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According to market research reports, the global lithium-ion battery market is expected to grow significantly between 2020 and 2025 by driving the increasing demand for electric vehicles and growing the adoption of renewable energy sources.
The segmentation of the market is based on type, power capacity, application, and geography. The market by type is classified into lithium cobalt oxide, lithium manganese oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, and others.
The market is highly dominated by lithium cobalt oxide with high energy density and stable performance.
The market is based on power capacity and segmented into 0 to 3,000 mAh, 3,000 mAh to 10,000 mAh, and 10,000 mAh to 60,000 mAh with more than 60,000 mAh.
The market is segmented from 10,000 mAh to 60,000 mAh and is expected to witness the highest growth rate owing to the increasing demand for high-capacity batteries in electric vehicles and energy storage systems.
The market is by application segmented into automotive, consumer electronics, industrial, and others. The market is dominated by the automotive segment and driven by the increasing adoption of electric vehicles across the globe.
As per the research findings, the market is dominated to be by the Asia-Pacific region with a presence of major battery manufacturers in countries such as China, Japan, and South Korea.
The battery market with global lithium-ion is rapidly growing with an expectation of experiencing significant growth in the coming years. Rechargeable batteries are widely used in various applications such as electric vehicles, consumer electronics, and energy storage systems.
The increased use of electric vehicles in the market across the globe is due to primary sources of power such as lithium-ion batteries for vehicles. Renewable energy sources are the growing demands for solar and wind energy and are also one of the driving factors for the market growth such as lithium-ion batteries used in energy storage systems for storing excess energy generated by these sources.
The battery market is based on type, power capacity, application, and geography. The type is further classified into lithium cobalt oxide, lithium manganese oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, and others.
The power capacity is segmented into 0 to3,000 mAh, 3000 mAh to 10,000 mAh, 10,000 mAh to 60,000 mAh and more than 60,000 mAh.
The further classification of the application segment is automotive, consumer electronics, industrial, and others. Geographically, battery manufacturers are expected to dominate the Asia-Pacific regions such as China, Japan, and South Korea.
The major players dominating the global lithium-ion battery market are Panasonic Corporation. LG Chem Ltd., Samsung SDI Co. Ltd., Tesla Inc, and BYD Co. Ltd. The companies invested in research and development activities to improve the performance and efficiency of lithium-ion batteries for gaining an upper competitive edge in the market.
Source: Statista