The ‘Global Lithium-Ion Battery Market Size Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global lithium-ion battery market, assessing the market on the basis of its segments like product type, power capacity, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Lithium-Ion Battery Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 10.7%
|Market Size in 2020||USD 31.6 billion|
|Revenue Forecast in 2026||USD 58.3 billion|
|Growth Rate CAGR||10.7%|
|Major Players||Contemporary Amperex Technology Co., Limited (CATL), LG Energy Solution,
Panasonic Corporation, BYD Company Ltd., Samsung SDI Co., Ltd.,
SK Innovation Co., Ltd., CALB-CALB Co., Ltd. (CALB), Shenzhen Grepow Battery Co., Ltd.,
Toshiba Corporation, A123 Systems LLC, ENVISION AESC GROUP LTD,
Tianjin Lishen Battery Joint-Stock Co., Ltd.
The global lithium-ion battery market is expected to register growth during the forecast period on account of the increasing adoption of electric vehicles. The surging registration for electric vehicles and investments by manufacturers to increase production capacity are expected to boost market growth over the coming years.
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The rising sales of electric vehicles, especially in Europe and North America, are expected to boost the demand for the lithium-ion battery market over the coming years due to the supportive policies by governments, and the presence of market competitors in the region. Government policies include tax credits to buyers for buying electric vehicles, increasing the demand for lithium-ion batteries.
The surging demand for lithium-ion batteries in consumer electronics such as smartphones is anticipated to aid the lithium-ion battery market on account of their enhanced efficiency and extended shelf life. Rising disposable income worldwide, lowered costs of consumer electronics, and easier accessibility worldwide is increasing the demand for consumer electronics with long-lasting batteries. With growing competition amongst consumer electronics manufacturers, more key players are choosing lithium-ion batteries for their products.
Lithium-Ion Battery Industry Definition and Major Segments
A lithium-ion battery is an innovative battery technology that employs lithium ions as a major element of its electrochemistry. There are three key components in a lithium-ion battery, the anode, cathode, and electrolyte. A rechargeable type of battery, lithium atoms in the anode are ionised and removed from their electrons during a discharge cycle.
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Based on product type, the market is classified into:
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt
- Lithium Manganese Oxide
By power capacity, the market is segmented into:
- 0 to 3000mAh
- 3000mAh to 10000mAh
- 10000mAh to 60000mAh
- More than 60000mAh
On the basis of application, the market is classified into:
- Consumer Electronics
- Electric Vehicles
- Energy Storage
Based on region, the market is divided into:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Lithium-Ion Battery Market Trends
The surging usage of lithium-ion batteries in consumer electronics is expected to enhance growth over the coming years. Moreover, the increasing awareness about the advantages of battery-operated vehicles and increasing fossil fuel prices are likely to aid market growth across the globe.
Geographically, the Asia Pacific region is expected to gain momentum in the lithium-ion battery market share over the coming years on account of the increase in environmental concerns. This has further caused China to prohibit conventional fossil fuel-powered two-wheeler all over its significant metropolises to decrease emissions, which is likely to increase the sales of electric two-wheelers across China.
The rise in the adoption of devices that are operated by lithium-ion batteries is supported by the role of the Asia Pacific region as a global manufacturing hub. With the largest population worldwide, the region is expected to witness an increase in consumer electronics sales like laptops and mobiles which use lithium-ion batteries. The rising adoption of electric vehicles in economies like China and India is expected to positively influence the market demand for lithium-ion batteries across the region.
Meanwhile, the European region is anticipated to drive the lithium-ion battery market growth on account of the surging usage of lithium-ion batteries in electric vehicles, consumer electronics, and energy storage systems. Germany is likely to witness significant growth in the market over the forecast period owing to the growing automotive industry in the country.
Key Market Players
The major players in the global lithium-ion battery market report are Contemporary Amperex Technology Co., Limited (CATL), LG Energy Solution, Panasonic Corporation, BYD Company Ltd., Samsung SDI Co., Ltd., SK Innovation Co., Ltd., CALB-CALB Co., Ltd. (CALB), Shenzhen Grepow Battery Co., Ltd., Toshiba Corporation, A123 Systems LLC, Envision AESC Group Ltd., and Tianjin Lishen Battery Joint-Stock Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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