Lithium-ion Battery Market Outlook- 2027
The global lithium-ion battery market was valued at $36.7 billion in 2019, and is projected to hit $129.3 billion by 2027, at a CAGR of 18.0% from 2020 to 2027. A lithium-ion (Li-ion) battery is a rechargeable battery, which utilizes lithium ions as the essential components of its electrochemistry. Lithium-ion batteries find its major application in laptops, PDAs, cell phones, and iPods.
The lithium-ion battery market growth is driven by surgeon need for smartphones and other electronics devices and increase in electric vehicles are some of the key factors that significantly drive the growth of the global lithium-ion battery market. Implementation of stringent government regulations to control increasing pollution levels is further expected to augment the market growth. However, the high price of lithium-ion batteries is anticipated to restrain the market growth. On the contrary, higher energy efficiency requirements in technologically updated consumer gadgets are expected to provide expanding lithium-ion batteries market opportunity to the key players.
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Various components such as cathode, anode, electrolytic solution, and others (foils, binders, and separators) are covered within the scope of the report.The cathode segment was the highest contributor to the market. This is attributed to the fact that cathode is widely used in the manufacturing of lithium-ion batteries. In addition, it is used to build positive electrodes for battery cells. Cathode materials, such as lithium cobalt oxide, lithium iron phosphate, lithium ion manganese oxide battery, and lithium nickel manganese cobalt oxide (are used in manufacturing of lithium-ion batteries.
Portugal Expected to Dominate the Market
Portugal has targeted to phase out from the Lithium ion battery by the end of 2025 and rely more on cleaner energy sources such as Golf cart, electric vehicle etc. Such a transition in energy generation is expected to drive the country's battery market as batteries can be used to store extra energy generated from renewable for later use. In 2019 the total renewable energy installation was 55315 megawatts (MW).
Moreover, the country is witnessing rapid growth in the telecommunication sector, and increasing demand for batteries in the data centers will likely have a positive impact on the country's battery market.
The automotive industry of Portugal, is witnessing rapid growth in the electric vehicles Or Golf Cart market, thus driving the country's battery market. Different types of initiatives and measures are taken by the government in the country to support electric vehicles, golf cart usage in the country. Most of these initiatives regarding china lithium ion battery JB Battery for using golf cart exhibit to create a positive impact and are likely going to drive the country's battery market. https://www.jbbatteryportugal.com, searching for a best lithium ion battery brand if you need more quantity of lithium ion batteries for using a golf cart or any purposes.
Few information of china supplier JB Battery
JB Battery Portugal is a leading provider of standard and lithium ion battery solutions from China. The company prides itself on having the ability to build lithium ion batteries for virtually any application. The high-quality of their products has allowed lithium ion golf cart battery pack manufacturer JB Battery to establish long-term stable cooperation relationships with a great number of retailers and agents across the world.