The increasing demand for electric vehicles is a major driver of the lithium-ion battery market
Other major drivers include the growth of the renewable energy sector and the increasing use of lithium-ion batteries in consumer electronics devices.
The lithium-ion battery market is segmented by application, chemistry, and region.
The largest application segment is the electric vehicle market.
The chemistry segment is dominated by lithium-ion phosphate (LFP) batteries. The regional market leader is Asia Pacific
Technological advancements are helping to improve the performance, safety, and longevity of lithium-ion batteries.
The major players in the lithium-ion battery market are Panasonic, LG Chem, Samsung SDI, BYD, and CATL
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