What's Driving the Growth of the Lithium-Ion Battery Market?

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 according to a new report by MarketsandMarkets™. The lithium-ion battery market is experiencing rapid expansion due to the high energy density and versatile applicability offered by lithium-ion batteries across consumer electronics devices, hybrid electric vehicles, and renewable energy storage sectors. Technological advancements enhancing lithium-ion battery performance, safety, and longevity further drive the market's growth.