Powering Progress: The Evolution of the $135.1 Billion Lithium-ion Battery Market
In the upcoming years, it's anticipated that the Lithium-ion Battery Market would expand significantly. Estimates indicate that the market would increase from an estimated size of USD 44.5 billion in 2022 to USD 135.1 billion by 2031, expanding at a CAGR of 13.1%. Major companies operating in this lithium-ion battery market include LG Chem (South Korea); SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China). With a monopoly on the battery market, the lithium-ion battery has evolved as a key element of the current economic structure. According to estimates, this battery type will hold the bulk of the market share, especially for uses like electric vehicles (EVs) and smartphones. Its great energy density and superior specifications are responsible for its wide use. Due to their capacity to store a significant quantity of energy in a little amount of space, lithium-ion batteries