CHICAGO, Sept. 6, 2022 /PRNewswire/ — Lithium-ion battery market size is estimated to be USD 44.5 billion in 2022 and is projected to reach USD 135.1 billion by 2031, 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.
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Lithium Nickel Manganese Cobalt Oxide holds the second-largest market share in 2021
Lithium Nickel Manganese Cobalt Oxide segment in the lithium-ion battery market was valued at USD 9.8 billion in 2021. The growth of the segment is attributed to the increasing adoption of Li-NMC in electric vehicles due to its very low self-heating rate. It is also used for power tools, medical equipment, and other electric powertrains. Li-NMC batteries can be used for a multitude of applications, ranging from applications in the automotive industry to ESS. The Li-NMC are fireproof batteries; therefore, they can be used as uninterrupted power supplies and can also be installed in residential applications for home battery storage along with solar photovoltaic cells.
Lithium-ion batteries with capacity ranging from 3,000 – 10,000 mAh are highly adopted by end-users
Lithium-ion batteries with capacity of 3,000 – 10,000 mAh is highly adopted in various industries such as automotive, consumer electronics, and aerospace. These batteries are often grouped together to form modules which are used in applications requiring heavy loads such as electric vehicles, . ..
