The global lithium-ion battery market was valued at USD 40.9 billion in 2021 and is projected to attain a value of USD 115.1 billion by 2028, growing at about 11.9% CAGR during the forecast period.
The global lithium-ion battery market was valued at USD 40.9 billion in 2021 and is projected to attain a value of USD 115.1 billion by 2028, growing at about 11.9% CAGR during the forecast period. The report analyzes the lithium-ion battery market's drivers, restraints, and the impact it has on demand during the forecast period. Additionally, it will also help navigate and explore the arising opportunities in the lithium-ion battery market.
The lithium-ion battery is a rechargeable battery that utilizes lithium ions as a core component of electrochemistry. Lithium-ion batteries hold high energy density, low self-discharge, and a high extending lifetime with improved charging speed. Lithium-ion batteries find a range of applications in electronic consumer equipment like cell phones, iPods, and PDAs. However, it is further utilized in different sectors like aerospace, military, automatic, and other sectors. Lithium-ion batteries gained immense momentum in recent years due to the requirement for a constant power supply.
High adoption of consumer electronics coupled with increasing research and development initiatives by leading market players is likely to impact the growth trajectory of the global lithium-ion battery market positively over the forecast period. Additionally, lithium-ion batteries are light in weight and offer a high energy density. Thereby, it is adopted massively in electric vehicles.
The global market is projected to grow tremendously due to the ongoing advancements in technology and the high production rate of electric plug-in vehicles. GM, Tesla, and other automotive companies are concentrating on manufacturing more durable and long-range battery cells. Therefore, constant research and development activities are likely to create several lucrative growth opportunities in the global market during the forecast period.
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
The outbreak of the Covid-19 pandemic has significantly impacted the industry supply chain, in particular lithium-ion battery energy storage and renewable energy technologies systems. Companies manufacture different component systems in different areas; for example, the crucial components utilized in battery energy storage systems are majorly manufactured in the Asia Pacific region. Therefore, the outbreak of Covid-19 has significantly disrupted the companies' capabilities to transport elements like raw material and others from different regions, thereby limiting the production capabilities.
Low prices of LIB and high registration rate of EVs propel the global market growth
The subsequent decline in the prices of lithium-ion batteries and increase in the registration of electric vehicles globally is projected to expand the global lithium-ion battery market size exponentially during the forecast period. There has been a significant surge in the sale of electric vehicles in the last few years. Simultaneously, consumer preferences are rapidly changing. Besides this, leading initiatives by the government and big organizations to open more power stations will expand the scope of lithium-ion batteries.
The surging trend of mounting photovoltaic installations and establishing power plants is projected to grow the market in the forthcoming years. The expanding wind energy projects and off-grid installations in leading economies like Germany, China, India, and the US are further likely to propel the demand for lithium-ion batteries globally.
Safety issues associated with the transportation & storage of spent batteries hamper the market growth.
Spent batteries comprise hazardous chemicals like heavy metals, mercury, lead, and acids. As a result, it is difficult to manage the growing number of spent batteries to avoid harm to people and properties. Additionally, they contain flammable material; therefore, these are required to store in water-tight containers. However, it also restrains the growth of the global lithium-ion battery market.
Increasing demand for EVs and HEVs to pave way for market expansion
The growing demand for hybrid electric vehicles and electric vehicles will create huge scope for the growth of the global lithium-ion battery market. The growing government regulations on vehicle emissions will offer an immense opportunity for the global market to grow indefinitely in the forthcoming years.
Growing demand for other types of batteries creates hurdles for market growth
The demand for lead-acid, sodium nickel chloride, flow batteries, and lithium-air is growing massively. Therefore, it is likely to create challenges for the growth of the global lithium-ion battery market in the forthcoming years.
The global lithium-ion battery market can be segmented into type, industry, and region.
By industry, the market can be segmented into industrial, energy, solar system, automotive, consumer electronics, and others. The automotive segment is expected to be the fastest-growing segment in the global market due to the growing awareness among people regarding the advantages of battery-operated vehicles along with surging fossil fuel prices.
By type, the market can be segmented into lithium nickel manganese cobalt, lithium titanate, lithium manganese oxide, lithium nickel cobalt aluminum oxide, lithium iron phosphate, lithium cobalt oxide, and others. The lithium-ion phosphate product accounts for the largest share in the global market. The segment alone accounted for $12 billion in 2020. The product is much in demand due to the unique features offered by lithium-ion phosphates, like enhanced safety and a long lifespan of the product.
The Asia Pacific accounts for the largest share in the global lithium-ion battery market due to the growing dominance of the region in the automotive sector. Also, the growing awareness among people regarding the importance of eco-friendly vehicles is further likely to strengthen the growth of the regional market. Furthermore, the growing disposable income of people in the region, along with the high demand for electronic gadgets like smartphones and tablets, will also expand the industry scope in the forthcoming years.
Some of the significant players in the global lithium-ion battery market include Contemporary Amperex Technology Co., Narada Power Source Co., Ltd., NEC Corporation, Panasonic Corporation, Shenzhen Huayu New Energy Technology Co., Ltd., Hitachi Chemical Co., Ltd., A123 Systems LLC, and GS Yuasa International Ltd.
The global lithium-ion battery market is segmented as follows-
List of Figures
1. Market research process
2. Market research methodology
3. Global lithium-ion battery market revenue, 2014 – 2022 (USD Million)
4. Porter’s five forces analysis
5. Lithium-ion battery: market attractiveness analysis, by power capacity segment
6. Lithium-ion battery: Market attractiveness analysis, by application segment
7. Lithium-ion battery: Market attractiveness analysis, by regional segment
8. Company market share analysis, 2016
9. Global lithium-ion battery market revenue share by power capacity , 2016 and 2022
10. Global lithium-ion battery market for 5–25 Wh, 2014 – 2022 (USD Million)
11. Global lithium-ion battery market for 48-95 Wh, 2014 – 2022 (USD Million)
12. Global lithium-ion battery market for 18–28 KWh, 2014 – 2022 (USD Million)
13. Global lithium-ion battery market for 100–250 KWh, 2014 – 2022 (USD Million)
14. Global lithium-ion battery market for more than 300 KWh, 2014 – 2022 (USD Million)
15. Global lithium-ion battery market revenue share by application, 2016 and 2022
16. Global lithium-ion battery market for consumer electronics, 2014 – 2022 (USD Million)
17. Global lithium-ion battery market for automotive, 2014 – 2022 (USD Million)
18. Global lithium-ion battery market for aerospace and defense, 2014 – 2022 (USD Million)
19. Global lithium-ion battery market for industrial, 2014 – 2022 (USD Million)
20. Global lithium-ion battery market for others application, 2016 - 2022(USD Million)
List of Tables
1. Lithium-ion battery market: Market snapshot
2. Drivers of global lithium-ion battery market: Impact analysis
3. Restraints of global lithium-ion battery market: Impact analysis
4. North America lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
5. North America lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
6. U.S. lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
7. U.S. lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
8. Europe lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
9. Europe lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
10. Germany lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
11. Germany lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
12. France lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
13. France lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
14. UK lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
15. UK lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
16. Asia Pacific lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
17. Asia Pacific lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
18. China lithium-ion battery market revenue, by power capacity 2014 – 2022(USD Million)
19. China lithium-ion battery market revenue, by application 2014 – 2022(USD Million)
20. Japan lithium-ion battery market revenue, by power capacity 2014 – 2022(USD Million)
21. Japan lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
22. India lithium-ion battery market revenue, by power capacity 2014 – 2022(USD Million)
23. India lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
24. Latin America lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
25. Latin America lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
26. Brazil lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
27. Brazil lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
28. Middle East and Africa lithium-ion battery market revenue, by power capacity , 2014 – 2022(USD Million)
29. Middle East and Africa lithium-ion battery market revenue, by application, 2014 – 2022(USD Million)
This report is based on in-depth qualitative and quantitative analyses of the global Lithium-Ion Battery market. Zion Research has collected and analyzed key data belong to the global Lithium-Ion Battery market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Lithium-Ion Battery across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Lithium-Ion Battery industry. Primary research makes up the major source of data collection and validation.
Primary Research
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary Research
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Lithium-Ion Battery market.
Models
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
A lithium-ion battery or Li-ion battery is a rechargeable battery wherein lithium ions move from the cathode to the anode during discharge and back when charging. Li-ion batteries use an intercalated lithium compound as one electrode material, compared to the metallic lithium used in a non-rechargeable lithium battery. Lithium-ion batteries are mostly used for consumer or home electronics. They are one of the most popular types of rechargeable batteries for portable electronics, with a tiny memory effect, high energy density, and low self-discharge. LIBs are also growing in popularity for military, battery electric vehicle and aerospace applications.
The increase in demand for electric vehicle and smart devices and other consumer electronics are anticipated to boost the lithium-ion battery market over the forecast period. Strict Government regulations to control increasing pollution are likely to trigger the market for a lithium-ion battery. However, fluctuating price of lithium-ion batteries may hamper the market. Nonetheless, increasing use of new technologies in lithium ion batteries is likely to provide lucrative growth opportunities in the forecast period.
On the basis of type, the lithium ion battery market segmented into lithium nickel manganese cobalt (LI-NMC), lithium iron phosphate (LFP), lithium cobalt oxide (LCO), lithium titanate oxide (LTO) lithium manganese oxide (LMO), and lithium & nickel cobalt aluminum oxide (NCA). Lithium nickel manganese cobalt (LI-NMC) is one of leading segment of lithium-ion battery. This type of batteries is used in application areas like e-bikes, power tools, medical equipment, and other electric power trains. LFP battery is also called Lithium iron phosphate (LiFePO4) battery. Based on power capacity segment, lithium-ion battery market has been segmented into 5–25 Wh, 48-95 Wh, 18–28 KWh, 100–250 KWh and More than 300 KWh. Low power lithium-ion battery (5-25 Wh) segment is one of the leading segments of lithium-ion battery market and accounted for over 32% of the total market in 2016. 18-28 KWh segment is another key outlet of the market and expected to exhibit significant growth within the forecast period.
Some of the key applications of the lithium-ion battery include automotive, aerospace and defense, consumer electronics, industrial and others. Consumer electronics application segment held the largest market share for the lithium-ion battery in 2016. This segment is expected to continue its dominance in the global market throughout the forecast period due to growing demand for low power capacity lithium-ion batteries to be used in smartphones and tablet. It is followed by automotive and industrial segments.
Geographically, Asia Pacific is expected to lead the market and emerge as a fastest growing region in the forecast period due to the rapid growth of the consumer electronics and automotive industry in China, Japan and India. North America is one of the largest markets for lithium-ion battery in 2016. Europe is expected to grow at a significant rate due to the surging demand for lithium-ion battery from the automotive industry.
Some of the key players for global lithium-ion battery include Panasonic Corporation, Hitachi Chemical Co. Ltd., BAK Group, Johnson Controls, Inc., Samsung SDI Co. Ltd., LG Chem Power, Inc., Toshiba Corporation, GS Yuasa Corporation, BYD Company Ltd., and Valence Technology, Inc. among others.
The subsequent decline in the prices of lithium-ion batteries and increase in the registration of electric vehicles globally is projected to expand the market size exponentially during the forecast period. The surging trend of mounting photovoltaic installations and establishing power plants is projected to grow the market in the forthcoming years.
According to Zion market research report, the global Lithium-Ion Battery market, which was estimated at 50 (USD Billion) in 2019 and is predicted to accrue earnings worth 90 (USD Billion) by 2026, is set to record a CAGR of nearly 13.70% over 2020-2026.
Asia Pacific accounts for the largest share in the global lithium-ion battery market due to the growing dominance of the region in the automotive sector. Also, the growing awareness among people regarding the importance of eco-friendly vehicles is further likely to strengthen the growth of the regional market.
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