A report by MarketsandMarkets predicts that the lithium-ion battery market is to be valued at USD 68.97 billion by 2022, or growing at a CAGR of 16.6% between 2016 and 2022. The growth of this market is driven primarily by the increase in demand for electric vehicles, strict government mandates on fuel economy, growing demand for smart devices, other consumer electronics, and innovations focused on improvement of lithium-ion batteries. The consumer electronics industry is expected to dominate the market during the forecast period, and the market for the automotive industry is expected to grow at the highest rate.
The report indicates that there are several important benefits lithium-ion batteries provide. Lithium-ion batteries are a preferred choice for consumer electronic products as a portable power source because of the features of high energy density and less recharge time. There is a wide range of applications that can be powered by these batteries, including DVD players, portable CD players, digital cameras, smartphones, camcorders, wearable devices, power banks, toys, Bluetooth, GPS, tablets, smartphones and others. The implementation of lithium-ion batteries in automotive sector for plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV) helps to improve the efficiency and reduce the maintenance cost of the vehicle. For a copy of the report, visit and request it at http://www.financialbuzz.com