Los Angeles, December 12, 2019 – QY Research has recently announced a new report titled, “Global Li-Ion Battery Market Research Report 2019,” that provides an extensive market analysis. The global Li-Ion Battery Market is expected to reach little more than US$ 135 Bn in 2025 from more than US$ 40 Bn in 2018. The Li-Ion Battery market is anticipated to exhibit a robust CAGR of 18.6% from 2019-2025. Li-Ion battery has extensive applications in electric vehicles, portable electronics, aerospace, and defense sector.
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Increasing Usage of Electricity Storage Devices is Likely to Foster the Growth of the Market
Consumer Electronics: Li-Ion batteries are lightweight and offer high durability, reliability and efficiency, which is required for electricity storage in electronic gadgets and devices. High energy density, life extension, and enhanced safety precautions have led to its largescale applications in consumer electronic devices.
Automotive Industry: Battery packs are largely being designed to reduce petrol consumption and greenhouse gas emission in the automobile industry. It is expected to be used for transportation in the future, which is likely to propel the growth of the Li-Ion Battery market.
Li-Ion Battery Powered Smart Devices – Responsible for the Growth of Application Segment
The application segment is bifurcated into laptops, smartphones, industrial, automotive, other consumer electronics, and others. Li-Ion batteries are extensively used in various devices such as mobiles, computers, notebooks, and electricity storage systems, which is expected to boost the growth of the application segment. The type segment is segmented into Lithium-Titanate Battery, Lithium-Cobalt Oxide Battery, Lithium-Nickel Manganese Cobalt Oxide Battery, Lithium Manganese Oxide Battery.
Asia-Pacific: Increased Usage of Smart Devices to Foster Growth of the Li-Ion Battery Market
Increasing demand for smart devices due to growing internet connectivity and rapid digitization is expected to fuel the growth of the Asia-Pacific market. Increasing need to curb pollution has led to customers opting for alternative options in an automotive industry such as electric vehicles to reduce dependency on fuel based vehicles. This is likely to have a positive impact on the growth of the regional market. Rising automobile production along with rapid industrialization has resulted in a high requirement for power backup and uninterrupted power supply, which is contributing to the growth of the Li-Ion Battery market.
Expanding Distribution Network – A key Focus of the Top Players
Some of the key players operating in the Li-Ion Battery market are Samsung SDI, Panasonic, CATL, LG Chem, Murata, Tianjin Lishen Battery, BYD, Toshiba, BAK Power, Saft, and AESC. Leading players of the market are inclined to expand the distribution network to gain a competitive advantage.
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