Lithium-ion battery market size will reach US$278.27 billion by

London, April 13, 2022 (GLOBE NEWSWIRE) — The world Lithium Ion Battery Market Size was estimated to be worth US$58.61 billion in 2021. The numerous advantages of lithium-ion batteries such as low cost and long lifespan create new opportunities for the lithium-ion battery market. The market is also growing due to the increasing adoption of consumer electronics. The demand for lithium-ion batteries is increasing in the global market due to the need and necessity of lithium-ion batteries in industrial items.

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Another element driving the lithium-ion battery market forward is the growing renewable energy sector. The government continuously invests in energy and infrastructure development projects, which contributes to the growth and development of the lithium-ion battery market. For the advancement of the lithium-ion battery industry, most of the major market players are partnering with government bodies.

Regional overview

Asia-Pacific is the largest segment of the lithium-ion battery market in terms of region. Soaring demand for tablets and smartphones in emerging countries like Japan, China, and India is driving the lithium-ion battery market in Asia Pacific. Rising disposable income and growing consumer knowledge about lithium-ion batteries in the market are two major factors driving the growth of the lithium-ion battery market in the Asia-Pacific region.

The North America region is the fastest growing region in the lithium-ion battery market. The United States dominates the lithium-ion battery market in North America. Factors such as increasing sales of electric vehicles and automobiles across the region along with growing demand for lithium-ion batteries for mobile phones are propelling the lithium-ion battery market in North America.

Report cover Details
Market size in 2021 $58.61 billion
Growth rate from 2022 to 2030 CAGR of 18.9%
The biggest market Asia Pacific
Fastest growing region North America
Year of reference 2021
Forecast period 2022 to 2030

Report Highlights

  • Lithium cobalt oxide (LCO), lithium nickel cobalt aluminum oxide (NCA), lithium iron phosphate (LFP), lithium manganese oxide (LMO), lithium titanate and lithium nickel manganese cobalt are the different sources of lithium-ion batteries. The expansion of the segment is fueled by factors such as increasing demand for lithium iron phosphate (LFP) batteries in portable devices and growing desire for long-lasting and efficient batteries. Additionally, the advantages of lithium iron phosphate (LFP) batteries such as the safest option and long shelf life are driving the growth of the segment.
  • Based on applications, the electric and hybrid vehicle segment holds the largest market share in the global lithium-ion battery market. The demand for electric vehicles is growing rapidly in both developed and developing regions like North America, Europe, and Asia-Pacific. Rising fossil fuel prices and environmental concerns are driving the segment’s growth.

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Market dynamics

Drivers

Cost reduced by lithium ion batteries

The price of lithium-ion battery is quite low compared to other types of batteries. The lithium-ion battery is efficient by nature. There is an increase in the adoption of lithium-ion battery due to technological developments. Thus, this has resulted in the increasing adoption of lithium-ion batteries across all industry verticals. As a result, the reduction in the cost of lithium-ion batteries is driving the growth of the global lithium-ion battery market.

Constraints

Huh production request

The demand for lithium-ion battery is increasing at a rapid rate. The demand for lithium-ion batteries has led to an increasing need for lithium-ion battery supply in the large-scale market. But due to the high demand, the production of lithium-ion batteries is also becoming crucial. Thus, the strong demand for production limits the expansion of the global lithium-ion battery market during the projected period.

Opportunities

Growth demand for electric vehicles

The demand for electric vehicles is increasing on a large scale due to the soaring cost of fossil fuels. The lithium-ion battery is used to power electric vehicles. Electric vehicles contribute to reducing the level of pollution and greenhouse gas emissions. Thus, the increasing adoption of electric vehicles has led to an increasing demand for lithium-ion batteries in the market. Accordingly, this factor creates lucrative opportunities for the growth of the lithium-ion battery market.

Challenges

Increase in demand for other types of batteries

Other types of batteries that are used instead of lithium-ion batteries are sodium-nickel chloride, lead-acid batteries, flow batteries, and lithium-air batteries. These batteries are widely used in vehicles and consumer electronics. Several key market players have started adopting this type of battery. Thus, the increase in demand for other types of batteries is a major challenge for the growth of the lithium-ion battery market.

RECENT DEVELOPMENTS

  • The LIM30HL line of industrial lithium-ion battery modules from GS Yuasa Corporation will be available in December 2020. The LIM30HL series battery modules are laterally compatible and have a larger rated capacity and lower internal resistance than the LIM25H series. previous one, while retaining the same dimensions.
  • Daimler Truck AG and CATL said in May 2021 that their existing collaboration would be strengthened based on their shared vision of CO2-neutral electric trucking. CATL will supply lithium-ion battery packs for Mercedes-eActros Benz’s long-range battery electric vehicle, which is expected to enter production in the coming years.

Related Reports

Market segmentation

By product

  • Lithium cobalt oxide (LCO)
  • Lithium Iron Phosphate (LFP)
  • Lithium nickel cobalt aluminum oxide (NCA)
  • Lithium Manganese Oxide (LMO)
  • lithium titanate
  • Lithium nickel manganese cobalt

By request

  • Consumer electronics
    • Smartphones and tablets/PCs
    • UPS
    • Others
  • Automotive
    • Cars, buses and trucks
    • Scooters and bikes
    • Trains and planes
  • Industrial
  • Energy storage system

By component

  • Cathode
  • Anode
  • Electrolytic solution
  • Others

By capacity

  • 0 to 3000mAh
  • 3,000 to 10,000 mAh
  • 10,000 to 60,000 mAh
  • 60,000 mAh and above

By voltage

  • Low (below 12V)
  • Medium (12V – 36V)
  • High (above 36 V)

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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