The global Lithium-Ion battery market was valued at USD 26.4 billion in 2016 and has been expected to grow at approximately 15.6% CAGR from 2018 to 2025.
Lithium Ion batteries are unmatched in their combination of power density and high energy, and possess a unique ability of being able to handle hundreds of recharge cycles, as compared to other batteries. It is due to this, the market has witnessed a surge in demand mostly due to its usage in numerous consumer electronics including MP3 players, smartphones, laptops, tablets, digital cameras among others. Furthermore, the onset of electric vehicles, in light of growing concerns about the environment, fossil fuel emissions and power production, alongside the growth of the renewable energy sector has also contributed to an increase in demand for these batteries. China is expected to have an increase in demand, as recent laws dictating limits on emission levels and fossil-fuel based vehicles would force consumers to look for alternatives. Such emission limits combined with consumer awareness in the West is also expected to lead to a rise in demand in places such as North America, UK and France.
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Due to the rapidly growing nature of this industry, it has attracted numerous newcomers and has forced older manufacturers to intensify their efforts. Innovation and enhancement of technology is considered the main criteria for vendors to meet the demand in the market.