Electrifying Expectations: Lithium-ion Battery Market to Reach $187.1 Billion by 2032
The global Lithium-ion Battery Market Size is expected to grow from USD 56.8 billion in 2023 to USD 187.1 billion by 2032, at a CAGR of 14.2% from 2023 to 2032.
The global demand for lithium-ion batteries is rising due to increased demand for hybrid and plug-in hybrid electric vehicles, stringent government mandates for environment protection, rising demand for consumer electronics, and R&D efforts to enhance the performance of lithium-ion batteries industry. Reduction in the prices of lithium-ion batteries is also driving their adoption across industries.