Lithium Ion Battery Market Growth and Forecast 2031

Lithium Ion Battery Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: 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, and >60000mAh), by Application (Consumer Electronics, Automotive, Industrial, Energy Storage Systems, Aerospace & Defense, Medical Devices, and Others), and Geography

  • Report Code : TIPTE100001053
  • Category : Electronics and Semiconductor
  • No. of Pages : 150

Lithium Ion Battery Market [2021-2031] - Size and Share

Buy Now

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.

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

Lithium Ion Battery Market
  • CAGR
    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

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market SegmentType
  • Lithium Cobalt Oxide
  • Lithium Iron Phosphate
  • Lithium Nickel Manganese Cobalt Oxide
  • Lithium Manganese Oxide
  • Lithium Titanate Oxide
Market SegmentPower Capacity
  • 0 - 3000mAh
  • 3000 - 10000mAh
  • 10000mAh - 60000mAh
  • >60000mAh
Market SegmentApplication
  • 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.

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

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Segment Covered

Type , by Power Capacity , by Application

Regional Scope

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

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


What is the estimated market size for the global lithium ion battery market in 2022?

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.

What are the driving factors impacting the global lithium ion battery market?

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.

What are the future trends of 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.

Which are the key players holding the major market share of the lithium ion battery market?

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.

What will be the market size of the global lithium ion battery market by 2031?

The global lithium ion battery market is expected to reach US$ 184.21 billion by 2031.

Trends and growth analysis reports related to Electronics and Semiconductor : READ MORE..