Lithium-Ion Battery Market Share, Size, Trends, Industry Analysis Report, By Material; By Product; By Type; By Capacity; By Voltage (Below 12v, 12v-36v, Above 36v); By Industry; By Region; Segment Forecast, 2022 - 2030
- Published Date:Nov-2022
- Pages: 117
- Format: PDF
- Report ID: PM1744
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global lithium-ion battery market was valued at USD 35.23 billion in 2021 and is expected to grow at a CAGR of 17.5% during the forecast period. The growing demand for lithium-ion battery is expected to be driven by the increasing adoption of electric vehicles, consumer electronics, and wide applications across various sectors due to declining battery prices.
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Lithium-ion battery are replacing sodium-ion batteries owing to their lightweight, long shelf life, temperature tolerance, and constant power capacity. Additionally, as compared to other batteries, these batteries require less maintenance and are easy to use. The battery life doesn't require scheduled cycling and priming equipment, increasing its demand in various sectors. Furthermore, These batteries lack the memory effect, which prevents partial discharges and charge cycles, hence maintaining the battery's performance
The COVID-19 pandemic had a negative impact on the growth of the targeted market. The lack of raw materials and transportation facilities has resulted in supply chain disruption and restricted the movement of batteries across the countries owing to the global lockdown. The unavailability of components has severely impacted manufacturing and logistics activities, resulting in battery price fluctuations hampering the market.
The overcharging of these batteries can result in an internal short circuit which is a restraining factor for the market. Moreover, manufacturer shifts towards other batteries such as lead-acid batteries, sodium-nickel, and substitute batteries are expected to hamper the market growth.
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Industry Dynamics
Growth Drivers
The majority of sectors seek batteries that provide high energy density and versatility and maintain performance and longevity, which makes the end product better. These properties are all in-built into lithium-ion batteries, which are increasing their demand across the verticals.
Furthermore, advancement in technology has resulted in the decline of prices of battery components used for manufacturing batteries which ultimately has resulted in decreasing the price of lithium-ion batteries, which is a significant factor driving the market growth.
The growing adoption of electric vehicles and growing automotive industry has increased the sale of lithium-ion batteries. The depletion of fossil fuel and consumer shift toward battery-operated vehicles are some of the factors contributing to revenue growth. The rising petrol and diesel prices have increased awareness about electric vehicles among consumers, which is propelling market growth.
Report Segmentation
The market is primarily segmented based on material, product, type, capacity, voltage, industry, and region.
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By Material |
By Product |
By Type |
By Capacity |
By Voltage |
By Industry |
By Region |
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Cathode material accounted for the largest share in 2021
Cathodic lithium-ion battery material accounted for the highest revenue share in 2021 as it determines the battery capacity and characteristics of the battery. Additionally, cathodic materials help in increasing the conductivity of the battery. Lithium iron phosphate batteries are a major contributor to revenue growth of the market as they offer longer life spans and improve the charging efficiency of the battery.
These type of battery offers high power density, which eventually make these batteries small and lightweight. Moreover, their quick charging and late discharging rates make them a great fit for various applications such as marine traction, industrial vehicles, and e-mobility vehicle. These are considerable factors driving the segment growth.
Portable lithium-ion battery is expected to spearhead the market growth
The demand for the portable segment is expected to dominate the market growth over the forecast period owing to its low weight and easy installation. The batteries equipped in portable devices are gaining importance due to the rising consumer electronics such as smartphones and smartwatches, which is expected to propel the market over the forecast period.
Furthermore, the increasing demand for clean energy has developed lithium-ion technology with wide applications in electric vehicles and power stations. For instance, Bluetti launched a new product named “EB 70,” which is a portable power station for a mini fridge, cooking appliances, and smart devices.
Lithium cobalt oxide is expected to lead the market growth
The demand for lithium cobalt oxide batteries is expected to lead the market owing to safety performance and high current charging & discharging capability. In addition, these batteries are 40% lighter than steel-cased batteries and 20% lighter than aluminum-cased batteries, which makes them useful for applications such as UAVs, telecom towers, and stationery which is expected to boost the market growth.
Furthermore, the rising adoption of consumer electronics and portable devices such as cameras, smartphones, computers, and laptops are also significantly supporting the market growth.
3,000-10,000 mAh is expected to witness faster growth
The demand for 3,000- 10,000 mAh is expected grow at significant surge over the forecast period owing to its capacity and a long-lasting power source. Rapid innovation and development across various verticals have increased the application of portable batteries, in return increasing the demand for batteries.
Additionally, the wide applications across the electric vehicle, aerospace, consumer electronics, and power tools are also expected to drive the segment growth. Furthermore, the rising consumer electronic industries and increasing deployment of this capacity market with a potentially long-lasting power source and lightweight nature are expected to drive the market over the forecast period.
High (above 36V) is expected to hold largest share
The demand for high voltage (above 36 V) batteries is expected to hold the largest share due to high energy density, double integrated circuit (IC) chips, and high-quality cells to last longer power. The 36 V lithium battery uses novel microprocessor technology to regulate its functional and sizable capability. Additionally, the in-built integrated battery management system avoids overcharging of the battery, which is used to charge iPhones, iPad, and mp3, which is bolstering the market growth.
Furthermore, the ability to use these voltage batteries as a power loop after power fails has increased its demand in high-power applications, which is expected to drive market growth.
Power segment is expected to account for the largest share in 2030
The power industry is expected to dominate the market over the forecast period owing to the rapid urbanization and growing consumption of electricity. The rising demand for power generation and utilization has increased the need for batteries in power grid applications for storing power and releasing when required, which is expected to boost the market growth.
Furthermore, the integration of lithium-ion batteries with renewable sources is quite flexible due to their high energy density. The integration helps in grid-level energy storage where LI-ion generates electrical energy and makes utilization of power with minimal cost to end users whenever required, supporting the market growth.
Asia Pacific is expected to dominate and witness fastest growth over the forecast period
Asia Pacific is the largest region for lithium-ion battery and is expected to witness faster growth over the forecast period. This growth is due to the reduced prices of batteries, increasing consumer electronic devices, and growing adoption of electric vehicles across developing nations such as China, India, South Korea, and Japan. Additionally, China is the manufacturing hub for lithium-ion batteries, and the largest producer of electric vehicles is expected to drive the market over the forecast period.
The growing disposable income and consumer awareness regarding the benefits of lithium-ion batteries have increased the demand for smartphones, laptops, and other electronic items. Moreover, governments emphasize on no emission of CO2 has increased the need for these batteries in a power grid system which ultimately propels the market growth.
Competitive Insight
Some of the major players operating in the global market include A123 Systems LLC, Ampere Technology Limited, Automotive Energy Supply Corporation, BAK Power, BYD Company Limited, Clarion Power Solutions, Clarios, Contemporary Ampere Technology Co. Ltd, Duracell Inc., Hitachi, Ltd, Johnson Controls, LG Chem, Ltd, Maxell Holdings, Ltd, Murata Manufacturing Co. Ltd, Panasonic Corporation, Renault Group, Saft Group S.A., Samsung SDI Co. Ltd, Tesla, and Toshiba Corporation.
Recent Developments
In May 2022, BYD company and Bakrie & brothers group collaborated with Tri Sakti to develop electric vehicle industry. This collaboration promotes clean public transportation with electric mobility to achieve zero-emission and sustainable environment.
In January 2022, Toshiba corporation launched an innovative 20Ah-HP rechargeable lithium-ion battery cell which offers high power and energy for better performance. This product allows easy upgradation of input and output power.
Lithium-ion Battery Market Report Scope
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Report Attributes |
Details |
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Market size value in 2022 |
USD 40.7 billion |
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Revenue forecast in 2030 |
USD 148 billion |
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CAGR |
17.5% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Material, By Product, By Type, By Capacity, By Voltage, By Industry, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
A123 Systems LLC, Ampere Technology Limited, Automotive Energy Supply Corporation, BAK Power, BYD Company Limited, Clarion Power Solutions, Clarios, Contemporary Ampere Technology Co. Ltd, Duracell Inc., Hitachi, Ltd, Johnson Controls, LG Chem, Ltd, Maxell Holdings, Ltd, Murata Manufacturing Co. Ltd, Panasonic Corporation, Renault Group, Saft Group S.A., Samsung SDI Co. Ltd, Tesla, and Toshiba Corporation |
