The growth of this market is being fueled by increase in demand for – Plug-in vehicles, – Growing need for automation – Battery-operated material-handling equipment, – Growing demand for smart devices – High requirement of lithium-ion batteries for industrial applications.
Lithium Ion Battery market is expected to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2025, at a CAGR of 17.1%.
Lithium Battery Technologies
Electric car makers are focusing on two chemistries: nickel-cobalt-aluminum (NCA) and nickel-cobalt-manganese (NCM or NMC).