Market Projected to Grow at 15.2% CAGR from 2019-2026
The global lithium-ion battery market is experiencing tremendous growth, projected to reach $115 billion by 2026 with a compound annual growth rate (CAGR) of 15.2% from 2019 to 2026. This explosive growth is primarily driven by the increasing demand for electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHVs). The market is also influenced by strict government regulations to control pollution, higher energy requirements of new consumer gadgets, and enhanced efficiency of lithium-ion batteries. The number of electric vehicles is on the rise globally, resulting in high demand for lithium-ion batteries. Additionally, increasing carbon emissions has elevated government attention toward the use of electric vehicles and plug-in hybrid vehicles, with strong government support expected to propel further growth.
