Lithium-ion Battery Market Poised for Robust Growth, Forecasted to Expand at 15.5% CAGR from 2024-30
MarkNtel Advisors has released its latest report highlighting strong growth in the The Global Lithium-ion Battery Market size was valued at USD 62 Billion in 2023 and is projected to reach USD 172 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 15.5% during the forecast period, i.e., 2024-30.
Report Coverage
This report offers a comprehensive analysis of the Lithium-ion Battery Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2023
- Forecast Years: 2024-30
- Historical Years: 2019-22
Lithium-ion Battery Market Overview
The rapidly growing renewable energy sector has swiftly led to the persistent adoption of lithium-ion batteries in recent years. The large-scale incorporation of these batteries in several new applications has instigated investors to bring their focus to R&D and make a substantial investment toward the advancements.
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Lithium-ion Battery Market Segmentation Outlook
The Lithium-ion Battery is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Type
- Lithium Cobalt Oxide
- Lithium Manganese Oxide
- Lithium Iron Phosphate
- Lithium Titanate Oxide
- Lithium Sulfur
- Others (Lithium Nickel Cobalt, etc.)
By End Users
- Automotive
- Consumer Electronics
- Industrial
- Power Grid Stations
- Others (Military & Defense, Marine, Data Centres, etc.)
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
Lithium-ion Battery Market Driver
Frequent Adoption of Li-ion Batteries in Hybrid and Plug-in Vehicles - Most of the market expansion can be attributed to the growing adoption of electric or hybrid vehicles worldwide. The major companies are investing in the production of mobility solutions that are not just sustainable but also ultra-modern in their techniques. This factor has led to a swift increase in the number of electric vehicles, with the common goal of becoming carbon neutral. With companies like Tesla and BYD coming up with high-powered electric vehicles, the market is set to receive a major push in the coming years. Hence, being the essential power source for electric and plug-in vehicles, lithium-ion batteries have gained traction in recent years, which, in turn, has accelerated industry growth.
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Top Lithium-ion Battery Market Brands & Their Strategic Market Positioning
MarkNtel Advisors Research identifies Samsung SDI, LG Chem Ltd., Hitachi Chemical Co., Ltd., Johnson Controls International PLC, Panasonic Corporation, Tesla Inc., BYD Company, A124 Systems, LLC, GS Yuasa Corporation Ltd., Saft, Yinlong Energy China Ltd., Toshiba Corporation, EnerDel, Inc., VARTA AG, and OthersOthers as key players shaping the market landscape.
Lithium-ion Battery Market News
- In February 2024, Panasonic Energy Co., Ltd., part of the Panasonic Group, signed a long-term agreement with leading battery component manufacturer H&T Recharge. This partnership will ensure a reliable supply of lithium-ion battery cans across North America, strengthening Panasonic's commitment to ramping up the production of safe and efficient EV batteries.
- In June 2023, Samsung SDI made history as the first lithium battery manufacturer to receive carbon footprint labels from Carbon Trust. These labels measure the greenhouse gas (GHG) emissions throughout a product's entire life cycle, from production and raw materials to distribution and disposal, highlighting Samsung SDI's commitment to sustainability.\
- In November 2023, Toshiba Corporation introduced a groundbreaking lithium-ion battery featuring a cobalt-free 5V-class high-potential cathode material. This innovation significantly reduces performance-degrading gases from side reactions, ensuring a longer-lasting battery. Designed for versatility, this advanced battery can power everything from electric vehicles to power tools.
Key Questions Answered in the Report
- What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2030?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?
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