PUNE, India, Feb. 01, 2023 (GLOBE NEWSWIRE) — According to the latest report from Fortune Business Insights, the global Lithium Ion Battery Market Size was valued at US$36.90 billion in 2020 and the market is forecast to grow by US$193.13 billion by 2028 at a CAGR of 23.3% over the forecast period. The increasing demand for electric vehicles, driven by the need to reduce CO2 emissions, is expected to drive the growth of the lithium-ion battery market over the forecast period. The development of new and more advanced lithium-ion battery technologies, such as B. Solid State Batteries, aims to increase the efficiency and performance of lithium-ion batteries and propel the growth of the market.
According to our analysts, the incessant demand for power supply for numerous applications, the increased demand for electric vehicles, the increasing need for battery-powered devices and machines in the automotive industry, and the use of lithium-ion batteries in renewable energy applications are supporting the lithium market growth for – ion batteries.
Industry Developments:
September 2021: Toshiba Corporation, CBMM and Sojitz Corporation initiated a joint development agreement to commercialize the next generation lithium-ion battery using niobium-titanium oxide as the anode material.
Request a sample copy of the research report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/lithium-ion-battery-market-100123
Report Highlights:
| report coverage | details |
| forecast period | 2021-2028 |
| Forecast period 2021 to 2028 CAGR | 23.3% |
| Value prognosis 2028 | $193.13 billion |
| base year | 2021 |
| Market size in 2021 | $44.49 billion |
| Historical data for | 2017-2019 |
| number of pages | 220 |
| segments covered | Fuel type, by end user, application and region |
| growth accelerator | Expanded use of batteries in power grids and energy storage systems is expected to boost the market |
| The impact of COVID-19 on the global lithium-ion battery market is impeding growth |
Driver and restraint systems:
Extended use of batteries in…
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