Automotive Segment to Dominate Lithium-Ion Battery Market
According to Custom Market Insights (CMI), The Lithium-Ion Battery Market size was estimated at USD 42.5 billion in 2021 and is anticipated to reach around USD 184.15 billion by 2030, growing at a CAGR of roughly 18.5% between 2022 and 2030.
Our research report offers a 360-degree view of the Lithium-Ion Battery market’s drivers and restraints and their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Lithium-Ion Battery market.
Lithium-Ion Battery Market: Overview
The boom in demand for electric vehicles, such as electric automobiles and motorcycles, has increased the need for lithium-ion batteries. Additionally, consumer electronics products, such as laptops and mobile phones, which employ lithium-ion cells, have caused a significant increase in the demand for lithium-ion batteries. Lithium-ion batteries are also now recognized as the industry standard for any product requiring a portable rechargeable battery due to their capacity to be recharged. Due to regional governments’ initiatives to promote the usage of electric vehicles, the Asia Pacific lithium-ion battery market is anticipated to develop at the most significant rate during the forecast period.
Browse the full “Lithium-Ion Battery Market Size, Trends and Insights By Product (Lithium cobalt oxide (LCO), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium iron phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Cobalt (LMC), Lithium Titanate (LTO)), By Application (Automobile, Industrial, Consumer Electronics, Energy Storage Systems, Medical Devices), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2023–2032 “ report at https://www.custommarketinsights.com/report/lithium-ion-battery-market/
Growth Factors
Because electric car use is expanding, the automotive industry is predicted to develop significantly. Over the projected period, it is expected that there will be a significant increase in the number of electric vehicle registrations worldwide. With a revenue share of more than 75.0% in 2021, the U.S. overtook other markets to become North America’s largest. In addition, the demand for lithium-ion batteries in the U.S. is anticipated to increase throughout the forecast period due to rising sales of electric vehicles in the country, favourable federal legislation, and the presence of market participants there.
Additionally, the EPA’s restrictions on lead contamination and the ensuing environmental dangers, along with the regulations on lead-acid battery storage, disposal, and recycling, have reduced the market for lead-acid batteries and increased the need for lithium-ion batteries in automobiles. Since firms worldwide are looking to invest in Mexico, it has been the main focus of the global automobile industry. After South Korea, Japan, and Germany are the automobile industry’s fourth-largest exporters. The need for lithium-ion batteries in the nation is predicted to increase with rising automotive production.
Segmental Overview
The market for Lithium-Ion Battery market is segmented into products and applications. Based on the end-use industries, the automotive segment held a market share of more than 40% in the global battery separators market and registered a respectable CAGR of over 15% through 2030. The automotive industry’s growing need for lithium-ion batteries and the widespread use of electronic vehicles are expected to lead to significant growth in the global market for battery separators.
Lithium-ion batteries now weigh significantly less due to recent technological advancements, making them more appealing for electric vehicle applications. The other market sector, which in 2022 had a market share of more than 2%, is expected to grow at a CAGR of more than 10.1%. Consumer electronics, telecommunication, and other industries are included in the other segment.
Regional Overview
In 2021, the consumer electronics sector had the highest revenue share—more than 40.0%. Consumer electronics items and portable devices both need portable batteries. Mobile phones, laptops, desktops, tablets, torches or lanterns, LED lighting, digital cameras, vacuum cleaners, wristwatches, hearing aids, calculators, and other wearable gadgets are just a few things that can use portable batteries. Over the projection period, the market for electric and hybrid vehicles is expected to grow profitably. The expansion is anticipated to be aided by rising fossil fuel prices and increased consumer knowledge of the advantages of battery-powered cars, notably in North America, Europe, and Asia-Pacific.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 42.5 Billion |
| Projected Market Size in 2030 | USD 184.15 Billion |
| Market Size in 2022 | USD 48.80 Billion |
| CAGR Growth Rate | 18.5% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | BYD Company Ltd., LG Chem, Hitachi Ltd., Duracell Inc., Johnson Controls, Panasonic Corporation, Samsung SDI Co. Ltd., Renault Group, Tesla, TOSHIBA CORPORATION, and Others |
| Key Segment | By Product, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Players Insights
The competitive landscape for the lithium-ion Battery market includes information from competitors. The company’s financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, global presence, production capacities, product launch, company strengths and weaknesses, product width and breadth, and application dominance are among the details that are included.
Prominent Players
- Tesla
- General Electric
- Exide Technologies
- BYD Company Ltd.
- Energon
- Toshiba Corporation
- Samsung SDI Co. Ltd.
- Panasonic Corporation
- LG Chem
- Duracell Inc.
- A123 Systems LLC
- Hitachi Energy Ltd.
- Clarios
- Koninklijke Philips N.V.
- Akku Tronics New Energy Technology Co.
- Ding Tai Battery Company Ltd.
- EaglePicher Technologies LLC
- Padre Electronics Co. Ltd.
- Lithium Werks
- Saft
- ProLogium Technology CO. Ltd.
- Energus Power Solutions Ltd.
- Maxell Ltd.
- EnerDel
- Others
The global Lithium-Ion Battery market is segmented as follows:
By Product
- Lithium cobalt oxide (LCO)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium iron phosphate (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Manganese Cobalt (LMC)
- Lithium Titanate (LTO)
By Application
- Automobile
- Industrial
- Consumer Electronics
- Energy Storage Systems
- Medical Devices
By Component Analysis
- Cathode
- Anode
- Separator
- Electrolyte
- Aluminum Foil
- Copper Foil
- Others
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America