portable rechargeable battery due to its capacity to be recharged. Due to regional governments' attempts to promote the usage of electric cars, the lithium-ion battery market in Asia Pacific is anticipated to develop at the rapid pace during the forecast period.
Asia Pacific is anticipated to lead the global lithium-ion battery market in terms of geographical penetration. The main markets for electric vehicles in the Asia Pacific are considered to be in Japan and China. Additionally, it is anticipated that the regional demand for consumer electronics will increase, which is expected to present lucrative growth opportunities to the top lithium battery manufacturers in China. This includes smartphones and many other electronic gadgets that make use of lithium-ion batteries.
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Key Findings of Market Report
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Lithium-ion Battery Market: Growth Drivers
Lithium-ion Battery Market: Key Competitors
Some of the key market players are
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