Lithium Ion Battery Market [2021-2031] - Size and Share
The Lithium Ion Battery Market size is projected to reach US$ 184.21 billion by 2031 from US$ 59.20 billion in 2023. The market is expected to register a CAGR of 15.2% in 2023–2031. The automotive sector is predicted to increase significantly because of the low cost of lithium-ion batteries.
Lithium Ion Battery Market Analysis
Lithium-ion batteries are frequently used as backup power sources for commercial buildings, data centers, and organizations. Additionally, lithium-ion batteries are chosen for energy storage in home solar PV systems. These reasons will drive the expansion of energy storage applications during the predicted period. Lithium-ion batteries are utilized in a variety of industrial applications, including power tools, cordless tools, maritime equipment and machinery, agricultural machinery, industrial automation systems, aviation, military and defense, electronics, civil infrastructure, and oil and gas.
Lithium
Ion Battery Market Overview
The lithium-ion battery market refers to the global industry that produces, distributes, and sells lithium-ion batteries. A lithium-ion battery is a rechargeable battery in which lithium ions serve as the primary charge carriers. These batteries have a wide range of applications, including portable devices, electric vehicles (EVs), energy storage systems, and renewable energy integration. The market includes all activities associated with lithium-ion battery manufacture, research & development, raw material procurement, component production, assembly, distribution, and sales. It consists of a diverse group of stakeholders, including battery manufacturers, raw material and component suppliers, battery pack assemblers, battery management system providers, and end users.
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Lithium Ion Battery Market: Strategic Insights
Lithium Ion Battery Market
-
CAGR (2023 - 2031)
15.2%
-
Market Size 2023
US$ 59.20 Billion
-
Market Size 2031
US$ 184.21 Billion
Market Dynamics
GROWTH DRIVERS
- NA
FUTURE TRENDS
- NA
OPPORTUNITIES
- NA
Key Players
- Automotive Energy Supply Corporation
- Samsung SDI Co Ltd
- Tesla Inc
- Toshiba Corporation
- A123 Systems LLC
- GS Yuasa International Ltd
- Hitachi Chemicals Co Ltd
- LG Chem Ltd
- Panasonic Corporation
- Johnson Controls International Plc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Type
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Manganese Oxide
- Lithium Titanate Oxide
Power Capacity
- 0 - 3000mAh
- 3000 - 10000mAh
- 10000mAh - 60000mAh
- >60000mAh
Application
- Consumer Electronics
- Automotive
- Industrial
- Energy Storage Systems
- Aerospace & defense
- Medical Devices
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Lithium Ion Battery Market: Strategic Insights
-
CAGR (2023 - 2031)15.2% -
Market Size 2023
US$ 59.20 Billion -
Market Size 2031
US$ 184.21 Billion
Market Dynamics
- NA
- NA
- NA
Key Players
- Automotive Energy Supply Corporation
- Samsung SDI Co Ltd
- Tesla Inc
- Toshiba Corporation
- A123 Systems LLC
- GS Yuasa International Ltd
- Hitachi Chemicals Co Ltd
- LG Chem Ltd
- Panasonic Corporation
- Johnson Controls International Plc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Manganese Oxide
- Lithium Titanate Oxide
- 0 - 3000mAh
- 3000 - 10000mAh
- 10000mAh - 60000mAh
- >60000mAh
- Consumer Electronics
- Automotive
- Industrial
- Energy Storage Systems
- Aerospace & defense
- Medical Devices
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Lithium Ion Battery Market Drivers and Opportunities
Increasing Demand for Battery-Powered Material Handling Devices Across Industries to Favor Market
Material-handling equipment has evolved to meet evolving industry requirements. The material-handling equipment business has seen many technological improvements over time. Battery-powered automated material handling and lifting equipment, such as guided vehicles, elevating equipment, industrial trucks, and intralogistics systems, has advanced technologically. Lithium-ion batteries are widely used in material-handling equipment, including forklifts, robots, and ground support.
Government’s Policies And Regulations
Governments all over the world are creating rules and regulations to encourage the use of electric vehicles, renewable energy, and energy storage technologies. These efforts offer incentives, subsidies, and tax breaks, which boost demand for lithium-ion batteries. Ongoing battery research and development efforts are resulting in ongoing advances in lithium-ion batteries. Increased energy density, longer cycle life, faster charging, and improved safety features are all examples of advancements. These developments are propelling market growth by broadening the spectrum of applications for lithium-ion batteries.
Lithium Ion Battery Market Report Segmentation Analysis
Key segments that contributed to the derivation of the lithium ion battery market analysis are type, power capacity, and application.
- Based on type, the lithium ion battery market is divided into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt oxide, lithium manganese oxide, and lithium titanate oxide. The lithium cobalt oxide segment held a larger market share in 2023.
- By power capacity, the market is segmented into 0 - 3000mAh, 3000 - 10000mAh, 10000mAh - 60000mAh, and >60000mAh. The 0 - 3000mAh segment held the largest share of the market in 2023.
- In terms of application, the market is bifurcated into consumer electronics, automotive, industrial, energy storage systems, aerospace & defense, medical devices, and others. The automotive segment dominated the market in 2023.
Lithium Ion Battery Market Share Analysis by Geography
The geographic scope of the lithium ion battery market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Asia Pacific has dominated the lithium ion battery market. The Asia Pacific market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. The region is a leading maker and consumer of lithium-ion batteries. Asia Pacific is experiencing high demand for lithium-ion batteries from top consumer electronics makers. Technological advancements in consumer electronics in the Asia Pacific are driving growth in the Lithium-ion battery market. China is a major producer of lithium-ion batteries, accounting for the majority of the market in Asia Pacific. Asia Pacific countries are investing more in R&D to create new battery technologies, which is driving growth in the market.
Lithium Ion Battery Market Report Scope
Report Attribute
Details
Market size in 2023
US$ 59.20 Billion
Market Size by 2031
US$ 184.21 Billion
Global CAGR (2023 - 2031)
15.2%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Type - Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Manganese Oxide
- Lithium Titanate Oxide
By Power Capacity - 0 - 3000mAh
- 3000 - 10000mAh
- 10000mAh - 60000mAh
- >60000mAh
By Application - Consumer Electronics
- Automotive
- Industrial
- Energy Storage Systems
- Aerospace & defense
- Medical Devices
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- Automotive Energy Supply Corporation
- Samsung SDI Co Ltd
- Tesla Inc
- Toshiba Corporation
- A123 Systems LLC
- GS Yuasa International Ltd
- Hitachi Chemicals Co Ltd
- LG Chem Ltd
- Panasonic Corporation
- Johnson Controls International Plc
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 59.20 Billion |
Market Size by 2031 | US$ 184.21 Billion |
Global CAGR (2023 - 2031) | 15.2% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Type
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Lithium Ion Battery Market News and Recent Developments
The lithium ion battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
- In January 2023, Toshiba Corporation (TOKYO: 6502), a company dedicated to advancing carbon neutrality through its technologies, products, and services, today expanded its SCiB product offering with the launch of an innovative 20Ah-HP rechargeable lithium-ion battery cell that delivers high-energy and high power at the same time.
(Source: Toshiba Corporation, Company Website, 2023)
- In June 2023, EnerSys(R) (NYSE: ENS) enhanced its lithium-based capabilities with the launch of an EnerSys Advanced Systems (EAS) unit in Budapest, Hungary, in addition to an existing EAS unit located in Horsham, Pa., near Philadelphia. These enhancements are in response to the growing demand for lithium-ion batteries. The new EAS unit in Budapest, led by Dr. Laszlo Nagy, provides customers with additional resources for the design and assembly of advanced lithium-ion batteries. It also employs a team of engineers for customer assistance in lithium-based applications.
(Source: EnerSys(R), Company Website, 2023)
Lithium Ion Battery Market Report Coverage and Deliverables
The "Lithium Ion Battery Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , by Power Capacity , by Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global lithium ion battery market was estimated to be US$ 59.20 billion in 2023 and is expected to grow at a CAGR of 15.2% during the forecast period 2023 - 2031.
Increasing demand for battery-powered material handling devices across industries and technological advancement in wearable electronics are the major factors that propel the global lithium ion battery market.
Electrical vehicle boom is anticipated to play a significant role in the global lithium ion battery market in the coming years.
The key players holding majority shares in the global lithium ion battery market are Automotive Energy Supply Corporation, Samsung SDI Co. Ltd., Tesla, Inc., Toshiba Corporation, and A123 Systems LLC.
The global lithium ion battery market is expected to reach US$ 184.21 billion by 2031.