The Lithium-Ion Battery Market Size is expected to grow from USD 44.5 billion in 2022 to USD 135.1 billion by 2031, at a CAGR of 13.1%. The rising adoption of Lithium-Ion Batteries in plug-in vehicles and growing advancement in smart electronic devices are the key factors driving the growth of the Lithium-Ion Battery Market.
The Key Players Operating in the Lithium-Ion Battery Market include the major players which operates in different stages in the entire value chain of lithium-ion battery; these players are LG Chem, SAMSUNG SDI CO. LTD., Contemporary Amperex Technology Co., Limited, BYD Company Ltd., and Panasonic Holdings Corporation. These players have adopted various growth strategies such as acquisition, collaboration, partnership, joint venture, agreement, contract, and new product launches to increase their presence in the global market.
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LG Chem is an established manufacturer of batteries for various applications. It leads the market for advanced batteries for grid-scale, residential storage, and automotive applications. The company is in the development and production of mobile batteries and large format batteries for automotive and energy storage systems. The company aims to expand its product portfolio by launching innovative products and investing in R&D activities. Over the last few years, the company has mainly been focusing on partnerships and collaboration strategies to expand its business reach, achieve sustainability goals, and launch innovative products. The company holds the largest share of Lithium-Ion Battery Market in 2021.
Samsung SDI Co., Ltd. holds the second-largest share of Lithium-Ion Battery Market in 2021. The company offers lithium-ion batteries, automotive batteries, and energy storage systems, as well as materials for semiconductors and displays and plastics for electronic devices and vehicles. Strategic initiatives, such as acquisition and agreements, are highly complementary to the existing business and could offer significant growth opportunities to the company by helping it expand its operational capability in terms of enhancement in manufacturing capacity or distribution across channels and geographies.
Another important player in Lithium-Ion Battery Market is Contemporary Amperex Technology Co. Ltd. It is engaged in the research, development, and manufacturing of energy storage battery systems and electric vehicle battery systems. It offers a wide range of products that meet the demands of original equipment manufacturers and aftermarket customers, globally.
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