Lithium-ion Battery Market Size Worth USD 193.13 Billion, Globally, by 2028 at 23.3% CAGR (2024)

Pune, India, July 18, 2022 (GLOBE NEWSWIRE) -- The global Lithium-ion Battery Market was USD 36.90 billion in 2020. The global market size is expected to be USD 44.49 billion in 2021 and is projected to reach USD 193.13 billion by 2028, exhibiting a CAGR of 23.3% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Lithium-Ion Battery Market, 2021-2028.”

According to our analysts, the incessant demand for power supply for numerous applications, augmented demand for electric vehicles, surging necessity of battery-operated equipment and machinery in automotive industries, and the usage of lithium-ion batteries in renewable energy applications are sustaining the lithium-ion battery market growth.

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Report Highlights:

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 23.3%
2028 Value Projection USD 193.3 billion
Base Year 2020
Market Size in 2020 USD 36.90 billion
Historical Data for 2017-2019
No. of Pages 200
Segments covered By Type, By Application, and By Region
Growth Drivers Favorable Government Subsidies and Policies to Drive Market Growth
Technological Advances and Rising Investments to Boost Market Development in Asia Pacific

COVID-19 Impacts:

COVID-19 Influence on Global Lithium-ion Battery Market to Hamper Growth

The outbreak of COVID-19 has hindered the growth of the lithium-ion battery market. The novel coronavirus has restrained the distribution of batteries. The vital battery component is mostly obtainable in Asia Pacific, but the pandemic has over-exposed the reliability of raw materials on the region.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-market-100123

Drivers and Restraints:

Augmented Usage of Batteries in Power Grid and Energy Storage Systems to Spur Market

Imposing stringent government guidelines to monitor surging pollution phases compel the industries to utilize lithium-ion batteries. The power industry is striving to manufacture renewable energy and stock for future purpose. Moreover, low cost, low-self discharge rate, and negligible installation space are a few of the crucial factors driving the implementation of lithium-ion batteries in smart grid and energy storage systems. Since the product is more resilient to high temperatures, it is perfect for usage in distant areas and thermal control applications.

Industry Developments:

September 2021: Toshiba Corporation, CBMM, and Sojitz Corporation initiated a joint development deal to commercially launch the next-generation lithium-ion battery by utilizing niobium titanium oxide for anode material.

List of Key Players Mentioned in the Report:

  • BYD Company (China)
  • LG Chem (South Korea)
  • Contemporary Amperex Technology Co. Ltd (CATL) (China)
  • Samsung SDI (South Korea)
  • Panasonic Corporation (Japan)
  • BAK Power (China)
  • Clarios (Germany)
  • Toshiba Corporation (Japan)
  • Hitachi (Japan)
  • Automotive Energy Supply Corporation (Japan)
  • A123 System (U.S.)
  • Saft Group S.A. (France)

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Segments:

On the basis of type, the market is classified into lithium cobalt oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, lithium manganese oxide, lithium nickel manganese cobalt, and lithium titanate oxide. Lithium cobalt oxide held a major share in 2020, owing to its extensive implementation in modern electronic gadgets.

Based on application, the market is categorized into automotive, consumer electronics, energy storage systems, industrial, and others.

Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

Key Benefits for Lithium-ion Battery Market:

  • The Lithium-ion Battery market analysis covers in-depth information of major industry participants.
  • Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • Major countries have been mapped according to their individual revenue contribution to the regional market.
  • The report provides an in-depth analysis of the Lithium-ion Battery market during the forecast period (2022–2028).
  • The report outlines the current market trends and future scenario of the global Lithium-ion Battery market to understand the prevailing opportunities and potential investment pockets.
  • The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.

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Regional Insights:

Asia Pacific is expected to hold the largest lithium-ion battery market share during the mentioned time frame. China and Japan have been measured as the world's biggest markets for electronic vehicles.

North America is estimated to perceive sturdy growth, with the U.S. dominating in the industry landscape of the region.

The rising concentration of government organizations toward greenhouse gas emissions in the environment in Europe has sustained the growth of the lithium-ion battery market.

Competitive Landscape:

Joint Ventures Initiated by Key Companies Set to Endorse Market Growth

The dominating players in the market continually try to implement proficient tactics to elevate their brand value as well as endorse the global market growth by tackling least imaginable hurdles. One such operative strategy is entering into joint ventures with other competitive companies and further safeguarding a profit for both the involved companies.

Global Lithium-ion Battery Market Size Segmentation:

By Type

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

By Application

  • Automotive
  • Consumer Electronics
  • Energy Storage System
  • Industrial

Table of Contents

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends
    • Key Developments: Mergers, Acquisitions, Partnership, etc.
    • Latest Technological Advancement
    • Regulatory Landscape
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on Lithium-Ion Battery Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments in the Industry in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Lithium-Ion Battery Market Analysis (USD Billion) (GWh), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Lithium Cobalt Oxide
      • Lithium Iron Phosphate
      • Lithium Nickel Cobalt Aluminum Oxide
      • Lithium Manganese Oxide
      • Lithium Nickel Manganese Cobalt
      • Lithium Titanate Oxide
    • Market Analysis, Insights and Forecast – By Application
      • Consumer Electronics
      • Automotive
      • Energy Storage System
      • Industrial
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa
  • North America Lithium-Ion Battery Market Analysis (USD Billion) (GWh), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Lithium Cobalt Oxide
      • Lithium Iron Phosphate
      • Lithium Nickel Cobalt Aluminum Oxide
      • Lithium Manganese Oxide
      • Lithium Nickel Manganese Cobalt
      • Lithium Titanate Oxide
    • Market Analysis, Insights and Forecast – By Application
      • Consumer Electronics
      • Automotive
      • Energy Storage System
      • Industrial
      • Others
    • Market Analysis, Insights and Forecast – By Country
      • U.S. Market Analysis, Insights and Forecast – By Application
        • Consumer Electronics
        • Automotive
        • Energy Storage System
        • Industrial
        • Others
      • Canada Market Analysis, Insights and Forecast – By Application
        • Consumer Electronics
        • Automotive
        • Energy Storage System
        • Industrial
        • Others

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Lithium-ion Battery Market Size Worth USD 193.13 Billion, Globally, by 2028 at 23.3% CAGR (1)

Lithium-ion Battery Market Size Worth USD 193.13 Billion, Globally, by 2028 at 23.3% CAGR (2024)

FAQs

Lithium-ion Battery Market Size Worth USD 193.13 Billion, Globally, by 2028 at 23.3% CAGR? ›

Pune, India, May 30, 2022 (GLOBE NEWSWIRE) -- The global Lithium-ion Battery Market Size was USD 36.90 billion in 2020. The global market size is expected to be USD 44.49 billion in 2021 and is projected to reach USD 193.13 billion by 2028, exhibiting a CAGR of 23.3% during the forecast period from 2021-2028.

What is the CAGR of the lithium-ion battery industry? ›

As per the current market research conducted by the CMI Market Research Team, the US Lithium-Ion Battery Market size is expected to record a CAGR of 20.1% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 13.7 Billion.

What is the CAGR for lithium battery recycling? ›

The global Lithium-ion Battery Recycling market size was valued at USD 6132.42 Million in 2022 and will reach USD 25901.51 Million in 2028, with a CAGR of 27.14% during 2022-2028.

How much is the lithium-ion battery market worth? ›

The global lithium-ion battery market size was valued at USD 70 billion in 2022 and is expected to surpass around USD 387.05 billion by 2032 with a registered CAGR of 18.70% from 2023 to 2032.

What is the global lithium-ion market size? ›

Report Description:
AttributeDescription
Market SizeRevenue (USD Billion)
Market size value in 2022USD 58.21 Billion
Market size value in 2032USD 293.24 Billion
CAGR (2023 to 2032)17.55%
5 more rows

Who is the largest consumer of lithium batteries? ›

However, holding less than 7 per cent of the world's lithium reserves, China is the world's largest importer, refiner and consumer of lithium, buying 70 per cent of lithium compounds and supplying 70 per cent of lithium production, largely to domestic lithium battery makers, six of which are among the top ten in the ...

Who is the largest consumer of lithium-ion batteries? ›

China's the largest consumer of lithium because of its booming electronics and electric vehicle industries.

Can lithium batteries be 100% recycled? ›

On average, about 50% of a lithium-ion battery can be recycled in an effective way. Unfortunately, this means that a considerable amount of the materials in it have to be safely stored in a permanent way.

What is the CAGR for battery manufacturing? ›

The global Lithium-ion Battery Manufacturing Market Size is estimated to increase at a CAGR of 15.1% during the forecast period from 2024 to 2030.

Are only 5% of lithium batteries recycled? ›

In a LinkedIn article, Hans Eric Melin, Managing Director of Circular Energy Storage Research and Consulting, addressed a 'well documented fact' about battery recycling: only 5% of lithium-ion batteries are recycled; 95% of batteries go to landfill.

How big is the lithium-ion battery market in 2030? ›

The lithium-ion battery (Li-Ion) market is experiencing rapid expansion, primarily driven by the surging global demand for sustainable energy solutions, particularly in the automotive sector.

Which raw materials are needed to make lithium-ion batteries? ›

Critical raw materials used in manufacturing Li-ion batteries (LIBs) include lithium, graphite, cobalt, and manganese. As electric vehicle deployments increase, LIB cell production for vehicles is becoming an increasingly important source of demand.

What is the most expensive part of a lithium-ion battery? ›

The cathode is often the most expensive part of a battery, which in turn is the most expensive part of an EV. Its material composition can vary, with nickel manganese cobalt (NMC) being among the most common.

Which country is the biggest lithium battery producers? ›

This is mainly a result of its electronic and electric vehicle manufacturing industries. China is also responsible for the production of around 75% of all lithium-ion batteries used worldwide. Moreover, the country is home to the vast bulk of the world's facilities for processing lithium.

How big is the global electric battery market? ›

[423 Pages Report] The global EV battery market is projected to grow from USD 132.6 billion in 2023 to USD 508.8 billion by 2033, registering a CAGR of 14.4%. Increased awareness about environmental concerns and the desire for sustainable transportation options are driving consumer interest in electric vehicles.

How big is the global battery market? ›

Report Summary. In terms of revenue, the global battery market was valued at $111.86 billion in the year 2021 and is projected to reach $423.90 billion by 2030, growing with a CAGR of 16.68% over the forecasting years of 2022 to 2030.

What is the CAGR of the solid state battery market? ›

Solid State Battery Market Analysis and Size

The global solid state battery market size was valued at USD 1.68 billion in 2023 and is projected to reach USD 17.78 billion by 2031, with a CAGR of 34.3% during the forecast period of 2024 to 2031.

Is the market for lithium-ion batteries growing? ›

Consequently, the lithium-ion battery market size is expected to significantly grow as well. While valued at about 54.6 billion U.S. dollars in 2021, the market should reach the size of around 257 billion U.S. dollars in 2030.

What is the market trend for lithium-ion batteries? ›

Lithium-Ion Battery Market size exceeded USD 63 billion in 2023 and is projected to expand at over 16.5% CAGR from 2024 to 2032. Increasing consumer preference for electric and hybrid vehicles will complement the demand for lithium-ion (Li-ion) batteries.

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