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Demand for rechargeable batteries could help vault the global lithium-ion battery market’s value to $77.42 billion by 2024, a compound annual growth rate of 11.6 percent over the forecast period, according to a report from market research firm Transparency Market Research.

Growth for the market is anticipated largely due to the efficiency and lifespan of the batteries compared to their alternatives.

The market is segmented into 5 to 25 Wh, 48 to 95 Wh, 18 to 28 KWh, 100 to 250 Kwh, and more than 300 KWh. Smartphones typically operate with a 5 to 25 Wh battery. This is the leading market segment. The 18 to 28 KWh segment is expected to grow substantially in the 2016 to 2024 forecast period, owing to their use in the automotive sector.

The lithium cobalt oxide battery type comprised the largest share of the overall lithium battery market in 2016.

“… Research by Markets and Markets point[s] out the pros of LCO batteries – their energy density of any LCO battery is very high, and the cost of manufacturing these batteries is fairly reasonable owing to the use of graphite carbon and cobalt,” says the Transparency Market report.

“The report also indicates that the market for [the] lithium nickel manganese cobalt battery type is expected to grow at the highest rate between 2016 and 2022. The combination of nickel and manganese gives the required accuracy and effectiveness. The market for LCO batteries is also projected to grow thanks to the increasing popularity of electric and hybrid vehicles.”

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