The global lithium-ion battery market is anticipated to grow at a considerable CAGR of around 14.6% during the forecast period (2021-2027). The factor contributing to the growth of the market include growing partnerships among major market players to further expand the production of lithium-ion batteries.
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For instance, in July 2020, Contemporary Amperex Technology Co., Limited (CATL), which provides advanced battery solutions for new energy applications, has signed an agreement with Honda Motor Co. to form a strategic alliance to promote the popularization of e-mobility. Through this partnership, both companies have conducted joint development on new electric vehicles to promote electric mobility. By this partnership, both companies had focused on the supply of batteries, development for new technology, and the reuse and recycling of batteries for new electric vehicles.
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Moreover, in April 2019, Envision AESC had completed the acquisition of Automotive Energy Supply Corporation, which was previously acquired by Nissan Motor Co., Ltd. The acquisition had powered the stakes of all the power battery production bases operated in Japan, UK, and the US. With these three manufacturing bases, Envision AESC has successfully provided batteries for more than 430,000 electric vehicles with zero instances of critical malfunction in these countries.
Besides, the company also provides batteries to China through its fourth production and R&D base Wuxi, located in eastern China’s Jiangsu Province. The Wuxi plant is anticipated to produce lithium-ion batteries (NCM811) with a significant annual production capacity of 20GWh in upcoming years. Apart from this, it also provides power batteries every year for about 400,000 new energy vehicles across the globe. Therefore, business expansion of major players by partnership collaboration among them has a positive impact on the market.
Global Lithium-Ion Battery Market Segment
By End-User
- Automotive Application
- Consumer Application
- Industrial Application
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
