Market Analysis
Market Research Future (MRFR) presumes the global Lithium-Ion Battery Market Size was valued at USD 45.4 billion in 2021. The Lithium-Ion Battery market industry is projected to grow from USD 51.16 Billion in 2022 to USD 118.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.72% during the forecast period (2022 - 2030).
The lithium-ion battery market is a rapidly growing market, driven by the increasing demand for rechargeable batteries in various industries such as consumer electronics, electric vehicles, and energy storage systems.
The growing demand for electric vehicles and energy storage systems is expected to drive the growth of the lithium-ion battery market. The increasing use of portable electronics, such as laptops, smartphones, and power banks, is also contributing to the growth of the market. In addition, the rise in renewable energy generation, such as wind and solar power, is expected to increase the demand for energy storage systems, thereby driving the growth of the lithium-ion battery market.
Global Lithium-ion Battery Market – Competitive Landscape
The lithium-ion battery market appears highly competitive and fragmented as many giant players form a competitive landscape with their international and regional presence. All players are fiercely competing to gain a substantial market share.
MRFR Analysis observes two kinds of new entrants in the market established companies from adjacent industries and technology start-ups. Players incorporate acquisition, partnership, collaboration, expansion, product technology launch to gain a competitive advantage in this market.
Growing Demand from the Consumer Electronics and Automotive Sectors
A lithium-ion battery is a type of rechargeable battery used in various sectors for a variety of reasons. These batteries have a long life cycle and a high energy density. Due to increased demand from the consumer electronics and automotive sectors, the lithium-ion battery market has seen phenomenal expansion over the last decade. As new devices enter the market that relies on a portable power source, lithium-ion batteries have emerged as a viable choice.
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Market Segmentation
The global lithium-ion battery industry has been segmented by type, power capacity, and vertical.
Based on the type, the global lithium-ion battery market has been segmented into Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Titanate Oxide (LTO), Lithium Nickel Cobalt Aluminum Oxide (NCA), and Lithium Manganese Oxide (LMO).
Based on power capacity, the global lithium-ion battery market has been segmented into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh.
Industry News
In May 2021, CATL and Daimler Truck AG announced an expansion of their current relationship based on their shared vision of CO2-neutral electric trucking. CATL will supply lithium-ion battery packs for the Mercedes-Benz eActros LongHaul battery-electric vehicle, which is scheduled to go into production in 2024.
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Regional Analysis
APAC to Capture the Largest Share
The Asia Pacific region accounts for the greatest share of the global market, followed by Europe and North America. The region's growth can be ascribed to rising technical advancements, the government's increased focus on lowering greenhouse gas emissions, and an increase in the number of power outages. In addition, the region has a well-established infrastructure, which allows for the faster adoption of sophisticated technology. Another key element driving market expansion in the region is the expanding number of manufacturers offering lithium-ion batteries at comparably reduced pricing.
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Key Players
Some of the prominent players in the global lithium-ion battery market are Panasonic Sanyo (Japan), SAMSUNG SDI Co., Ltd. (South Korea), Automotive Energy Supply Corporation (AESC) (Japan), LG Chem. (South Korea), Li-Tec Battery GmbH (Germany), SK Energy (South Korea), Toshiba (Japan), A123 Systems (U.S.), GS Yuasa (Japan), BYD (China), Sony Corporation (Japan), Johnson Controls, Inc.(U.S.),Beijing Pride Power (BPP) (China), Hitachi Chemical Co. Ltd.(Japan), BAK Group (China), Toshiba Corporation (Japan), Valence Technology, Inc.(U.S.), Saft Groupe SA (France), TDK Corporation(Japan).
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