The lithium ion battery market size is projected to surpass around USD 307.8 billion by 2032 and it is poised to reach at a CAGR of 18.3% from 2023 to 2032.
Pune, Feb. 28, 2023 (GLOBE NEWSWIRE) — The global lithium ion battery market size was valued at US$ 59.8 Billion in 2022 and is projected to reach USD 307.8 billion by 2032, exhibiting a CAGR of 18.3% in the forecast period (2023-2032). The lithium-ion battery is widely used in electronics and automobiles due to their effectiveness and efficiency. The lithium-ion battery can be recharged after a while. The growing adoption of electric cars will drive the global lithium-ion market to grow over the forecast period. Lithium-ion battery has a higher energy density, and a longer shelf lifetime. They can be used in vehicles and automobiles.
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Lithium Ion Battery Market Key Takeaway:
- By Product, Lithium Cobalt Oxide (LCO) segment has generated revenue share of 28.0% in 2022.
- By Battery capacity, the 3,001- 10,000 mAh llthium ion battery has dominated the segment with 24.8% of major share in 2022
- By Application, the consumer electronics segment has dominated the market and it is growing at a high CAGR of 36.5% over the forecast period 2023 to 2032.
- In 2022, Asia Pacific dominated the market with the highest revenue share of 36.4%.
- North America has held 26% revenue share in 2022.
- Europe will grow at a moderate CAGR from 2023-2032.
One of the major factors driving the growth in the global lithium-ion market is the growing demand for consumer electronics. People are increasingly adopting electric cars due to the high cost of gasoline and other fossil fuels. This is a key factor in the growth of the global lithium-ion industry.
The automobile industry will experience significant growth due to the rising popularity of electric cars. Electric vehicle registrations are expected to increase significantly over the forecast period.
Factors affecting the growth of lithium ion battery industry?
There are several factors that can affect the growth of the lithium ion battery industry. Some of these factors include:
- Because of their efficiency and effectiveness, lithium-ion batteries are widely used in electronics and automobiles. After a certain time, the lithium-ion batteries can be recharged. Over the forecast period, the global lithium-ion market will grow due to the increasing adoption of electric cars.
- Lithium-ion batteries have a higher energy density and a longer shelf life. They can be used in automobiles and vehicles. The growing demand for consumer electronics is one of the main factors behind the rise in global lithium-ion market. Due to the high price of gasoline and fossil fuels, people are now adopting electric vehicles in large numbers. This is a major factor in the rise of the global lithium-ion market.
- The growing demand for renewable energy is another factor that has contributed to the growth of the lithium-ion market. The government continues to invest in energy and infrastructure development projects that contribute to the growth and development of the lithium-ion batteries market. Major market players have partnered with government agencies to expand the lithium-ion market.
- A wide variety of advantages such as long shelf life and low cost are paving the way for new growth in the lithium-ion market. Market growth is also driven by the increasing adoption of consumer electronics. Globally, the market is seeing an increase in demand for lithium-ion batteries because of the increasing use and necessity for industrial products.
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Top Trends in Global Lithium Ion Battery Market
Electric vehicles have a lower impact on the climate than internal combustion engines. With the introduction of electric vehicles for passenger and commercial transport, there is a shift in the future trend. This will promote the development and growth of the lithium-ion battery industry. Tesla is a leading manufacturer of electric vehicles in market.
The development and operation photovoltaic, nuclear power, and wind energy plants have been prompted by a growing concern about the environment. This has led to the growth of lithium-ion batteries technology. This expansion is supported by the growing acceptance of lithium-ion battery technology in the medical sector.
Mexico is the main focus of global automotive industry because so many companies are interested in investing in Mexico. It is fourth among the top four automotive industry exporters, following South Korea, Japan, and Germany. The country’s demand of lithium-ion batteries will rise due to rising automotive production. All these factors have contributed to a global CAGR for Lithium Ion Battery over the past years.
There is a greater demand for lithium-ion batteries packs due to the increase in manufacturing activities. Investors, policymakers and regulators are taking a variety of measures to meet the majority of the demand. They focus on electric mobility and the use of lithium to lower costs and alter the market dynamics.
Innovation is key to cost reduction in Li-ion batteries. The market’s key trends include advances in anode and electrolyte materials as well as the development of battery recycling methods.
The lithium-ion battery is widely used in electronics and automobiles due to their effectiveness and efficiency. The lithium-ion battery can be recharged after a while. The growing adoption of electric cars will drive the global lithium-ion market to grow over the forecast period. Lithium-ion battery have a higher energy density, and a longer shelf live. They can be used in vehicles and automobiles. One of the major factors driving the growth in the global lithium-ion market is the growing demand for consumer electronics. People are increasingly adopting electric cars due to the high cost of gasoline and other fossil fuels. This is a key factor in the growth of the global lithium-ion industry.
Asia Pacific is the dominant market due to presence of major economic countries like India and China. China has banned all conventional scooters powered by fossil fuels from major cities to cut CO2 emissions. Sales of e-scooters are booming in this country. As the Asia-Pacific region is a major manufacturing region, more and more people are using lithium-ion battery technology. It also has the world’s largest population. In the Asia-Pacific region, you can find many consumer electronics products such as mobile phones and laptops with lithium-ion batteries. Also, the North American lithium-ion battery market holds the second largest share due to rising sales of consumer electronics and automobiles. The US lithium-ion battery market accounted for the largest market share, while the Canadian lithium-ion battery market grew fastest in North America.
The competitive landscape of the market has also been examined in this report. Some of the major players include BYD Company Ltd., LG Chem , Contemporary Amperex Technology Co. Ltd, Samsung SDI Co. Ltd., Panasonic Corporation, BAK Power, Clarios, Toshiba Corporation, Hitachi Ltd, Automotive Energy Supply Corporation, Duracell .Inc, and Saft Group S.A.
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Lithium Ion Battery Market : Scope of the Report
|Market Value (2022)||USD 59.8 Billion|
|Market Size (2032)||USD 321.03 Billion|
|CAGR (from 2023 to 2032)||18.3%|
|Asia Pacific Revenue Share||36.4%|
|North America Revenue Share||26%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Due to their high price, these batteries weren’t widely used in the 1990s. lithium ion batteries are made up of many components. Cells are the main component of any lithium ion batteries. This is half the cost of any lithium ion battery. The prices of these batteries have fallen due to recent developments by lithium ion battery producers. This trend will continue in the future. The declining cost of components and the advancements in technology that can increase the battery’s capacity are key factors behind the rise in lithium-ion batteries adoption.
Another factor contributing to the rise of the lithium-ion industry is the growing demand for renewable energy. The government continues to invest in infrastructure and energy development projects that support the development and growth of the lithium-ion battery market. To expand the lithium-ion market, major market players have partnered up with government agencies.
Safety is an important criterion for electric-cars and large-scale applications. Stability under abuse (mechanically, electrically and thermal) is often a sign of safety. This complex problem is still relevant to lithium ion batteries. Cell design also affects the cell’s safety, as well as electrochemical performance. Enhancements are required for high-energy density lithiumion batteries. The electrolyte is the best way to address safety concerns regarding lithium batteries. When lithium batteries are exposed to low temperatures, they will cease performing. It can be more difficult to charge Li-ion batteries when they are charged at very low temperatures. Because charging is more delicate than discharging, this is why it is so difficult for Li-ion batteries to charge. Many EV batteries include a heating blanket to protect them from freezing temperatures. These factors are helping to limit the growth of the lithium ion battery market.
The market for lithium-ion is seeing new growth due to its many advantages, such as low cost and long shelf life. The increasing use of consumer electronics is driving market growth. The increasing demand for lithium-ion battery is driving global market growth. This is due to the growing use of industrial products.
The unregulated diesel price and the carbon dioxide emissions are limiting diesel generators. Because fuel costs account 30% of the operating costs of a telecom tower, telecom companies are constantly looking for energy-efficient options. Telecom companies combine high efficiency Lithium batteries and renewable energy sources at multiple locations. The world is shifting towards renewable energy due to growing concerns about the environment, and an increasing demand for electricity. Renewable power is a form of power that uses natural resources. This is a reliable, clean and cost-effective way to generate power. Because of the increasing investor interest and supportive government policies, there are many opportunities to produce lithium ion batteries.
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Report Segmentation of the Lithium Ion Battery Market
The Lithium Cobalt Oxide (LCO) segment earned the major revenue share. LCO batteries have high safety ratings and are highly energy dense, so they will be in great demand in tablets and mobile phones. This will drive market growth during the forecast period. The lithium iron phosphate (LFP), batteries are very safe and have a high life expectancy. These batteries are more common in portable and fixed applications that demand high endurance and load currents. These batteries are very safe and last a long time. Due to growing demand for LFP batteries in mobile and stationary devices, the market for lithium-ion battery is anticipated to expand. These batteries are durable and require high load currents.
Rising demand for Lithium NickelCobalt Aluminium Oxide is expected to boost market growth. Because of its high specific energy, specific power, and long life expectancy, this is a great market driver. NCA is used in EVs, medical devices, and industrial applications. This segment will see an increase in lithium titanate consumption in various application, including electric powertrains (e-powertrains) and streetlights. LTO offers many benefits, including safety, low temperatures performance, and long life expectancy. This will drive segment growth in the future.
Battery Capacity Insight
The market’s largest segment is the 3,001-10000 mAh category. It will be the fastest-growing segment in the 2023-2032 forecast period. These batteries are used in many industries, including automotive, consumer electronics, and appliances. These batteries can be assembled into modules for heavy loads. Low-powered, high-capacity battery energy storage systems are capable of supplying small amounts of power over long periods of time and still operating critical equipment. This segment is seeing increased market growth.
There is an increasing demand for lithium-ion batteries with storage capacities exceeding 60,000 mAh as the world becomes more connected and uses smarter technology. These batteries can be used for a wide range of purposes, including electric cars and AI-powered electronic devices. India’s lithium-ion market is expected to grow by 26% between 2023-2032. This will be due to factors such as the rising popularity of electric cars and advances in the automobile industry. It will also drive the demand for electronic devices.
The consumer electronics segment was the largest revenue share in 2021. Batteries can be found in both consumer electronics and portable electronics. Smartphones, tablets, computers and smartphones all have batteries. The CAGR for the consumer electronics segment is high during the forecast period. This segment is expected to grow at the fastest rate of CAGR during the forecast period. This is due to increasing awareness of the benefits of electric cars, as well as rising prices for fossil fuels in North America, Asia Pacific, and Europe. Due to rising concerns about carbon emissions from automobile industry, electric vehicle usage has increased around the world. Government subsidies and incentives make electric vehicles much more affordable. Electric vehicles are becoming more popular in North America and Europe, thanks to readily accessible charging stations.
In the forecast period, there will be a significant rise in demand for energy storage systems. Due to the rise in electricity demand, energy storage is now more important than ever. Lithium-ion batteries are also available for backup power supply to data centres, commercial buildings, and institutions. Lithium-ion batteries can also be used to store energy in residential PV systems. Government initiatives to increase energy storage systems are also driving the growing market demand for lithium ion batteries. These factors will drive the growth of the energy storage systems application segment during the forecast period.
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- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Nickel Cobalt Aluminium Oxide (NCA)
- Lithium Manganese Oxide (LMO)
- Lithium Titanate (LTO)
- Lithium Nickel Manganese Cobalt (LMC)
By Battery Capacity
- Upto 3,000 mAh
- 3,001-10,000 mAh
- 10,001-60,000 mAh
- Above 60,000 mAh
- Consumer Electronics
- Energy Storage Systems
- Medical Devices
- Other Applications
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Key Market Players:
- BYD Company Ltd.
- LG Chem
- Contemporary Amperex Technology Co. Ltd
- Samsung SDI Co. Ltd.
- Panasonic Corporation
- BAK Power
- Toshiba Corporation
- Hitachi Ltd.
- Automotive Energy Supply Corporation
- Duracell .Inc
- Saft Group S.A.
- Other Key Players
Recent Development of the Lithium Ion Battery Market
- In June 2021, Forsee Power, a French manufacturer and distributor of battery systems, started its series production for EV Scooters at Pune (Chakan Industrial Area), 35km from Pune Airport.
- In May 2021, The partnership between the commercial vehicle manufacturer Daimler Truck AG (commercial vehicle maker) and CATL (lithium-ion battery producer) was based on their common vision of CO2-neutral electric transport. The Mercedes-Benz eActros longhaul battery-electric truck will use Li-ion batteries from CATL as a source. It will be available for serial production in 2024.
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