Global Lithium-ion Battery Market Increasing Demand, Growth Analysis and Outlook 2018-2023

In recent years, the global lithium-ion battery market has experienced a healthy growth. This can be accredited to the expanding applications of lithium-ion batteries in the production of electric vehicles and solar electric systems due to their lightweight, high energy density and negligible memory impact.

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According to the latest report by IMARC Group, titled “Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global lithium-ion battery market reached a value of more than US$ 25 Billion in 2017, growing at a CAGR of 12% during 2010-2017. A lithium-ion battery, also known as a Li-ion battery (LIB), is a type of rechargeable battery in which lithium ions move from the anode to the cathode. Unlike nickel-cadmium batteries, lithium-ion batteries are able to endure more charge/discharge cycles and do not need to be discharged prior to recharging. Some of the other advantages offered by these batteries include lightweight, low maintenance, high energy density and minimal memory impact. Owing to these factors, lithium-ion batteries can be used for a wide range of applications ranging from automobiles to mobile devices and personal computers.

Market Trends:

On account of a rise in environmental concerns across the globe, the governments of several countries have imposed strict policies on the consumption of non-renewable resources like oil, coal and natural gas. In line with this, the utilization of solar electric systems and electric vehicles (EVs) is proliferating. The growing demand for lithium-ion batteries in these systems is providing a thrust to the market growth.

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Created on Dec 15th 2018 06:33. Viewed 388 times.

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