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Lithium Ion Batteries Market

Lithium Ion Batteries Market Trend, Opportunity, and Forecast Analysis, 2024-2032

Lithium Ion Batteries Market is segmented by Material, Type, Capacity, Voltage, Application, and by Region. KDMI analyst foresees market revenue to cross USD 189.2 Billion by 2032 by growing with a CAGR of 14.5% during 2024-2032.


Lithium Ion Batteries Market Highlights

The global lithium ion batteries market is expected to cross a value of USD 189.2 billion by the end of 2032. The market was valued at USD 58.4 billion in 2023 and is expected to expand at a CAGR of 14.5% between 2024-2032.

  • Over the mid-term, the surge in demand for hybrid and plug-in hybrid electric vehicles is the primary factor anticipated to drive the global lithium ion batteries market.
  • The high cost of raw materials is a major factor to challenge the market growth.
  • The Asia Pacific lithium ion batteries market is projected to dominate the global market.

                      Lithium Ion Batteries Market: Report Scope

Base Year

     2023

Base Year Market Size

     USD 58.4 Billion

Forecast Year

     2024-2032

Forecast Year Market Size

     USD 189.2 Billion

CAGR Value

     14.5%

Lithium Ion Batteries Market Key Trends/Major Growth Drivers

  • Growing Adoption of Renewable Energy
  • Expanding Demand for Portable Electronic Products
  • Surge in Demand for Hybrid and Plug-In Hybrid Electric Vehicles

Restraint Factors

  • High Cost of Raw Materials
  • Increasing Safety Concerns Related to Lithium-Ion Batteries

Lithium Ion Batteries Market Segmentation

  • By Material
  • By Type
  • By Capacity
  • By Voltage
  • By Application
  • By Geography

Lithium Ion Batteries Market Key Players

Panasonic Corporation, LG Chem Ltd., Samsung SDI Co., Ltd., Contemporary Amperex Technology Co. Limited (CATL), Tesla, Inc., BYD Company Limited, Sony Corporation, Johnson Controls International plc, Envision AESC Group, Toshiba Corporation, A123 Systems LLC, SK Innovation Co., Ltd., and others.


Lithium Ion Batteries Market Outlook

A lithium-ion battery is a rechargeable battery commonly used in a variety of electronic devices, including smartphones, laptops, tablets, electric vehicles (EVs), and energy storage systems. It is a type of rechargeable battery in which lithium ions move from the negative electrode (anode) to the positive electrode (cathode) during discharge and back when charging.

One of the primary factors associated with the growth of the global lithium ion batteries market, according to our experts at KD Market Insights is the surge in demand for hybrid and plug-in hybrid electric vehicles. The International Energy Agency (IEA) recently stated that the share of electric cars in total sales has more than tripled in three years, from around 4% in the year 2020 to 14 in the year 2022. Lithium-ion batteries are the preferred choice for EV manufacturers due to their high energy density, long cycle life, and relatively low weight. Panasonic Corporation, LG Chem Ltd., Samsung SDI Co., Ltd. are some of the significant parties in the global market for lithium ion batteries.


Lithium Ion Batteries Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global lithium ion batteries market are:

  • Growing Adoption of Renewable Energy: Backed by the increasing adoption of renewable energy sources, such as solar and wind power, which according to the IEA is expected to double by 2028 from 2022 to reach near to 710 GW capacity, the integration of these systems into the electricity grid creates a need for energy storage solutions to manage intermittency and ensure grid stability. Lithium-ion batteries play a crucial role in energy storage systems (ESS) by storing excess renewable energy during periods of low demand and releasing it during peak demand hours, thus supporting the growth of renewable energy deployment.
  • Expanding Demand for Portable Electronic Products: The rise in demand for portable electronic products, such as smartphones, laptops, tablets, wearable devices, and other such products, is contributing to the demand for compact, lightweight, and long-lasting lithium-ion batteries. According to the statistics by the Pew Research Center, in the United States alone, smartphone ownership reached 90% as of September 2023, up from 35% in May 2011. Moreover, our researchers at KD Market Insights predict that the number of smartphone users globally would reach near to 6500 million by 2030. As consumers seek devices with improved battery life and performance, manufacturers of portable electronic products would invest more in lithium-ion battery technology to meet these expectations, which is expected to drive the market growth.

Which Probable Factors Could Hamper the Growing Lithium Ion Batteries Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of lithium ion batteries are:

  • High Cost of Raw Materials: Lithium-ion batteries require rare and expensive materials such as lithium, cobalt, and nickel for their production. Fluctuations in the prices of these raw materials can significantly impact the overall cost of manufacturing lithium-ion batteries, affecting profit margins and market competitiveness.
  • Increasing Safety Concerns Related to Lithium-Ion Batteries: With several incidences recorded for the risk of thermal runaway, fire, and explosion of lithium-ion batteries, the safety concerns related to these batteries have been highly questionable, which is expected to pose significant challenges to the growth of the market in the coming years.

How is the Global Lithium Ion Batteries Market Segmented?

Our experts at KD Market Insights have segmented the global lithium ion batteries market as:

By Material

  • Cathode
  • Anode
  • Electrolyte
  • Separator
  • Current Collector
  • Others

By Type

  • Lithium Nickel Manganese Cobalt
  • Lithium Iron Phosphate
  • Lithium Cobalt Oxide
  • Lithium Titanate Oxide
  • Lithium Manganese Oxide
  • Lithium Nickel Cobalt Aluminum Oxide

By Capacity

  • Below 3,000 mAh
  • 3,001 – 10,000 mAh
  • 10,001 – 60,000 mAh
  • More than 60,000 mAh

By Voltage

  • Low
  • Medium
  • High

By Application

  • Consumer Electronics
  • Automotive
  • Aerospace
  • Marine
  • Medical
  • Industrial
  • Power
  • Telecommunications

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • Indonesia
    • Malaysia
    • Australia
    • Rest of Asia-Pacific
  • Latin America
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East and Africa

What are the Probable Factors Influencing the Asia Pacific Lithium Ion Batteries Market Forecast?

The Asia Pacific lithium ion batteries market is majorly driven by rise in demand for energy storage solutions to support the urban infrastructure development, along with the presence of several leading lithium-ion battery manufacturers and technology innovators in the region. Besides this, the Asia Pacific region is experiencing significant growth in electric vehicle adoption, driven by government incentives, environmental regulations, and increasing consumer awareness of electric mobility, which is also expected to drive the demand for these batteries in the near future.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific lithium ion batteries market growth:

  • Contemporary Amperex Technology Co. Limited (CATL)
  • LG Chem Ltd.
  • Panasonic Corporation
  • Samsung SDI Co., Ltd.
  • BYD Company Limited

Key Countries to Watch for in Asia Pacific Lithium Ion Batteries Market

Key Insights

China Lithium Ion Batteries Market to Register the Largest Regional Market Share in 2032

USD 22.7 Billion

India Lithium Ion Batteries Market to Grow with the Highest CAGR During 2024-2032

14.7%


Which Key Players Top the Global Lithium Ion Batteries Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global lithium ion batteries market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with lithium ion batteries market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global lithium ion batteries market share:

  • Panasonic Corporation
  • LG Chem Ltd.
  • Samsung SDI Co., Ltd.
  • Contemporary Amperex Technology Co. Limited (CATL)
  • Tesla, Inc.
  • BYD Company Limited
  • Sony Corporation
  • Johnson Controls International plc
  • Envision AESC Group
  • Toshiba Corporation
  • A123 Systems LLC
  • SK Innovation Co., Ltd.

What are the Recent Developments Observed in the Lithium Ion Batteries Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global lithium ion batteries market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, a team of Japanese researchers have announced that they have developed lithium-ion batteries that do not rely on cobalt and instead relies on a combination of elements in the electrodes, including lithium, nickel, manganese, silicon, and oxygen.

Further, Gotion shared that it would be investing USD 2 billion for building its EV battery production facility in Manteno, Illinois.

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Booklet
  • Publication date: 28th March 2024
  • Base year: 2022
  • Forecast year: 2023-2033
  • Format: PDF, PPT,Word,Excel

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Frequently Asked Questions(FAQ)

The global lithium ion batteries market is expected to cross a value of USD 189.2 billion by the end of 2032.

The global lithium ion batteries market was valued at USD 58.4 billion in 2023.

Over the mid-term, the surge in demand for hybrid and plug-in hybrid electric vehicles is the primary factor anticipated to drive the global lithium ion batteries market.

The global lithium ion batteries market is segmented by material, type, capacity, voltage, application, and by geography.

The Asia Pacific lithium ion batteries market is projected to dominate the global market in 2032.

Some of the key players in the lithium ion batteries market include Panasonic Corporation, LG Chem Ltd., Samsung SDI Co., Ltd., Contemporary Amperex Technology Co. Limited (CATL), Tesla, Inc., BYD Company Limited among others.

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