Lithium-ion battery market size is estimated to be USD 44.5 billion in 2022 and is projected to reach USD 135.1 billion by 2031, at a CAGR of 13.1%, according to a new report by MarketsandMarkets.
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Lithium Nickel Manganese Cobalt Oxide segment in the lithium-ion battery market was valued at USD 9.8 billion in 2021.
The growth of the segment is attributed to the increasing adoption of Li-NMC in electric vehicles due to its very low self-heating rate.
It is also used for power tools, medical equipment, and other electric powertrains.
Li-NMC batteries can be used for a multitude of applications, ranging from applications in the automotive industry to ESS.
The Li-NMC are fireproof batteries; therefore, they can be used as uninterrupted power supplies and can also be installed in residential applications for home battery storage along with solar photovoltaic cells.
Lithium-ion batteries with capacity of 3,000 – 10,000 mAh is highly adopted in various industries such as automotive, consumer electronics, and aerospace.
These batteries are often grouped together to form modules which are used in applications requiring heavy loads such as electric vehicles, industrial applications, robots, medical applications, GEO and LEO satellites, hybrid trucks, trains, and power backup.
Batteries in this range are available in cylinder, prismatic, and battery pack formats.
The automotive segment is expected to be one of the major adopters of lithium-ion batteries. Battery-driven vehicles such as hybrid electric vehicles and plug-in hybrid electric vehicles are major consumers of lithium-ion batteries.
Increasing adoption and awareness of hybrid electric vehicles and plug-in hybrid electric vehicles supports the growth of the lithium-ion battery market.
The automotive industry is the main driver for the growth of the lithium-ion battery market in Europe and the Asia Pacific.
The UK is undertaking initiatives for the growth of the market for EVs, which is expected to support the growth of the market. ■
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