The consumer market for lithium-ion (Li-ion) batteries is huge—about $10 billion worth of battery packs—but it’s also relatively flat with only a modest 2% growth rate. Of course, there’s a news-grabbing growth market for electric vehicle batteries, with a forecasted compound annual growth rate (CAGR) of 10%, reaching $10 billion in 2025. Surprisingly, though, the biggest growth area for adoption of new batteries is “everything else,” from forklifts to ventilators. This battery market, which often falls into the “medium format” category, is maintaining a robust 11% CAGR and is also expected to reach $10 billion by 2025...
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