Lithium-Ion Battery Market to Grow at a Steady CAGR of 26.04% Till 2026
Increasing use of lithium-ion batteries in cars to drive the growth of global lithium-ion battery market in the forecast period, 2022-2026. According to TechSci Research report, “ Lithium-Ion Battery Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026” The global lithium-ion battery market stood at USD42.30 billion in 2020 and is expected to grow at a CAGR of 26.04% during the forecast period on account of increasing sales of electric vehicles and adoption of lithium-ion batteries in energy storage system, consumer electronics and other applications. The growing demand for lithium-ion batteries for electric vehicles, consumer electronics, among others is expected to drive the market growth through 2026. Additionally, increasing focus of automakers on manufacturing electrical vehicles with lithium-ion battery in comparison to other battery alternatives is contributing to the growth of the market. Lithium and carbon are commonly...