The report "Lithium ion battery Market by Product (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate, Lithium Nickel Manganese Cobalt), Application (Consumer Electronics {Smartphones & Tablet/P.C., UPS, Others} Automotive {Cars, Buses, & Trucks, Scooters & Bikes, Trains & Aircraft}, Industrial, Energy Storage System), Component (Cathode, Anode, Electrolytic Solution, Others), Capacity (0–3,000 mAh, 3,000–10,000 mAh, 10,000–60,000 mAh, 60,000 mAh and Above), Voltage (Low (Below 12V), Medium (12V – 36V), High (Above 36V)) – Global Forecast to 2028" The lithium ion battery market is projected to grow from USD 43.5 billion in 2021 and is projected to reach USD 149.2 billion by 2028; it is expected to grow at a CAGR of 22.80% from 2022 to 2028. The increased demand for consumer electronics worldwide is one of the main drivers of the lithium ion battery market. The growing usage of portable electronics like computers, game consoles, smartphones, flashlights, digital cameras, and high-speed internet connectivity has a favorable impact on the market. The surge in demand for expensive rechargeable batteries also hastens the market's expansion. Furthermore, using these electronics and lithium ion batteries, which are crucial components of electric vehicles, is another factor driving the market. The increased focus also impacts the market on sustainable development and the growing public awareness of the drawbacks of driving conventional vehicles. On the other hand, safety concerns regarding the handling and storage of used batteries and the high price of battery-powered industrial vehicles are anticipated to restrain market expansion.

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The consumer electronics category in the lithium ion battery market is expected to be the fastest-growing segment during the forecast period

The consumer electronics category is projected to grow the fastest during the forecast period. Consumer electronics items and portable devices both need portable batteries. Mobile phones, laptops, desktops, tablets, torches or lanterns, LED lighting, digital cameras, vacuum cleaners,  wristwatches, calculators, hearing aids, and other wearable gadgets are just a few things that can use portable batteries. Commercial buildings, data centers, and institutions can also get backup power from lithium-ion batteries. Additionally, household solar P.V. systems favor lithium-ion batteries for energy storage. During the projection period, these factors will accelerate the expansion of the application segment for energy storage systems.

Automotive category of the lithium ion battery market to record the highest CAGR from 2022 to 2028

The automotive category is expected to account for the highest CAGR of the lithium ion battery market from 2022 to 2028. This is primarily because major emerging and developed nations are increasingly focusing on lowering carbon emissions and switching to electric cars (E.V.s). A record year for electric car sales, 2019 saw 2.1 million electric vehicle sales globally and 7.2 million electric vehicle inventories. Additionally, in 2019 the stock of electric vehicles increased by almost 40% year over year and represented about 1% of all vehicle sales internationally, accounting for 2.6% of all vehicle sales overall.

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Asia Pacific is anticipated to grow at a significant rate in lithium ion battery market share from 2022 to 2028

Asia Pacific is the fastest-growing region in the lithium ion battery market. China dominates the Asia-Pacific region's lithium-ion battery market. Lithium-ion battery production is thought to be concentrated in China. The growth in demand for smartphones and tablets in developing nations like China, Japan, and India is driving the lithium-ion battery market in Asia-Pacific. Expanding disposable income and rising consumer awareness of lithium-ion batteries in the market throughout the projection period are two additional factors boosting the region's lithium-ion battery market.

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Market Players

Key players in the lithium ion battery market include Panasonic Corporation, BYD Company, Samsung SDI, L.G. Chem, Contemporary Amperex Technology Co. Ltd, Saft Group S.A., Toshiba Corporation, BAK Power, Automotive Energy Supply Corporation and A123 System.

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