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The lithium-ion battery market size is expected to grow from USD 44.5 billion in 2022 to USD 135.1 billion by 2031; it is expected to grow at a CAGR of 13.1% from 2022 to 2031. The key factors driving the growth of the lithium-ion battery market are the surging demand for lithium-ion batteries from plug-in vehicles and the renewable energy sector and advancements observed in smart electronic devices which deploy lithium-ion batteries; and thus provides various advantages to the industries.
Lithium Iron Phosphate is expected to grow at a significant rate, followed by Lithium Nickel Manganese Cobalt Oxide from 2022 to 2031.
The Lithium Iron Phosphate battery type is expected to register the second-highest growth rate during the forecast period. Due to its high-power density, this technology is utilized in medium-power traction applications (AGV, E-mobility) and heavy-duty applications (marine traction, industrial vehicles, etc.). The long service life of LFP batteries and the possibility of deep cycling makes them suitable for energy storage applications (stand-alone applications, off-grid systems) or stationary use in general.
0-3,000 mAh to hold the second-largest share of the market in 2021.
The 0-3,000 mAh capacity range is the most popular and highly demanded in the market. About 90% of consumer electronics applications deploy batteries with capacity in the range of 0-3000 mAh since low-capacity batteries are potentially longer-lasting power sources for consumer electronics and are light in weight and portable.O-3000 mAh is the most popular type of lithium-ion battery in the consumer electronics industry.
Adoption of low (12V) batteries in small size applications.
Batteries below 12 V are highly utilized in electric vehicles and solar energy systems and in marine, military, telecom, trolling motors, and deep-cycle applications due to their various advantages. These batteries are preferred over the other variants since they have the most energy density with the lightest weight possible.
The power industry is estimated to hold largest CAGR during the forecast period.
The power industry holds the largest CAGR of the lithium-ion battery market from 2022 - 2031. Power is one of the key necessities and is crucial for the economic growth and welfare of a nation. The conventional sources of power are coal, natural gas, crude oil, etc., and non-conventional are wind, solar, etc. Countries across the world are focusing on achieving net-zero carbon emissions, thus, they are focusing on non-conventional sources of energy. These energies need huge storage systems, and lithium-ion batteries provide the ideal solutions for storage. Lithium-ion battery energy storage systems enable grid operators to save electricity when there is a surplus of renewable energy.
- Growing Adoption in Plug-In Vehicles
- Requirement of Battery-Operated Material-Handling Equipment
- Advancements in Smart Electronic Devices
- Adoption in Renewable Energy Sector
- Increasing Concerns in Transportation and Storage of Spent Batteries
- Adoption in New Applications due to Decreasing Prices
- Increasing R&D for Advancements
- Excessive Heating of Batteries
- Increasing Cost of Battery-Operated Industrial Vehicles
- Aging Lithium-Ion Batteries
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Lithium-Ion Battery Market, by Material
7 Lithium-Ion Battery Market, by Product Type
8 Lithium-Ion Battery Market, by Type
9 Lithium-Ion Battery Market, by Capacity
10 Lithium-Ion Battery Market, by Voltage
11 Lithium-Ion Battery Market, by Industry
12 Lithium-Ion Battery Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent and Related Markets
- Amperex Technology Limited
- BAK Power Battery Co., Ltd.
- BYD Company Ltd.
- Contemporary Amperex Technology Co., Limited.
- Enerdel, Inc.
- Envision Aesc Group Ltd
- Farasis Energy (Ganzhou)Co., Ltd.
- GS Yuasa International Ltd.
- Guoxuan High Tech Co., Ltd.
- Hitachi Ltd.
- Ipower Batteries Pvt Ltd
- LG Chem
- Lithium Energy Japan
- Nextera Energy, Inc.
- Other Players
- Panasonic Holdings Corporation
- Samsung Sdi Co. Ltd
- Sila Nanotechnologies Inc.
- Tesla, Inc.
- Toshiba Corporation
- Varta Ag
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