Lithium-ion Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Lithium cobalt oxide (LCO), Lithium iron phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), Lithium Nickel Manganese Cobalt (LMC)), By Power Capacity (0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh, 60,000 mAh, and above), By Voltage (Upto 12V, 12V-36V, and Above 36V), By End User (Consumer Electronics, Automotive, Aerospace, Marine, Medical, Industrial, Power, Telecommunications, and Others), By Region 2018–2028F

  • Industry : Power
  • Pages : NA
  • Published Date : NA
Customization Enquiry

Buy Now

Summary

Report Description

Global Lithium-ion Battery market is expected to thrive during the forecast period 2024-2028. The market for lithium-ion batteries has experienced phenomenal growth as a result of the high demand from consumer electronics and automobile industries. As more products come in the market that require a portable power source, lithium-ion batteries have emerged as an excellent alternative.

A lithium-ion battery, often known as a Li-ion battery, is a type of rechargeable battery that stores energy by reversible reduction of lithium ions. Graphite, a kind of carbon, is generally used as negative electrode of normal lithium-ion cell. Rechargeable Li-ion batteries, often known as LIBs, are found in hybrid and electric vehicles, as well as in computers and cellphones. Since Li-ion batteries are lightweight, have a high energy density to extend battery life, and can be recharged, their use is expanding across a variety of applications.

 

Growing Applications in the Energy Sector

The grid-level energy storage system is crucial to maintaining a balance between power generation and consumption during the electrical energy transformation process. Because of their quick response, modular design, and adaptable installation, batteries have a lot of potential for usage in grid-level energy storage systems. Lithium-ion batteries have exceptional benefits for energy storage applications, including high energy density, high energy efficiency, and long cycle life, due to which lithium-ion batteries, among other battery technologies, are garnering a lot of attention as supporting devices in the grid. Currently, lithium-ion batteries are used in 77% of electrical power storage systems in USA to stabilise the grid. Lithium-ion battery use is expanding in the energy industry, which opens up new market expansion prospects.

 

Increasing R&D for Advancements In Technologies and Battery Life

Several firms conduct R&D to create lithium-ion batteries that are dependable and secure. In order to develop various battery chemistries, battery makers have significantly increased their R&D efforts as the worldtransitions to sustainable energy. For example, leading companies like Amprius Inc. in the US and Nexeon Corporation in the UK are working to build silicon anode batteries with improved features. In the upcoming years, it is anticipated that these cutting-edge silicon anode batteries are going to be adopted globally for energy storage applications. Additionally, to power electric vehicles, Tesla (US) and Panasonic Corporation (Japan) are conducting research and development on silicon anode and lithium-air batteries. Due to above factors, the market for Lithium-ion Battery is expected to growth drastically in near future.

 

Declining Prices of Li-ion Batteries Have Catalyzed Adoption in Various Sector

The cost of these batteries was the main issue preventing their widespread use after 1990. Li-ion batteries (LIB) are made up of a variety of parts, but the cell which makes up the majority of any LIB's cost is its primary constituent. However, new innovations by LIB manufacturing firms have contributed to falling prices for these batteries, which will continue to fall in the future. The use of cutting-edge technology to improve battery capacity and the falling costs of components are major driver in the rise of lithium-ion batteries market, globally.

 

Growing Demand for High Power and High Capacity Lithium-Ion Batteries in Electric Vehicles

The consumer electronics industry was the main consumer of batteries in the early years of lithium-ion battery industry. However, the main source of electricity for electric vehicles is lithium-ion batteries. The use of lithium-ion batteries has unavoidably increased due to the increasing use of EVs and plug-in hybrid electric vehicles, and this trend is predicted to continue in the future. Due to the rise in EV sales in recent years, EV makers have emerged as the largest buyers of lithium-ion batteries. Compared to conventional internal combustion engine (ICE) vehicles, EVs have a lower environmental impact as they produce no CO2, NOX, or other greenhouse gases. Due to this benefit, many nations are promoting the use of EVs through the introduction of subsidies and government initiatives.​ A number of nations have made plans to prohibit the sale of ICE automobiles in the future. Sales of ICE vehicles will be prohibited in Norway by 2025, France by 2040, and the UK by 2050. India, likewise, has plans to phase out ICE engines by 2030, and China is presently conducting the necessary research for a similar strategy.The number of electric vehicles on the market in the world increased from 1.24 million in 2015 to 16.49 million, by the end of 2021.

The market for these eco-friendly and pollution-free automobiles has grown as a result of consumers' growing adoption of EVs. Additionally, a number of countries are developing laws to promote the usage of electric vehicles. Furthermore, lithium batteries, which have a life expectancy of 10 years, power RVs and electric vehicles more successfully than lead-corrosive batteries since they are more modest and lighter. As a result, over the projection period, there will be an increase in demand for lithium-ion batteries with high power and high capacity.

Increasing Penetration into Large Applications will Fuel the Liyhium-ion Battery Market in the Forecast Period

Applications for lithium-ion batteries are numerous, ranging from high-end yachts to life-saving medical devices. Electric mobility, energy storage systems, power backups/ups, mobile, laptops, and other frequently used consumer electronics are some of the most popular uses for lithium-ion batteries. Power from lithium batteries is dependable, consistent, and long-lasting. Additionally, lithium batteries are utilised with solar panels because they charge quickly, increasing the potential storage of solar energy.

In addition, they are superior to lead-acid batteries in terms of weight, longevity, quick charging, low self-discharge rate, and prolonged operating duration, making them the best option for mobility equipment like electric wheelchairs and stairlifts. In addition, lithium-ion (Li-ion) batteries are utilised in a wide range of goods, including electric vehicles, toys, wireless headphones, small and large appliances, electronics, and portable power tools. As a result, the growing use of lithium-ion batteries in big applications will boost the market for batteries in the years to come.

 

Recent Development

·      Nexeon Limited, a provider of cutting-edge silicon anode materials for next-generation lithium-ion batteries, granted SKC Co. Ltd. a licence to use its NSP-1 technology in January 2022. With this change, clients around the world will have quick and dependable access to these strategic resources.

·       The establishment of a production plant at Panasonic Corporation's Wakayama Factory in western Japan to produce new, huge 4680 (46 millimetres wide by 80 millimetres tall) cylindrical lithium-ion batteries for electric vehicles (EVs), was announced in February 2022.

·      The National Institution for Transforming India (NITI) Aayog released suggestions in February 2020 to provide incentives for investors setting up giga-scale lithium-ion manufacturing facilities in India in order to address the manufacturing challenge. The NITI Aayog is likely to issue a request for proposals for the establishment of production lines with a 50 GWh annual output capacity, between 2020 and 2030.

·     A Chinese energy storage business named Contemporary Amperex Technology (CATL) made a li-ion battery production plant in Guangdong,x in February 2021. The project will cost USD 1.9B/25 GWh in the first phase and 150 GWh by the end of 2030.

·         A memorandum of agreement was signed in October 2021, by Stellantis N.V. and LG Energy Solution, a division of LG Chem that produces battery cells and modules for North America. By 2030, Stellantis N.V. hopes to have a 40% market share in the US for electric vehicles thanks to this joint venture. The Stellantis N.V. assembly facilities in the US, Canada, and Mexico will receive the batteries made at this plant for use in the construction of next-generation electric vehicles.

·    For the purpose of converting old batteries into energy storage systems, BYD Company Ltd. has partnered with Japanese trade firm Itochu and Chinese lithium-ion recycling startup Pandpower Co., Ltd. in January 2021. A ship-container-sized power unit for renewable energy and manufacturing is created from used battery packs from buses, taxis, and other Lithium-ion Battery Market vehicles that are collected from BYD Company Ltd. dealerships around China.

 


Download Free Sample Report


Market Segmentation

Global Lithium-ion Battery market is segmented based on type, power capacity, voltage, and end user. Based on type, the market is segmented into Lithium cobalt oxide (LCO), Lithium iron phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), Lithium Nickel Manganese Cobalt (LMC). Based on power capacity, the market is segmented into 0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh to 60,000 mAh, and above. Based on voltage, the market is segmented into Upto 12V, 12V-36V, and Above 36V. Based on end user, the market is segmented into Consumer Electronics, Automotive, Aerospace, Marine, Medical, Industrial, Power, Telecommunications, and Others. Based on region, the market is further divided into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Market player

Major market players in the Global lithium-ion battery market are BYD Company Limited, Contemporary Amperex Technology Co. Limited, LG Chem Ltd, Panasonic Corporation, Samsung SDI, Sony Corporation, Tesla Inc., Tianjin Lishen Battery Joint-Stock Co. Ltd.


Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Type

Power Capacity

Voltage

End User

Region

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, France, Spain, Italy, Brazil, Argentina, Colombia, Saudi Arabia, South Africa, UAE

Key companies profiled

BYD Company Limited, Contemporary Amperex Technology Co. Limited, LG Chem Ltd, Panasonic Corporation, Samsung SDI, Sony Corporation, Tesla Inc., Tianjin Lishen Battery Joint-Stock Co. Ltd

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, the Global lithium-ion battery market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Lithium-ion Battery Market, By Type:

o   Lithium cobalt oxide (LCO)

o   Lithium iron phosphate (LFP)

o   Lithium Nickel Cobalt Aluminum Oxide (NCA)

o   Lithium Manganese Oxide (LMO)

o   Lithium Titanate (LTO)

o   Lithium Nickel Manganese Cobalt (LMC)

·         Lithium-ion Battery Market, By Power Cpaacity:

o   0-3,000 mAh

o   3,000-10,000 mAh

o   10,000-60,000 mAh

o   60,000 mAh

o   Above 60,000 mAh

·         Lithium-ion Battery Market, By Voltage:

o   Upto 12V

o   12V-36V

o   Above 36V     

·         Lithium-ion Battery Market, By End User:

o   Consumer Electronics

o   Automotive

o   Aerospace

o   Marine

o   Medical

o   Industrial

o   Power

o   Telecommunications

o   Others 

·         Lithium-ion Battery Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  India

§  Japan

§  South Korea

§  Australia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Spain

§  Italy

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East

§  Saudi Arabia

§  South Africa

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global  lithium-ion battery market.

Available Customizations:

With the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

·         Detailed analysis and profiling of additional market players (up to five).

The Global Lithium-ion Battery Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Baseline Methodology

2.2.  Key Industry Partners

2.3.  Major Association and Secondary Sources

2.4.  Forecasting Methodology

2.5.  Data Triangulation & Validation

2.6.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    Global Lithium-ion Battery Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Type (Lithium cobalt oxide (LCO), Lithium iron phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), Lithium Nickel Manganese Cobalt (LMC))

5.2.2.    By Power Capacity (0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh, 60,000 mAh and above 60,000 mAh)

5.2.3.    By Voltage (Upto 12V, 12V-36V, Above 36V)

5.2.4.    By End User (Consumer Electronics, Automotive, Aerospace, Marine, Medical, Industrial, Power, Telecommunications, Others)

5.2.5.    By Region

5.3.  By Company (2022)

5.4.  Market Map

6.    North America Lithium-ion Battery Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Type

6.2.2.    By Power Capacity

6.2.3.    By Voltage

6.2.4.    By End User

6.2.5.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Lithium-ion Battery Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.     By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Type

6.3.1.2.2.           By Power Capacity

6.3.1.2.3.           By Voltage

6.3.1.2.4.           By End User

6.3.2.    Canada Lithium-ion Battery Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.     By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Type

6.3.2.2.2.           By Power Capacity

6.3.2.2.3.           By Voltage

6.3.2.2.4.           By End User

6.3.3.    Mexico Lithium-ion Battery Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.     By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Type

6.3.3.2.2.           By Power Capacity

6.3.3.2.3.           By Voltage

6.3.3.2.4.           By End User

7.    Asia-Pacific Lithium-ion Battery Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Power Capacity

7.2.3.    By Voltage

7.2.4.    By End User

7.2.5.      By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Lithium-ion Battery Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.     By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Type

7.3.1.2.2.           By Power Capacity

7.3.1.2.3.           By Voltage

7.3.1.2.4.           By End User

7.3.2.    India Lithium-ion Battery Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.     By Value 

7.3.2.2.        Market Size & Forecast

7.3.2.2.1.           By Type

7.3.2.2.2.           By Power Capacity

7.3.2.2.3.           By Voltage

7.3.2.2.4.           By End User

7.3.3.    Japan Lithium-ion Battery Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.     By Value 

7.3.3.2.        Market Size & Forecast

7.3.3.2.1.           By Type

7.3.3.2.2.           By Power Capacity

7.3.3.2.3.           By Voltage

7.3.3.2.4.           By End User

7.3.4.    South Korea Lithium-ion Battery Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.     By Value 

7.3.4.2.        Market Size & Forecast

7.3.4.2.1.           By Type

7.3.4.2.2.           By Power Capacity

7.3.4.2.3.           By Voltage

7.3.4.2.4.           By End User

7.3.5.    Australia Lithium-ion Battery Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.     By Value 

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Type

7.3.5.2.2.           By Power Capacity

7.3.5.2.3.           By Voltage

7.3.5.2.4.           By End User

8.    Europe Lithium-ion Battery Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Power Capacity

8.2.3.    By Voltage

8.2.4.    By End User

8.2.5.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Lithium-ion Battery Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.     By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Type

8.3.1.2.2.           By Power Capacity

8.3.1.2.3.           By Voltage

8.3.1.2.4.           By End User

8.3.2.    United Kingdom Lithium-ion Battery Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.     By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Type

8.3.2.2.2.           By Power Capacity

8.3.2.2.3.           By Voltage

8.3.2.2.4.           By End User

8.3.3.    France Lithium-ion Battery Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.     By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Type

8.3.3.2.2.           By Power Capacity

8.3.3.2.3.           By Voltage

8.3.3.2.4.           By End User

8.3.4.    Italy Lithium-ion Battery Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.     By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Type

8.3.4.2.2.           By Power Capacity

8.3.4.2.3.           By Voltage

8.3.4.2.4.           By End User

8.3.5.    Spain Lithium-ion Battery Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.     By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Type

8.3.5.2.2.           By Power Capacity

8.3.5.2.3.           By Voltage

8.3.5.2.4.           By End User

9.    South America Lithium-ion Battery Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Power Capacity

9.2.3.    By Voltage

9.2.4.    By End User

9.2.5.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Lithium-ion Battery Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.     By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Type

9.3.1.2.2.           By Power Capacity

9.3.1.2.3.           By Voltage

9.3.1.2.4.           By End User

9.3.2.    Argentina Lithium-ion Battery Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.     By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Type

9.3.2.2.2.           By Power Capacity

9.3.2.2.3.           By Voltage

9.3.2.2.4.           By End User

9.3.3.    Colombia Lithium-ion Battery Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.     By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Type

9.3.3.2.2.           By Power Capacity

9.3.3.2.3.           By Voltage

9.3.3.2.4.           By End User

10. Middle East & Africa Lithium-ion Battery Market Outlook

10.1.             Market Size & Forecast

10.1.1.     By Value

10.2.             Market Share & Forecast

10.2.1. By Type

10.2.2. By Power Capacity

10.2.3. By Voltage

10.2.4. By End User

10.2.5. By Country

10.3.             Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Lithium-ion Battery Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.   By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Type

10.3.1.2.2.         By Power Capacity

10.3.1.2.3.         By Voltage

10.3.1.2.4.         By End User

10.3.2. South Africa Lithium-ion Battery Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.   By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Type

10.3.2.2.2.         By Power Capacity

10.3.2.2.3.         By Voltage

10.3.2.2.4.         By End User

10.3.3. UAE Lithium-ion Battery Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.   By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Type

10.3.3.2.2.         By Power Capacity

10.3.3.2.3.         By Voltage

10.3.3.2.4.         By End User

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Company Profiles

13.1.     BYD Company Limited

13.1.1.               Business Overview

13.1.2.               Key Revenue and Financials

13.1.3.               Recent Developments

13.1.4.               Key Personnel

13.1.5.               Key Product/Services

13.2.     Contemporary Amperex Technology Co. Limited  

13.2.1.               Business Overview

13.2.2.               Key Revenue and Financials

13.2.3.               Recent Developments

13.2.4.               Key Personnel

13.2.5.               Key Product/Services

13.3.     LG Chem Ltd   

13.3.1.               Business Overview

13.3.2.               Key Revenue and Financials

13.3.3.               Recent Developments

13.3.4.               Key Personnel

13.3.5.               Key Product/Services

13.4.     Panasonic Corporation  

13.4.1.               Business Overview

13.4.2.               Key Revenue and Financials

13.4.3.               Recent Developments

13.4.4.               Key Personnel

13.4.5.               Key Product/Services

13.5.     Samsung SDI  

13.5.1.               Business Overview

13.5.2.               Key Revenue and Financials

13.5.3.               Recent Developments

13.5.4.               Key Personnel

13.5.5.               Key Product/Services

13.6.     Sony Corporation  

13.6.1.               Business Overview

13.6.2.               Key Revenue and Financials

13.6.3.               Recent Developments

13.6.4.               Key Personnel

13.6.5.               Key Product/Services

13.7.     Tesla Inc.   

13.7.1.               Business Overview

13.7.2.               Key Revenue and Financials

13.7.3.               Recent Developments

13.7.4.               Key Personnel

13.7.5.               Key Product/Services

13.8.     Tianjin Lishen Battery Joint-Stock Co. Ltd

13.8.1.               Business Overview

13.8.2.               Key Revenue and Financials

13.8.3.               Recent Developments

13.8.4.               Key Personnel

13.8.5.               Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

Asia-Pacific region dominated the market in 2022 and is expected to do so in the forecast period. The demand for lithium-ion batteries has increased as a result of ongoing improvements in the consumer electronics and automotive industries because of the benefits provided.

down-arrow

BYD Company Limited, Contemporary Amperex Technology Co. Limited, LG Chem Ltd, Panasonic Corporation, Samsung SDI, Sony Corporation, Tesla Inc., Tianjin Lishen Battery Joint-Stock Co. Ltd are the major market market players in the Global lithium-ion battery market.

down-arrow

These batteries have a long lifespan and a high energy density. Due to the increasing demand from the consumer electronics and automotive industries, the lithium-ion battery market has experienced phenomenal growth over the past ten years.

down-arrow

One of the main problems is the significantly higher initial cost of lithium-ion batteries. Lead-acid batteries are typically 1.3 to 2 times more expensive than lithium-ion batteries.

Related Reports

profile

Parvati Sharma

Account Manager BD
Press Release

Global Lithium-ion Battery Market is Expected to Grow at an Impressive CAGR

Aug, 2023

Increasing penetration into large applications and increasing R&D for advancements are the main drivers of lithium-ion battery market during the forecast period, 2024-2028.

Why Choose Us