Lithium-Ion Battery Market

Analysts at GMI Research estimates that the Lithium-ion Battery Market size was worth USD 47.3 billion in 2022, and forecast to touch USD 136.8 billion in 2030, growing at a significant higher CAGR of 14.2% from 2023-2030 attributed to rapid growth in renewable energy sector and growing adoption of electric vehicles.

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Key Lithium-Ion Battery Market Drivers

The factor driving the Lithium-ion battery market includes increasing demand for EV and renewable battery energy storage systems across the globe along with rising government regulations for controlling pollution and drop in the prices of batteries. Lithium-ion batteries are most commonly used in electric vehicles due to its high energy density which allows batteries to save more energy and charge faster. Electric vehicles becomes more popular in recent times because of its environment friendly features. As per the Energy Information Administration estimates, sales of electric vehicles has increased to more than 10 million united in 2022 as compared to 6.6 million unites in 2021, approx. 60% increase in 2022. Even, government are encouraging the usage of low-emission vehicles and also providing incentives to the companies to increase the production of the lithium ion batteries, will increase the demand for electric vehicle and further create more opportunities for lithium ion batteries in near future.

Moreover, longer life cycle, improved charge efficiency, more usable capacity than lead acid battery and no maintenance requirement, are some of the advantages of lithium ion battery, which are accelerating its adoption in the automotive industry. However, spent lithium-ion batteries contains hazardous chemicals like mercury and lead which can cause fire accidents at facilities, as these batteries have tendencies to overheat, which is restricting the lithium-ion battery market growth.

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Based on Type, Lithium-Ion Cobalt Oxide segment is projected to hold the largest lithium-ion battery market share.

Lithium-ion cobalt oxide batteries are majorly used in digital cameras, portable electronic devices and personal computer. This type of battery is becoming popular in the market as it offers high energy density, magnificent electrochemical performance, and high-capacity ratio.

As per lithium-ion battery market forecast, 3,000 to 10,000 mAh is estimated to expand at the fastest rate.

These modules are increasingly used in applications which requires heavy loads. These batteries find its application in consumer electronics, power tools and aerospace.

According to lithium-ion battery market outlook, Medium (12 V – 36 V) segment is forecast to grow at a robust CAGR.

These batteries provide more energy density as compared to batteries with high or low voltage. In addition, medium voltage batteries are installed in electric vehicles, trolling motors, and solar energy systems.

Based on Industry, Power segment is expected to dominate the market

Lithium-ion batteries are gaining traction in the power industry, as these batteries offer frequency and voltage control in case if there any sudden fluctuations, higher energy density and faster charging, which makes these batteries suitable for storing huge amounts of renewable energy. Automotive lithium-ion battery market is driven by growing awareness amongst consumers about the advantages of using lithium-ion batteries and rise in the prices of petrol and increasing focus of governments on reducing carbon emissions.

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As per lithium-ion battery market analysis, Europe is projected to capture a major share.

European lithium-ion battery market is propelled by government initiatives supporting research and development in power sector, rapid growth in automobile manufacturing and increasing demand for electric vehicles. North America lithium-ion battery market is driven by growing demand for energy storage systems and rise in the sales of consumer electronics.

China lithium ion battery market driven by the reduction in the prices of lithium ion batteries along with the increase in sales of electric vehicles across the China. As per the China passenger car association, China sold approx. 5.67 million units of electric vehicles and plug-ins in 2022, while the passenger-car retail sales increased to 20.5 million, around 1.9% in 2022 as compared to 2021. India lithium ion battery market is driven by the increase in the recycling of lithium ion batteries, rapid expansion in the production of batteries and tax benefits provided by government for the purchase of electric vehicles.

Lithium Battery Competitors

Some of the major players operating in the lithium-ion battery market are LG Chem Ltd., Panasonic Corporation, Hitachi Ltd., Johnson Controls, Samsung SDI Co. Ltd., BAK Group, BYD Company Ltd., GS Yuasa Corporation, Toshiba Corporation, and Valence Technology, Inc., among others.

 Key Developments: 

• • In February 2023, Honda Motor Company, a major automobile company based out of Japan announced that it has signed an agreement with Ascend Elements to collaborate for procuring recycled lithium-ion batteries in North America.
  • In February 2022, Panasonic Corporation, unveiled its plans to set up production facility for new lithium-ion batteries, which are specifically designed for electric vehicles, at Wakayama facility in Japan.
  • In January 2022, Nexeon Limited, a major battery materials and manufacturing company based out of United Kingdom, announced that it has licensed NSP-1 technology to SKC Company, a leading advanced materials company in South Korea. By licensing NSP-1 technology, its customers will have reliable access to these strategic materials.
  • In October 2021, LG Energy Solution Ltd., a battery manufacturing company based in South Korea signed a memorandum of understanding (MoU) agreement with Stellantis, to form a joint venture for manufacturing battery cells and modules in North American region.
  • In March 2020, BYD Company Ltd., announced the launch of its Blade Battery, which is primarily developed to increase fire safety in electric vehicles. This battery slowly releases heat, uses battery thermal management systems and it does not release oxygen breakdown.

Segments Covered in the Report:

Global lithium-ion battery market segmented into type, products, power capacity, voltage, industry, and region. Based on the type, the market has been segmented into Lithium Nickel Manganese Cobalt Oxide (Li-Nmc), Lithium Iron Phosphate (Lfp), Lithium Cobalt Oxide (Lco), Lithium Titanate Oxide (Lto), Lithium Manganese Oxide (Lmo), and Lithium Nickel Cobalt Aluminum Oxide (Nca). Based on the products, the market has been segmented into cell and battery pack. Based on the power capacity, the market has been segmented into Less than 3,000 MAH, 3,000 TO 10,000 MAH, 10,000 TO 60,000 MAH, and above 60,000 MAH. Based on the voltage, the market has been segmented into low, medium, and high. Based on the industry, the market has been segmented into consumer electronics, automotive, aerospace & defense, marine, medical, industrial, power, and telecommunication.

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Market Segmentation

Global Lithium-Ion Battery Market by Type  

• • Lithium Nickel Manganese Cobalt (Li-NMC)
  • Lithium Iron Phosphate (LFP)
  • Lithium Cobalt Oxide (LCO)
  • Lithium Titanate Oxide (LTO)
  • Lithium Manganese Oxide (LMO)
  • Lithium Nickel Cobalt Aluminum Oxide (NCA)

Global Lithium-Ion Battery Market by Products

• • Cell
  • Battery Pack

Global Lithium-Ion Battery Market by Power Capacity

• • Less Than 3,000 mAH
  • 3,000 TO 10,000 mAH
  • 10,000 TO 60,000 mAH
  • More Than 60,000 mAH

Global Lithium-Ion Battery Market by Voltage

• • Low (Below 12 V)
  • Medium (12 V – 36 V)
  • High (Above 36 V)

Global Lithium-Ion Battery Market by Industry

• • Consumer Electronics
    • Smartphones
    • UPS
    • Laptops
    • Others(Games, Gardening Tools, and Drilling)
  • Automotive
    • Battery Electric Vehicles
    • Plug-In Hybrid Electric Vehicles
  • Aerospace & Defense
    • Commercial Aircrafts
    • Defense
  • Marine
    • Commercial
    • Tourism
    • Defense
  • Medical
  • Industrial
    • Mining equipment
    • construction equipment
    • Forklifts, automated guided vehicles (AGV), and automated mobile robots (AMR).
  • Power
  • Telecommunication

Global Lithium-Ion Battery Market by Region

• • North America Lithium-Ion Battery Market(Option 1: As a part of the free 25% customization)

    • By Type
    • By Product
    • By Power Capacity
    • By Voltage
    • By Industry
    • US Market All-Up
    • Canada Market All-Up

  • Europe Lithium-Ion Battery Market(Option 2: As a part of the free 25% customization)

    • By Type
    • By Product
    • By Power Capacity
    • By Voltage
    • By Industry
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Lithium-Ion Battery Market(Option 3: As a part of the free 25% customization)

    • By Type
    • By Product
    • By Power Capacity
    • By Voltage
    • By Industry
    • China Market All-Up
    • Global Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Lithium-Ion Battery Market(Option 4: As a part of the free 25% customization)

    • By Type
    • By Product
    • By Power Capacity
    • By Voltage
    • By Industry
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Lithium-Ion Battery(Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • LG Chem Ltd.
  • Panasonic Corporation
  • Hitachi Ltd.
  • Johnson Controls
  • Samsung SDI Co. Ltd.
  • BAK Group
  • BYD Company Ltd.
  • GS Yuasa Corporation
  • Toshiba Corporation
  • Valence Technology, Inc.