Dublin, Feb. 17, 2021 (GLOBE NEWSWIRE) — The “Lithium Ion Battery Market By Cell Type, By Application – Growth, Future Prospects, And Competitive Analysis, 2020 -2028” report has been added to ResearchAndMarkets.com’s offering.
This report offers strategic insights into the global lithium-ion battery market along with the market size and estimates for the duration 2018 to 2028. The said research study covers in-depth analysis of multiple market segments based on cell type, application, and cross-sectional study across different geographies and sub-geographies. The study covers the comparative analysis of different segments for the years 2019 & 2028. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities. In addition, the report covers a section providing production and pricing trends in some of the major markets.
Lithium-ion batteries have gained immense popularity in recent years on account of higher energy density and lower self-discharge rates as compared to other battery cells. Some of the major types of lithium-ion batteries include lithium iron phosphate (LiFePO4), lithium cobalt oxide (LiCoO2), lithium manganese oxide (LiMn2O4), lithium nickel manganese cobalt oxide (LiNiMnCoO2 or NMC), lithium nickel cobalt aluminum oxide (LiNiCoAlO2), and lithium titanate (Li4Ti5O12).
Lithium-ion batteries are available in various shapes namely, cylindrical, prismatic, and pouch cells. Depending on the end-use application, manufacturers of various electronic and electric products can make use of these types of batteries accordingly. Lithium ion batteries have been increasingly used in various consumer electronics such as cell phones, portable PCs, and tablets, among others. Another application of these batteries gaining ground in recent years is their use in various electric vehicles including cars and bikes. This segment has witnessed heavy investments with some of the leading providers of lithium ion battery working towards increasing their production capacity for electric vehicle batteries across the world.
One of the major factors driving the demand for lithium ion batteries is the increasing adoption of consumer electronics such as smartphones, laptops, and tablets, among others. Lithium iron phosphate (LiFePO4) based batteries offer numerous benefits such as high energy density, low self-discharge rate, compact size, and longer lifespan. Thereby, since its introduction, these batteries have gained immense popularity in various end-use segments. Another factor driving the overall lithium ion battery market includes the rising production of electric vehicles across the world. Numerous developed markets across the world have been increasingly investing in the production of electric vehicles in recent years. Thereby, there has been a rise in demand for large lithium ion batteries in the automotive segment.