Lithium-ion Battery Market – Growing Demand from Consumer Electronics Sector to Encourage Growth

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Lithium-ion batteries are being used extensively across diverse industrial verticals, owing to which, the market is estimated to register a promising growth rate in the next few years. In addition to this, the rapid growth of the consumer electronics sector and the rising disposable income of consumers are some of the other key factors that are estimated to enhance the growth of the global lithium-ion battery market in the next few years.

As per the market research study by Transparency Market Research, in 2015, the global market for lithium-ion battery market was worth US$29.68 bn and is predicted to reach a value of US$77.42 bn by the end of 2024. The market is predicted to register a healthy 11.60% CAGR between 2016 and 2024

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On the basis of capacity, North America holds a major share of the market and is expected to remain in the similar position in the near future. The rising awareness among consumers regarding the benefits of lithium-ion batteries is predicted to encourage the growth of the North America market in the near future. On the other hand, Asia Pacific is expected to witness a healthy growth in the coming years, thanks to the rising demand for these batteries in several consumer electronics devices.

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The global market for lithium-ion battery market is highly competitive and is expected to witness an intense level of competition among the key players in the next few years. Development of new product and innovations are projected to support the growth of the overall market in the next few years. Some of the key players operating in the lithium-ion battery market across the globe are Toshiba Corporation, Panasonic Corporation, Automotive Energy Supply Corporation (AESC), Hitachi Chemical Co. Ltd., Johnson Controls, Inc., LG Chem Power, Inc., Samsung SDI Co. Ltd., and GA Yuasa Corporation.

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