The global lithium-ion battery market is expected to generate revenue of $46.21 billion by 2022, with a compound annual growth rate (CAGR) of 10.8% from 2016-2022, primarily due to increased usage in the automotive sector, a new report forecasts.
Lithium-ion batteries are rechargeable and are used as a power source primarily in portable devices, according to Allied Market Research’s “World Lithium-Ion Battery Market: Opportunities and Forecasts, 2015-2022.”
“The market for these batteries is expected to witness notable growth because of their increasing application in the automotive sector,” according to the study.
“From a growth perspective, the automotive sector would be the most prominent user of these batteries, anticipated to witness the highest CAGR of 13.6% during the forecast period, owing to rising demand for electric/hybrid vehicles,” the study forecasts.
Asia-Pacific is the largest revenue-generating region in this market, followed by North America, Kallanish Energy finds.
Asia-Pacific is likely to exhibit the highest growth, with a CAGR of 12.4% during the forecast period, Allied Market Research states. The growth would be driven by the rising demand from consumer electronics segment and the increasing number of electric vehicles (EVs) in China, Japan, and India.
