According to the research report titled ‘Lithium Ion Battery Market By Chemistry (LFP, LCO, LTO, NMC, NCA, LMO), By Component (Cathode, Anode, Separators, Electrolytes, Aluminum Foil, Copper Foil, Others), By Application (Industrial {Military, Industrial Equipment, Medical, Marine, Others}, Automotive {Hybrid Electric Vehicles, Battery Electric Vehicles}, Consumer Electronics {Smartphones, Laptops, UPS Systems, Smart Cameras, Smart Watches, Smart Glasses, Smart Textiles, Activity Trackers, Others}, Energy Storage), Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Russia, Italy, Spain, Austria, Netherlands, Sweden, China, Japan, India, South Korea, Australia, Indonesia, Malaysia, Thailand, Philippines, Saudi Arabia, UAE, Iran, Egypt, Turkey, Morocco, South Africa, Nigeria, Algeria, Brazil, Argentina, Mexico, Chile, Colombia), Competitive Market Analysis & Forecast, 2019 – 2025’, available at MarketStudyReport.com, the global lithium ion battery market is expected to cross USD 73 billion by the year 2025.
 

Favorable government initiatives which promote the use of electric vehicles along with rising levels of emissions are major factors driving the lithium ion battery market growth. Shifting preferences towards sustainable sources of energy in power generation sector is further aiding the market expansion. Moreover, energy storage systems provide economical and sustainable solutions in order to meet the growing demand for electricity. Escalating investments towards development of large-scale ESS is also stimulating the industry outlook.
 

As per component, cathode segment is expected to grow by 10% by the year 2025. Cathode-based lithium ion batteries offer long service life, short discharge time, and low maintenance, which in turn is facilitating the business scenario.
 

Based on the application spectrum, consumer electronics application of lithium ion batteries is poised to amass commendable gains in the ensuing years. Growing demand for high-performance and long battery life devices along with strict government regulations regarding waste disposal are fostering the demand for lithium ion batteries in consumer electronics applications.
 

On the other hand, lithium ion battery market from automotive application will witness considerable growth in the forthcoming years. Growing demand for electric vehicles along with favorable subsidy schemes and tax incentives towards using such vehicles are propelling the growth of the market. Escalating investments towards expansion of electric vehicle charging infrastructure and technological advancements in EV vehicles are boosting the segmental growth.
 

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Considering the geographical landscape, Asia-Pacific lithium ion battery industry is expected to register substantial growth during the forecast period. Factors such as growing demand for electronics along with surging investments towards the development of automotive sector are fueling the demand for lithium ion batteries across the region.
 

Lithium Werks, Padre Electronics Co. Ltd., Ding Tai Battery Co. Ltd., Eagle Picher Technologies LLC, Akku Tronics New Energy Technology Co., Duracell Inc., Roofer Technology Co. Ltd., Energus Power Solutions Ltd., ProLogium Technology Co. Ltd., Saft Batteries, Johnson Controls Inc., EnerDel, Hitachi Maxwell Ltd., Koninklijke Philips N.V., Envision (AESC), A123 Systems LLC,  Toshiba Corp., BYD Co. Ltd., LG Chem Ltd., Hitachi Chemical Co. Ltd., GS Yuasa Corp., Tesla Inc., Panasonic Corp. and Samsung SDI Co. Ltd. are the major companies operating in the lithium ion battery market.