The growth of the lithium ion battery market is driven by the increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for various industrial applications.
The overall lithium ion battery market size is expected to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2%.
The energy density of NMC batteries is its primary strength. It achieves this energy density with good stability due to the use of an optimum ratio of nickel manganese and cobalt. It also has a good charge and discharge cycle. These features ... Read more