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
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