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A rechargeable battery with a high energy density is called a lithium-ion battery (LIB). Anode, cathode, and electrolyte are the three parts that make up a lithium-ion battery. These batteries have a far lower self-discharge rate than nickel-cadmium batteries, are lighter when compared to other rechargeable versions of the same size, and require no maintenance. The lithium-ion battery market is expanding as a result of the increased use of these batteries in plug-in vehicles in the field of renewable energy.
The demand for the lithium-ion battery market in the United States is anticipated to increase throughout the forecast period because of the rising sales of electric vehicles in the country and favourable federal legislation. There is also a presence of key market participants there. Sales of portable electronic devices like mobile phones and laptops have surged as a result of increased internet usage and consumer spending power, particularly in emerging nations, thereby propelling the market growth globally.
The lithium-ion battery market is also expected to expand due to the multiple benefits offered by these batteries. Additionally, backup power supplies for office buildings, data centres, and institutions are provided by lithium-ion batteries. Further, household solar PV systems favour lithium-ion batteries for energy storage. During the projection period, these factors will accelerate the expansion of the application segment for energy storage systems.
The growing number of manufacturing plants are expected to propel the growth of the lithium-ion battery market globally. For instance, in an effort to grow its company internationally, Panasonic Corporation announced in February 2022 that its Energy Company would build a production plant at its Wakayama Factory in western Japan to create new, ‘4680’ lithium-ion batteries for electric vehicles (EVs). Panasonic has been working to improve its selection of automotive lithium-ion batteries to aid in the quick uptake of EVs.
In order to be ready for the complete deployment, the corporation will gradually expand its production capacities. At the Wakayama Factory, two additional production lines will be constructed up along with structural upgrades, as well as utility facilities. Productivity verification and mass production are expected to start in the fiscal year ending in March 2024.
The major players in the global lithium-ion battery market are Contemporary Amperex Technology Co., Limited (CATL), LG Energy Solution, Panasonic Corporation, BYD Company Ltd., Samsung SDI Co., Ltd., SK Innovation Co., Ltd., CALB-CALB Co., Ltd. (CALB), and Shenzhen Grepow Battery Co., Ltd., Toshiba Corporation, A123 Systems LLC, Envision AESC Group Ltd., Tianjin Lishen Battery Joint-Stock Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
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