The global lithium-ion battery market size reached US$ 45.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.
The lithium-ion battery is an advanced rechargeable battery comprising lithium ions in its electrochemistry. It consists of organic electrolytes, graphite anodes, lithium cobalt oxide, and lithium manganese oxide cathodes. It has higher energy density and charge storage, lower self-discharge rates, and requires minimal maintenance compared to the traditionally used lithium batteries. Besides this, it does not require scheduled cycling to maintain battery life and delivers large amounts of current for high-power applications across automotive, military, and aerospace industries. Additionally, the lithium-ion battery is extensively used in portable consumer electronics, such as smartphones, laptops, tablets, iPods, ear pods, PDAs, digital cameras, music players, and power tools.
Lithium-ion Battery Market Trends:
- The growing global population is resulting in the rising sales of electrical appliances and gadgets with efficient storage and power backup solutions. This represents one of the key factors positively influencing the market. In addition, the escalating demand for passenger and commercial vehicles is impelling the growth of the market across the globe. In line with this, the growing awareness among individuals about the adverse impact of conventional automobiles is increasing the sales of electric vehicles with lithium-ion batteries. Furthermore, the utilization of these batteries in the renewable energy sector for various projects, including photovoltaic installation, nuclear power plants, and wind energy projects, is propelling market growth. Besides this, governments of various countries are implementing favorable policies to promote the industrial manufacturing and utilization of lithium-ion batteries for sustainable energy distribution, which is strengthening the market growth. Moreover, increasing investments by leading market players in research and development (R&D) activities to introduce more technologically advanced product variants are expected to drive the market.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global lithium-ion battery market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, power capacity and application.
Breakup by Product Type:
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt
- Lithium Manganese Oxide
- Others (Li-ion Nickel Cobalt Aluminium Oxide and Li-ion Titanate Oxide)
- Li-ion cobalt oxide currently holds the majority of the market share as it exhibits high specific energy, which makes it suitable for use in electrical appliances and consumer items.
Breakup by Power Capacity:
0 to 3000mAh
- 3000mAh to 10000mAh
- 10000mAh to 60000mAh
- More than 60000mAh
- Batteries with a power capacity of 3000mAh to 10000mAh exhibit a clear dominance in the market due to their increasing utilization in consumer electronics, electric vehicles, power tools, and aerospace.
Breakup by Application:
- Consumer Electronics
- Electric Vehicles
- Energy Storage
- Li-ion batteries are majorly used in consumer electronics to meet the escalating demand for safe and inexpensive batteries with a higher energy density.
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
- The Asia Pacific enjoys the leading position in the market as there are numerous leading battery original equipment manufacturers (OEMs) operating in the region.
- The competitive landscape of the industry has also been examined with some of the lithium ion battery manufacturers being A123 Systems LLC, AESC SDI CO.,LTD., LG Chem Ltd., Panasonic Corporation, SAMSUNG SDI CO.,LTD., Toshiba Corporation, Amperex Technology Limited, BAK Group, Blue Energy Limited, BYD Company Ltd., CBAK Energy Technology, Inc., Tianjin Lishen Battery Joint-Stock CO.,LTD., Valence Technology, Inc., SK innovation Co., Ltd, and Hitachi, Ltd.
- Key Questions Answered in This Report
- 1. What was the size of the global lithium-ion battery market in 2022?
- 2. What is the expected growth rate of the global lithium-ion battery market during 2023-2028?
- 3. What has been the impact of COVID-19 on the global lithium-ion battery market?
- 4. What are the key factors driving the global lithium-ion battery market?
- 5. What is the breakup of the global lithium-ion battery market based on the product type?
- 6. What is the breakup of the global lithium-ion battery market based on the power capacity?
- 7. What is the breakup of the global lithium-ion battery market based on the application?
- 8. What are the key regions in the global lithium-ion battery market?
- 9. Who are the key players/companies in the global lithium-ion battery market?