The Lithium-ion Battery Market Size is projected to reach USD 135.1 billion by 2031 from USD 48.6 billion by 2023, at a CAGR of 13.1%, according to a new report by MarketsandMarkets™. The plug-in vehicles is highly adopting lithium-ion batteries and rising development in smart electronic device is also another factor driving the demand for the lithium-ion battery market. Additionally, the manufacturers of lithium-ion batteries are highly focusing towards product advancement which is also expected to spur the growth of the market during the forecast period.

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
Recent market research indicates that the Lithium Nickel Manganese Cobalt Oxide (Li-NMC) category, with an estimated market value of USD 9.8 billion, currently owns the second-largest market share in the lithium-ion battery market. Due to Li-low NMC's self-heating rate, which makes it a safer alternative, it is being used in electric vehicles more frequently, which is responsible for the segment's rise. Li-NMC batteries can be utilised for a range of applications, including the automobile sector and energy storage systems, and are also employed in power tools, medical equipment, and other electric powertrains (ESS). Li-NMC batteries are also fireproof, making them appropriate for domestic applications such home battery storage using solar photovoltaic cells and uninterrupted power supplies. As more sectors and applications adopt lithium-ion battery technology, the Li-NMC market is anticipated to continue expanding.

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

Lithium-ion batteries with capacities ranging from 3,000 to 10,000 mAh are widely used by end users in a variety of industries, including automotive, consumer electronics, and aerospace, according to recent research. In applications that need significant loads, such electric vehicles, industrial applications, robots, medical applications, and hybrid trucks and trains, these batteries are frequently paired together to form modules. In GEO and LEO satellites, they are also employed as a backup power source. A variety of industries and applications can employ lithium-ion batteries with capacities in this range because they come in cylinder, prismatic, and battery pack configurations. They are a popular alternative for many end users due to their high adoption rates, which demonstrate their usefulness, dependability, and cost-effectiveness.

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

The lithium-ion battery market will be controlled by the high voltage category (over 36V). Many different applications, including electricity, military, electric vehicles, marine, heavy machinery, and telecom, significantly favour these high voltage batteries. In some aerospace applications, high voltage lithium-ion batteries are also employed to power electrical systems because of their low weight, which immediately lowers the overall weight of aircraft. Due to their capacity to deliver greater power output, longer life cycles, and lower self-discharge rates, high voltage batteries are preferred in these applications, making them a dependable and effective choice for many industries. This suggests that the high voltage portion of the lithium-ion battery market has tremendous growth potential in the upcoming years.

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Automotive industry dominated the lithium-ion battery market

Recent market analysis indicates that the automotive sector will rule the lithium-ion battery market. This is brought on by the growing popularity and adoption of battery-powered vehicles, such as plug-in hybrid and hybrid electric cars, which are significant consumers of lithium-ion batteries. The expansion of the lithium-ion battery market in Europe and the Asia Pacific region is mostly being driven by the automobile industry. Additionally, the UK is taking steps to assist the expansion of the market for electric vehicles, which is anticipated to further fuel the market for lithium-ion batteries. In the upcoming years, the automotive sector is anticipated to continue dominating the lithium-ion battery market due to the rising demand for electric vehicles and the requirement for high-performance and dependable energy storage solutions.

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

The lithium-ion battery market was dominated by the Asia Pacific region, per market research. The presence of numerous market participants, including both well-established and up-and-coming players, including LG Chem, BAK Power Battery Co., GS Yuasa International Ltd., SAMSUNG SDI CO., Contemporary Amperex Technology Co., Panasonic Holdings Corporation, and BYD Company Ltd., is credited with the growth of the regional market. Due to the presence of multiple well-established players as well as local or domestic businesses in the lithium-ion battery industry, China is one of the key contributors to the growth of the regional market. In the upcoming years, this is anticipated to produce enormous prospects for market expansion. The Asia Pacific region is anticipated to maintain its dominance over the lithium-ion battery market for the foreseeable future due to the rising demand for energy storage solutions, notably in the automotive and consumer electronics industries.

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