Lithium-ion Battery Market to Rise at a CAGR of 10.8% During the Forecast Period 2022-2031, TMR Study Says

By On Aug 18, 2022

Due to the low rate of self-discharge of lithium-ion batteries, they last longer. As such, lithium-ion batteries often last for over eight years, which is expected to fuel the global market

Aug 16, 2022 10:30 am ET

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Transparency Market Research

Wilmington, Delaware, U.S., Aug. 16, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global lithium-ion battery market size was estimated at US$21.3 billion in 2021. The global market is expected to grow at a CAGR of 10.8% during the forecast period of 2022 to 2031. The global lithium ion battery market is expected to reach a valuation of US$57.9 billion by 2031. Since the popularity of electric vehicles, such as electric bicycles and electric cars, has risen, it has led to a significant increase in the lithium-ion battery market growth.

In addition, the use of consumer electronics products that use lithium-ion cells, including laptops and mobile phones, has led to a sharp increase in the use of lithium-ion batteries. Additionally, due to their rechargeable nature, lithium ion batteries are also now recognized as the industry standard for any device that uses a portable rechargeable battery. Due to the attempts by regional governments to encourage the use of electric cars, the lithium-ion battery market in Asia-Pacific is expected to develop at a rapid pace during the forecast period.

Asia-Pacific is expected to lead the global lithium-ion battery market in terms of geographic penetration. Japan and China are the main markets for electric vehicles in the Asia-Pacific region. In addition, regional demand for consumer electronics is expected to increase, which is expected to provide lucrative growth opportunities for the leading lithium battery manufacturers in China. This includes smartphones and many other electronic devices that use lithium-ion batteries.

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