According to a new market research report published by Acute Market Reports “Lithium Ion Battery Market (By Cell Type– Cylindrical, Prismatic and Pouch; By Application: Cellphones, Portable PCs, Tablets, Automotive and E-bikes, Power Tools and Others) - Growth, Future Prospects, Competitive Analysis and Forecast 2020 - 2028”, the global lithium ion battery market was valued at US$ 40.56Bn in 2019 and is expected to grow at a CAGR of 15.4% during the forecast period from 2020 to 2028.

The complete report is available at https://www.acutemarketreports.com/report/lithium-ion-battery-market

Market Insights

Lithium ion batteries have witnessed immense demand especially on account of its adoption in numerous consumer electronics such as smartphones, laptops, tablets, digital cameras, and MP3 players, among others. In terms of end-use applications, the consumer electronics segment held the largest share globally in terms of revenue. With a growing demand for such consumer electronics, the overall lithium ion battery market is expected to witness continued growth in the following years. In addition, technological advancement in the chemical technology used in lithium batteries is expected to result in the rise of improved batteries over the years. Other applications of lithium ion batteries which have gained immense popularity in recent years include automotive and energy storage. Numerous leading players across the world have been investing heavily in growing their production capacity in order to build larger and efficient batteries for large scale applications. These segments are expected to witness the fastest growth during the forecast period from 2020 to 2028.

Competitive Insights:

The global lithium ion battery market is fairly consolidated with a few leading manufacturers of lithium ion battery catering to the demand from existing end-users. However, there has been a rise in niche players that have been working towards the design and development of new lithium-based batteries to cater to innovative applications. Some of the key players in the lithium ion battery market include Panasonic Corporation, SAMSUNG SDI CO., LTD., LG Chem, Sony Energy Devices Corporation, Maxwell Technologies, Inc., Shenzhen BAK Battery Co., Ltd., Tianjin Lishen Battery Co., Ltd., BYD Company Limited, Amperex Technology Limited, Tesla, Inc. and Valence Technology, Inc.

Key Trends:

-  Research and development activities towards designing new anodes to enhance battery performance

-  Rising investments towards the production of large scale batteries for applications in automotive, energy, and utilities

-  Continued development of lithium ion batteries with higher energy capacity and compact size