Lithium Ion Battery Market Expert Guide to Boost the Industry in Global Market Share

The Global Lithium Ion Battery Market is valued to reach USD 90.01 billion by 2024. The market is set to grow at CAGR of 20% over forecast period 2020-2026, owing to flourishing electric vehicle market, high demand for consumer electronics, shift to smart electronic devices, increased shipments of smart wearables and declining lithium-ion battery prices.

The demand for energy in the form of solar, wind, fossil fuels etc., has been of great concern to the present civilization. The need for effective storage devices is likely to have been felt since many years and in this context, batteries play a vital role demonstrating efficient use of renewable energy. Technically, batteries are of two types, primary and secondary. Primary batteries are charged in condition within an assembled unit and irreversible electrochemical reaction. On contrary, secondary batteries with electrochemical charge are totally reversible. Therefore, on a commercial scale, rechargeable lithium ion batteries have gained a wide attention in the recent years owing to good capacity, high voltage and energy retention.

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