A new study on the global lithium-ion batteries market forecasts a 10.7% increase in revenue generation between 2017 and 2028 at a compound annual growth rate (CAGR) of 10.7% from 2017 to 2028.

The study published by Research and Markets, ‘A Strategic Outlook for the Global Lithium-ion Batteries Market to 2028’, anticipates that revenue is expected to increase from $25 billion in 2017, $78 billion in 2018 to reach $78 billion in 2028.

According to the report findings, the lithium-ion battery market is on the upward trajectory and will see a healthy growth spurt in major markets, particularly in Asia on both demand and supply sides.

The market will be underpinned by disruptive technologies such as electric vehicles, smart grid storage, data centres etc.

The research highlights that the average cost of a lithium-ion battery pack is to decline from $185/kWh in 2017 to around $80/kWh in 2028.

The report summary highlighted that “electric vehicles have not just been revolutionising the automotive sector, but it is also reshaping the energy and materials sectors,” adding that the growth of Li-ion batteries “has been stepping up since the adoption of electric vehicles and other major disruptors such green energy and the upcoming autonomous vehicle technology.”

Access further report details here.