Lithium-Ion Batteries Market and Wide Applications
The popularity of lithium-ion batteries is growing. A recent research report by Allied Market Research claims that this market is expected to generate revenue of about $46 billion by 2022, which represents CAGR of 10.8% for the forecasted period of 2016 - 2022. Lithium-ion batteries are researchable and are currently used in many of our portable devices. Recently however, the usage has become more wide spread.
There are several reasons for the expected growth of the lithium-ion battery market. First lithium-ion batteries play a very important role in the automotive sector. Second, is continues growing demand for smartphones, tablets, and other electronic devices, and third is the increase in government regulations which are meant to reduce the increasing pollution levels, enhancing efficiency of lithium-ion batteries.The Asia-Pacific region is the largest revenue-generating region in this market, followed by North America. This is also expected to be the heist growing region, as demand for consumer electronics and in electric vehicles in China, Japan, and India is expected to grow faster in North America.