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lithium Ion Batery market

global market for lithium-ion battery is projected to have a considerable CAGR of around 14.6% during the forecast period. Lithium-ion batteries are rechargeable batteries in which lithium ions move from cathode to anode during discharge and back through an electrolytic solution when recharged. Lithium-ion batteries gained popularity

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lithium Ion Batery market

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  1. Lithium-Ion Battery Market To witness growth by accelearation by 2029 The global market for lithium-ion battery is projected to have a considerable CAGR of around 14.6% during the forecast period. Lithium-ion batteries are rechargeable batteries in which lithium ions move from cathode to anode during discharge and back through an electrolytic solution when recharged. Lithium-ion batteries gained popularity due to their usage in major applications which include automotive, consumer, and industrial owing to their additional features such as high-open circuit voltage, low self-discharge, and low maintenance, and longer shelf life. Lithium-ion batteries are majorly used in consumer electronics such as laptops, smartphones, smartwatches, activity trackers, and many more. The increasing demand for these applications augmented the growth of the market. To Request a Sample Of our report on Lithium-ion Battery Market . https://www.omrglobal.com/request- sample/lithium-ion-battery-market Moreover, the other application of these batteries gaining ground in recent years is their use in military, aerospace, and electric vehicles including BEVs, PHEVs, HEVs. The supportive government initiatives for the adoption of electric vehicles to curb the environmental pollution generated by ICE vehicles is the major factor that accelerates the growth of electric vehicles which, in turn, further increases the demand for lithium-ion batteries as its main component. However, the main concern associated with the production of lithium-ion batteries is its cost. The high cost of batteries is anticipated to restrain the market growth. The technology innovations to reduce the cost of these batteries with high power capacity can generate more opportunities in the lithium-ion battery market. A Full Report On Lithium –Ion market is available @ https://www.omrglobal.com/industry-reports/lithium-ion-battery- market Asia-Pacific- A Force to Reckon with in the Global Lithium-Ion Battery Market Geographically, Asia-Pacific region holds a prominent share in the lithium-ion battery market. The market growth is mainly due to the increasing consumer electronics, R&D activities for the production of cost-effective batteries, declining lithium-ion battery cost, adoption of electric vehicles, and growing renewable sectors. China is dominating in the Asia-Pacific lithium-ion battery market by producing and selling a large number of electric vehicles and developing large battery manufacturing plants in the region. Besides, the presence of key market players such as BYD, BMW, and Nissan

  2. also boosting the market growth as these companies investing high in the production of cost-effective lithium-ion batteries. China also generates wind energy on large scale, for this energy storage systems required which, in turn, increases the production of batteries in the region that drives the market. Market Players Outlook Some of the key players in the lithium-ion battery market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include BYD Company Ltd., LG Chem., Panasonic Corp., SAMSUNG SDI CO. LTD, LITHIUMWERKS, GS Yuasa International Ltd., and other marketing players. These market players adopt various strategies such as product launches, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. For instance, in October 2019, Contemporary Amperex Technology Co. Ltd had started the construction of its first overseas factory for lithium-ion battery production in Thuringia, Germany. The production unit in Germany by the company has accelerated the electrification of the automotive industry in Europe to provide clean and reliable power for electro-mobility. For More customized Data Request For Report customization @ https://www.omrglobal.com/report- customization/lithium-ion-battery-market About Orion Market Research Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. Media Contact Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +91 780-304-0404

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