Lithium-Ion Battery Market Growth Outlook with Industry Review & Forecasts 2024-2032

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Lithium-Ion Battery Market is expected to be USD
254.7 Billion by 2032
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Industry Overview

• Lithium-Ion Battery Market is expected to grow
  considerably through 2032, owing to their wider
  commercial acceptance given the longer shelf life
  and high energy density. In addition, the rising
  need for energy-efficient storage systems and
  safety concerns regarding battery life will
  positively influence the overall market
  expansion. Lithium-ion batteries are
  environmentally friendly, lightweight, and
  compact. They also boast of attributes such as
  low maintenance, more charge cycles, and a low
  self-discharge rate.
• Moreover, the key providers and leading behemoths
  in the lithium-ion battery industry are engaging
  in partnerships, mergers, and acquisitions and
  launching new products to stay competitive in the
  overall market. To cite an instance, in May 2021,
  Tesla acquired a Canadian battery startup for
  developing and manufacturing high-quality,
  dependable, and long-lasting electric vehicle
  batteries.
• Overall, the lithium-ion battery is segmented in
  terms of chemistry, component, application, and
  region.

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Continue

• Based on chemistry, the LCO batteries segment is
  expected to depict over 17 growth rate by 2032
  end. LCO batteries are used in devices such as
  mobile phones, laptops, cameras, and small power
  tools. Factors such as a robust population surge,
  rapid urbanization across developing nations, and
  a constant reduction in battery prices will play
  a key role in assisting the overall business
  outlook.
• By component, the anode market will witness 16
  CAGR by 2032. The growth can be attributed to the
  constantly rising demand for anodes due to the
  surging deployment of artificial graphite in
  battery manufacturing. Graphite powder is the
  anode material used in most lithium-ion
  batteries. Graphite anodes are moderately priced,
  light in weight, porous, and robust. They also
  match the voltage requirements of most of the
  popular Li-ion cathodes.
• In terms of application, the energy storage
  segment across the lithium-ion battery market was
  valued at over USD 5.5 billion in 2022. The
  segmental growth throughout 2023-2032 can be
  attributed to the crucial role of energy storage
  systems in balancing power generation and
  utilization.

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