In the year 2020, the Li-ion Battery market in the United States is expected to be worth $12.6 billion. The country now holds a market share of 26.92 percent of the global market. China, the world’s second largest economy, is expected to reach a market size of $29.8 billion in 2027, with a compound annual growth rate of 20.3 percent.

Over the period of 2020-2027, the market is expected to increase at a compound annual growth rate (CAGR) of 15.5 percent, from $6 billion in 2020 to $127.8 billion in 2027. Lithium nickel manganese cobalt (NMC), is expected to increase at a 17.1% CAGR to reach $52 billion by the conclusion of the analysis period. The global Li-ion battery market is now dominated by this sector, which holds a 26.5 percent share.

In 2020, the United States will account for over 26.9 per cent of global market size, while China is expected to grow at a 20 per cent CAGR from 2020 to 2027. Japan and Canada are two more important geographic markets, with forecasted growth rates of 11.1 percent and 13.6 percent, respectively, from 2020 to 2027. Within Europe, Germany is expected to develop at a 12.2 percent CAGR, while the rest of the European market will reach $29.8 billion by 2027. The Asia-Pacific market is expected to reach $19.5 billion by 2027, led by countries like Australia, India, and South Korea, while Latin America will grow at a 16.1% CAGR during the same time period.