The Global Lithium Ion Battery Market is expected to be valued at USD 124.42 billion in 2027 from USD 41.05 billion in 2019, registering a CAGR of 13.4% through the forecast period. A lithium ion (Li-ion) battery is a commonly used battery that is rechargeable and usually finds application in portable or handheld consumer electronics, electric vehicles, and industrial machinery. The lithium ions in these batteries move from the negative electrode to the positive one via an electrolyte during discharge and vice versa during the charging process. Li-ion batteries are known for their high energy density, low self-discharge, and a relatively longer lifespan than other battery types.
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The growth of the global lithium ion battery market is majorly driven by the increasing sales of battery electric vehicles (BEVs), rising residential and commercial applications of Li-ion batteries, drop in Li-ion prices, and the booming consumer electronics industry. The rising focus on advancing energy storage systems, growing adoption of plug-in vehicles, surge in need for industrial automation, and the increasing use of battery-operated industrial machines are the other significant parameters propelling the market growth. The rising applications of Li-ion batteries in solar power plants and the railway and manufacturing sectors due to the augmented need for power backup and energy storage create further growth avenues for the global lithium ion battery market.
Increasing initiatives for the recycling of lithium ion batteries is expected to reduce the exploitation of mineral resources like lithium and cobalt. Hence, recycled lithium ion batteries are increasingly being utilized in electric vehicles. For instance, in December 2020, Li-Cycle, a leading Li-ion battery recycling company, commenced its new facility in Rochester, New York, to recycle commercial Li-ion batteries. The company claims nearly 100% of the battery materials, including cobalt, can be recycled through its advanced two-step recycling process, Li–Cycle Technology™.
Key findings of the report:
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For the purpose of this report, the global lithium ion battery market has been segmented on the basis of product type, power range, application, and region:
By Product Type (Thousand, Units and Revenue, USD Million; 2017-2027)
By Power Range (Thousand, Units and Revenue, USD Million; 2017-2027)
By Application (Thousand, Units and Revenue, USD Million; 2017-2027)
By Region (Thousand, Units and Revenue, USD Million; 2017-2027)
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Table of contents
Chapter 1. Market Synopsis 1.1. Market Definition 1.2. Research Scope & Premise 1.3. Methodology 1.4. Market Estimation Technique Chapter 2. Executive Summary 2.1. Summary Snapshot, 2019-2027 Chapter 3. Indicative Metrics 3.1. Macro Indicators 3.1.1. Global usage of Lithium Ion Battery 3.1.2. Global Lithium Ion Battery usage by Application Type Chapter 4. Lithium Ion Battery Market Segmentation & Impact Analysis 4.1. Lithium Ion Battery Segmentation Analysis 4.2. Industrial Outlook 4.3. Regulatory Framework 4.4. Lithium Ion Battery Market Impact Analysis 4.4.1. Market driver analysis 4.4.1.1. Rising adoption of electric vehicles 4.4.1.2. Growing consumption of rechargeable batteries in consumer electronics 4.4.2. Market restraint analysis 4.4.2.1. Rising demand for substitutes Chapter 5. Lithium Ion Battery Market By Product Insights & Trends
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