During the five-year projection period, the battery market would see increased spending at a promising CAGR.

The market for lithium-ion batteries is anticipated to reach USD 135.1 billion by 2031, 

at a projected CAGR of 13.1%, 

from an estimated USD 44.5 billion in 2022. 

The market for lithium-ion batteries is expanding as a result of the increased 

use of these batteries in plug-in automobiles in the field of renewable energy.

In addition, improvements in lithium-ion batteries 

have raised the emphasis on R & D.

Rising acceptance of lithium-ion batteries in a variety of new applications 

due to price declines is also anticipated to fuel market expansion in the near future.