13-Feb-2023 | Facts and Factors
According to Facts and Factors, the global lithium-ion battery market size was worth around USD 49.67 billion in 2021 and is predicted to grow to around USD 165.65 billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.32% between 2022 and 2030.
A lithium-ion battery or Li-ion battery makes use of lithium ions as critical components to create advanced battery technology. Lithium ions form the basis of electrochemistry in such batteries. The electrolyte present in the design is made of lithium-salt present in an organic solvent. The cathode and anode are distanced using a separator which also helps in preventing shorting. A metal piece is used to prevent the anode and cathode from externally present electronic items and it is called a current collector.
Browse the full “Lithium-Ion Battery Market Size, Share, Growth Analysis Report By Application (Automotives, Consumer Electronics, Aerospace & Defense, Telecom, Medical, and Others), By Type (NCA, Li-NMC, LCO, LFP, and LMO), By Capacity (More than 60,000 mAh, 10,001 - 60,000 mAh, 3,001 - 10,000 mAh, and 0-3,000 mAh), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/lithium-ion-battery-market
Depending on the current flow direction passing through the cell, the electrochemical roles change between the electrodes. When the energy-storing devices are getting discharged, the lithium ions undergo ionization and separation from the electronics. The discharged ions then reach the cathode by passing through the electrolyte and get electrically neutralized by recombining with the electrons. Due to the small size of the lithium ions, they can efficiently move across the thin membrane of the micro-permeable separator that lies between the anode and the cathode.
The global lithium-ion battery market is projected to grow owing to various factors including the high adoption rate of the battery system in the consumer electronics segment, which is the largest consumer of the global market. Additionally, factors like growing urbanization, rising disposable income, product availability across multiple channels including offline & online modes, rising investments in infrastructure development, and the general growing dependency on digital media for almost all commercial or personal purposes are expected to drive the demand in the consumer electronics segment.
Furthermore, the global market is projected to reach newer heights due to the advancing use of Li-ion batteries in the electric vehicle segment. The advantages offered by such batteries in terms of high energy efficiency, high power-to-weight ratio, and low self-discharge are the reasons why lithium-ion batteries have become a preferred choice amongst the manufacturers of the electric vehicle industry, which is projected to generate high revenue in the coming years. Another major growth contributing factor is a general decline in demand for lead-acid batteries owing to various environmental and contamination hazards which are working in the favor of demand for Li-ion batteries.
However, there could be certain growth restrictions due to the performance limitations of lithium-ion batteries which include adequate resistance to higher thermal temperatures resulting in a higher probability of safety hazards. Excessive heat can cause the batteries to lose their performance quality over time. In case of the battery malfunctions, it bursts into flames which can lead to severe damages including loss of life. Furthermore, the rising number of substitutes present in the market like sodium-ion batteries could potentially damage the lithium-ion battery industry growth trajectory.
The growing population and unexplored market could act as growth opportunities whereas high-temperature sensitivity can challenge market expansion.
The global lithium-ion battery market is segmented based on application, type, capacity, and region
Based on application, the global market is divided into automotives, consumer electronics, aerospace & defense, telecom, medical, and others
- In 2021, the global market registered the highest growth in the consumer electronics segment dominating more than 39.9% of the segmental share
- Lithium-ion batteries are the preferred choices amongst electronics goods manufacturers like mobile phones, digital cameras, and laptops since they are currently the most effective batteries in terms of charging period, battery longevity, and power density
- The automotives segment is expected to be propelled by the growing use of li-ion battery packs in electric vehicles (EVs) which is a fast emerging market
Based on capacity, the global market is segmented into more than 60,000 mAh, 10,001 - 60,000 mAh, 3,001 - 10,000 mAh, and 0-3,000 mAh
Based on type, the global market is divided into NCA, Li-NMC, LCO, LFP, and LMO
- Lithium Nickel-Cobalt-Aluminum Oxide (NCA), Lithium nickel manganese cobalt oxides (Li-NM), Lithium cobalt battery (LCO), Lithium iron phosphate battery (LFP), and Lithium-ion manganese oxide battery (LMO) are the various battery types that function using lithium ions
- In 2021, the global market registered the highest revenue in the LCO segment which generated almost 39.5% of the segmental market share
- The growth was driven by the high demand in the consumer electronic segment
Asia-Pacific is projected to lead the global lithium-ion battery market with China and Australia leading the segmental growth further encouraged by countries like India, Japan, and South Korea. The growing environmental concerns over the use of fuel-powered automotive vehicles resulting in higher initiatives toward electric vehicles could be one of the main reasons for regional growth. China and Australia rank at the top three positions in the list of the largest producers of lithium-ion helping them contribute higher to the regional revenue. Growth in North America is expected to be led by the rising consumer electronics segment as well as the growing research on further quality development of existing li-ion batteries and their applications.
Market Size in 2021
USD 49.67 Billion
Projected Market Size in 2030
USD 165.65 Billion
CAGR Growth Rate
Key Market Players
Johnson Controls, BYD Company Ltd., TOSHIBA CORPORATION, Renault Group, Duracell Inc., Samsung SDI Co. Ltd., Panasonic Corporation, Automotive Energy Supply Corporation, LITEC Co. Ltd., LG Chem Power (LGCPI), Hitachi Chemical Co. Ltd., A123 Systems LLC., GS Yuasa International Ltd., China BAK Battery Co. Ltd., LG, and others.
By Application, Type, Capacity, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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The global lithium-ion battery market is led by players like Johnson Controls, BYD Company Ltd., TOSHIBA CORPORATION, Renault Group, Duracell Inc., Samsung SDI Co., Ltd., Panasonic Corporation, Automotive Energy Supply Corporation, LITEC Co., Ltd., LG Chem Power (LGCPI), Hitachi Chemical Co., Ltd., A123 Systems, LLC., GS Yuasa International Ltd., China BAK Battery Co. Ltd., and LG Chem, amongst others.
- In November 2022, the researchers at the Indian Institute of Technology - Gandhinagar, in association with Japan Advanced Institute of Science and Technology announced the discovery of a new material that can be used for manufacturing anode in lithium-ion batteries. The new material is expected to assist charging an electric vehicle at a faster rate
- In October 2022, General Atomics' Electromagnetic Systems Group (GA-EMS) and Bharat Forge signed a partnership aimed at the development of advanced li-ion battery systems for the Indian Navy
The global lithium-ion battery market is segmented as follows:
- Consumer Electronics
- Aerospace & Defense
- More than 60,000 mAh
- 10,001 - 60,000 mAh
- 3,001 - 10,000 mAh
- 0-3,000 mAh
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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