Lithium-Ion Battery Market Is Projected To Grow At A CAGR Of 26.04% Until 2026 | TechSci Research
Global Lithium-Ion Battery market stood at USD42.30 billion in 2020 and is forecast to grow at a CAGR of 26.04% until 2026 on account of growing sales of electric vehicles and consumer electronics. The adoption of lithium-ion battery in consumer electronics, electronics, energy storage, telecom towers etc. is rapidly increasing in comparison to other batteries, which is also driving the growth of the global Lithium-Ion Battery market. Lithium-Ion Battery is an enhanced battery technology that utilizes lithium ions as a key element of its electrochemistry. The battery offers high energy density, low maintenance, more charge cycles, lightweight and is compact due to which it finds application in microelectronics devices to electric vehicles and energy storage systems. Automotive Industry is Driving the Market Growth Globally automotive industry is actively driving the growth of the lithium-ion battery market in the upcoming five years. The demand for lithium-ion battery in al...