Global Lithium-ion Battery Market Report and Forecast 2024-2032

Global Lithium-Ion Battery Market Outlook

The global lithium-ion battery market attained a value of USD 42.90 billion in 2023. The market is further anticipated to grow at a healthy CAGR of 10.8% during the forecast period of 2024-2032 to reach USD 107.67 billion by 2032.

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On the basis of the product types, the lithium cobalt oxide battery is estimated to have the largest market share in 2020 as it has a high specific energy, which makes it suitable to use in various electronic devices. Based on the power capacity, the batteries with a capacity between 0 to 3000mAh accounted for the significant market share. The batteries are widely used in consumer electronics such as digital cameras and camcorders, mobile phones, and handheld gaming consoles.

Based on the application, the consumer electronics segment is likely to experience a robust growth in the lithium-ion battery market owing to the demand for safe and inexpensive batteries with a higher energy density. Regionally, the Asia Pacific is estimated to dominate the global lithium-ion battery market in 2020. The regional growth is accredited to the presence of prominent original equipment manufacturers (OEMs) of batteries in the region.

Properties and Applications

A lithium-ion battery (LIB) is a rechargeable battery having a high energy density. Li-ion battery comprises of three components that include the anode, cathode, and an electrolyte. These batteries are relatively lighter than other rechargeable variants of the same size, require low maintenance, and have a much lower self-discharge rate than nickel-cadmium batteries. Since LIBs do not require complete discharge before recharging; hence, these batteries are used in numerous devices which consume more energy such as watches, mobile devices, cameras, pacemakers, and personal computers. On account of the aforementioned factors, lithium-ion batteries are considered ideal for modern fuel gauge applications.

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The major product types in the global lithium-ion battery market are:

• Lithium Cobalt Oxide
• Lithium Iron Phosphate
• Lithium Nickel Manganese Cobalt
• Lithium Manganese Oxide
• Others

The market can be broadly segregated on the basis of its power capacity into:

• 0 to 3000mAh
• 3000mAh to 10000mAh
• 10000mAh to 60000mAh
• More than 60000mAh 

Based on the applications, the global lithium-ion battery market is fragmented into:

• Consumer Electronics
• Electric Vehicles
• Energy Storage
• Others

The EMR report looks into the regional markets in the global lithium-ion battery market like North America, the Asia Pacific, Europe, the Middle East and Africa, and Latin America.

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Market Analysis

The growing internet penetration and rising purchasing power of users, especially across the emerging economies, has resulted in increased sales of portable electronic devices such as mobiles and laptops. In addition, numerous advantages offered by lithium-ion batteries are likely to strengthen the growth of the lithium-ion battery market. The rising awareness amongst the users regarding the reduced greenhouse gas emissions associated with the usage of electric vehicles enables the consumers to shift from traditional automobiles to electric vehicles. Moreover, increasing fluctuations in the demand and supply for electricity have further bolstered the demand for LIBs batteries in energy storing devices. Furthermore, stringent government regulations for a pollution-free environment are positively influencing the lithium-ion battery market growth. 

However, the industry is witnessing fluctuations in the logistics cost of Li-ion batteries due to changes in the regulatory framework. The various requirements, prohibitions, ban on the transportation of Li-ion batteries is projected to restrain the market growth up to some extent.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global lithium-ion battery market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Contemporary Amperex Technology Co., Limited (CTL)
• LG Energy Solution
• Panasonic Corporation
• BYD Company Ltd.
• Samsung SDI Co., Ltd.
• SK Innovation Co., Ltd.
• CALB-CALB Co., Ltd. (CALB)
• Shenzhen Grepow Battery Co., Ltd.
• Toshiba Corporation
• A123 Systems LLC
• ENVISION AESC GROUP LTD
• Tianjin Lishen Battery Joint-Stock Co., Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report