The Global Lithium-ion Battery Market Size is valued at 49.02 billion in 2023 and is predicted to reach 150.66 billion by the year 2031 at a 15.19% CAGR during the forecast period for 2024-2031.
Most laptops, cell phones, hybrid and electric vehicles, and other electronic devices use lithium-ion batteries. These have a high energy density to prolong battery life, are lightweight, and can be recharged. Therefore, their use is growing in a wide range of applications. These batteries power a variety of items, including cell phones, power equipment, electric cars, and aerospace components. Lithium-ion batteries (LIB) use intercalated lithium compounds as the electrode in contrast to disposable batteries, which use metallic lithium as the electrode.
The demand for these goods has risen quickly across industries, primarily in the manufacturing and automotive sectors. This is a result of the growing popularity of electric vehicles, falling Li-ion battery prices, booming government efforts, and increased technologies.
Future opportunities for India's lithium-ion battery market are likely to arise from the country's growing lithium-ion battery recycling activities, which are anticipated to secure the supply of raw materials like lithium and cobalt and decrease the reliance on removing and refining materials from mineral resources.
Hazardous compounds in used batteries include acids and heavy metals like mercury and lead. It is required to keep used batteries stored away from other combustible and flammable products in watertight containers. Although lithium-ion batteries can store a lot of energy in a short space, they tend to heat up quickly and could catch fire if something goes wrong. Lithium-ion battery overheating is caused by high-rate or unusually rapid discharge, such as from a short circuit.
Competitive Landscape:
Some of the lithium-ion battery market players are:
- Bak Powder Battery Co.Ltd.
- BYD Company LTD.
- Clarios
- Contemporary Amperex Technologies Co., Limited
- GS Yuasa International Ltd.
- Hitachi Ltd.
- LG CHEM
- Panasonic Holdings Corporation
- Samsung SDI Co.Ltd
- Toshiba Corporation
- Caleb
- Tesla, Inc
- Lithiumwerks
- Saft
- Varta AG
- Farasis Energy (Ganzhou) Co.Ltd.
- Sila Nanotechologies Inc.
- Amperex Technologies Limited
- Envision Aesc Group Ltd
- Guoxuan High Tech Co., Ltd
- Lithium Energy Japan
- Enerdel, Inc
- Kokam
- Ipower Batteries PVT LTD
- Nextera Energy, Inc
Market Segmentation:
Lithium-ion Battery Market is categorized into Component, Product, Battery Type, End-User. As per the Component, the market consists Cathode (Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Titanate Oxide, Lithium Manganese Oxide, Lithium Nickel Cobalt Aluminum Oxide), Anode, Electrolyte (Lithium Hexafluorophosphate (LiPF6), Lithium Hexafluoroarsenate (LiAsF6), Lithium Perchlorate (LiClO4), Lithium bis(trifluoromethanesulfonyl)imide (LiTFSI), Others), Separator, and Others. The Product segment consists of Cylindrical Cells, Prismatic Cells, Pouch Cells, Button Cells, and Others. By Battery Type, the market is divided into rechargeable and non-rechargeable. According to End-User segment, the market includes Consumer Electronics, Automotive, Industrial, Power Industry, Telecom, Aerospace and Defense, Marine, Medical, and Others.
Based On End-User, The Consumer Electronics Segment Is A Major Contributor To The Lithium-Ion Battery Market
Consumer electronics is expected to hold a major share of the global lithium-ion battery market. Consumer electronics items and portable devices both need portable batteries. Mobile phones, laptops, desktops, tablets, torches or lanterns, LED lighting, vacuum cleaners, digital cameras, wristwatches, calculators, hearing aids, 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 vehicles, notably in North America, Europe, and Asia-Pacific.
The Lithium Iron Phosphate Segment Witnessed Growth At A Rapid Rate
The lithium-ion battery market dominated the lithium iron phosphate (LFP) category. The category is expanding due to factors such as the rising requirement for long-lasting and effective batteries and the spike in demand for lithium iron phosphate (LFP) batteries in portable devices. The benefits of lithium iron phosphate (LFP) batteries, such as their long shelf life and top safety rating, also promote the segment's expansion.
The Asia Pacific Lithium-Ion Battery Market Holds A Significant Revenue Share In The Region
The Asia Pacific lithium-ion battery market is expected to register the highest market share in revenue shortly. Due to growing environmental concerns, China has banned traditional fossil fuel-powered scooters from all of its main cities to reduce pollution, increasing the country's e-scooter sales. The usage of tools powered by lithium-ion batteries has expanded due to Asia Pacific's ascent to prominence as a hub for global manufacturing. The region also has the most population in the entire world. As a result, consumer devices that rely on lithium-ion batteries for functioning, such as mobile phones and laptops, see strong sales in the Asia Pacific region.
One of the key elements driving up demand for lithium-ion batteries is the expanding market for electric vehicles in Asia Pacific nations like China and India. Due to the rising use of lithium-ion batteries in energy storage systems, electric vehicles, and consumer electronics, the market in Germany is anticipated to increase moderately throughout the projected period. Developing renewable energies and energy storage technologies are prominent industries in Germany. Additionally, North America is anticipated to dominate the market. Due to the widespread use of electric vehicles and consumer gadgets. Government measures that encourage the industry and strict targets for decreasing GHG emissions are mostly to blame for the nation's soaring sales of electric vehicles.
Recent Developments:
- In June 2021, Forsee Power, a French manufacturer of battery systems, began mass-producing lithium-ion batteries for electric two-wheelers (E2W) and electric three-wheelers (E3W) in Pune. (Chakan Industrial Area, 35 km from Pune Airport).
- In February 2021, A Memorandum of Understanding (MoU) for the development and production of Li-ion batteries in India and the North American region was signed by Hyderabad-based Roshan Energy Technologies and Barrel Energy, a U.S.-based manufacturer of Li-ion batteries.
Lithium-ion Battery Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 49.02 Bn |
|
Revenue forecast in 2031 |
USD 150.66 Bn |
|
Growth rate CAGR |
CAGR of 15.19% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Material, Product Type, Type, Capacity, Voltage, And Industry |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Bak Powder Battery Co.Ltd., BYD Company LTD., Clarios, Contemporary Amperex Technologies Co., Limited, GS Yuasa International Ltd., Hitachi Ltd., LG CHEM, Panasonic Holdings Corporation, Samsung SDI Co.Ltd, Toshiba Corporation, Calb, Tesla, Inc, Lithiumwerks, Saft, Varta AG, Farasis Energy (Ganzhou) Co.Ltd., Sila Nanotechologies Inc., Amperex Technologies Limited, Envision Aesc Group Ltd, Guoxuan High Tech Co., Ltd, Lithium Energy Japan Enerdel, Inc, Kokam, Ipower Batteries PVT LTD and Nextera Energy, Inc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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