Date: Mar 26, 2019
Grand View Research forecasts the global lithium-ion battery market to register a 17% growth by 2025.
Revenue generation within the market is expected to reach $93 billion by 2025.
The electric vehicles (EV) market is expected to be a major driver for the overall marketplace.
The growing adoption of lithium-ion batteries in portable consumer electronics and grid storage systems will accelerate its growth.
“As automakers ramp up production for evermore EVs, demand on the power grid from EVs will grow exponentially. According to best estimates, growth in EV adoption could drive a 300-fold increase in electricity consumption by 2040, compared to 2016.
“The current grid will need to evolve significantly to accommodate that growth, driving a blitz of new innovation in wind and solar power, which will ultimately shift global reliance on coal toward clean energy alternatives,” according to a statement.
The rapid growth of the EV market is a result of increased focus on EVs by governments in efforts to reduce carbon emissions through the implementation of clean environment legislations banning gas-powered vehicles.
