According to MarkNtel Advisors, the Global Lithium Ion Battery Market is projected to grow at a CAGR of around 25.0% during the forecast period, i.e., 2023-28. The rapidly growing renewable energy sector has swiftly led to the persistent adoption of lithium-ion batteries in recent years. The large-scale incorporation of these batteries in several new applications has instigated investors to bring their focus to R&D and make a substantial investment toward the advancements.
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A Lithium-ion or Li-ion battery is a type of rechargeable battery that utilizes the reversible reduction of lithium ions to store energy. It is the predominant battery type used in portable consumer electronics and electric vehicles. Lithium-ion batteries are currently used in most portable consumer electronics, such as cell phones and laptops, owing to their high energy per unit mass relative to other electrical energy storage systems.
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Most of the market expansion can be accredited to the growing adoption of electric or hybrid vehicles prevailing worldwide. The major companies are investing in mobility solutions that are not just sustainable but also ultra-modern in their techniques. This factor has led to a swift increase in the number of electric vehicles with a common goal of becoming carbon neutral. With companies like Tesla and BYD coming up with high-powered electric vehicles, the market is set to receive a major push in the coming years. Hence, being the essential power source for electric and plug-in vehicles, lithium-ion batteries have gained traction in recent years, which, in turn, accelerated market growth.
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