The global lithium-ion battery market size is expected to reach USD 148.0 billion by 2030, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
Lithium-ion battery demand is increasing due to their low cost, low maintenance, and long shelf life, with huge application in automobiles and the aerospace industry. Furthermore, rising consumer awareness about the benefits of battery-related tools and products and growing R&D investments in developing lithium-ion technologies are expected to drive market growth. In addition, the growing demand for lithium-ion batteries in the renewable energy sector also contributes to revenue growth.
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Furthermore, government initiatives to develop the energy and infrastructure of the power industry are also supporting the market expansion. Moreover, many key players and government bodies are collaborating to develop and launch lithium-ion-based products that can be used for a long time period. Additionally, stringent government rules to avoid the usage of gasoline in vehicles has increased the focus on EVs boosting the market growth.
The COVID-19 pandemic negatively impacted the demand for lithium-ion batteries as many manufacturing and production units were halted owing to the global lockdown. The decline in expenditure in the consumer electronics and automobile sector has severely impacted the market.
Lithium-ion Battery Market Report Highlights
- The growing demand for portable lithium-ion batteries is due to rising consumer products such as tablets, laptops, and smartphones. Moreover, the growing demand for these batteries in the healthcare sector in pulse oximeters and patch-type devices bolstered market growth.
- Lithium cobalt oxide accounted for the highest revenue share in 2021 and is expected to continue its dominance owing to better energy, power density, and cycling ability. These batteries are used in digital cameras and electronic devices, supporting market growth.
- The automotive sector is the second largest segment expected to grow over the forecast period due to the rising hybrid and plug-in hybrid vehicles across emerging nations. The growing consumer shift from conventional to electric vehicles is also increasing the demand for lithium-ion batteries.
- Asia Pacific is expected to grow over the forecast period due to the growing consumer electronics and automotive industry across China, India, and Japan. The strict government norms emphasizing the usage of electric vehicles due to rising CO2 emission has increased the sale of batteries boosting the market.
- Major players operating in the industry 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
Polaris Market Research has segmented the lithium-ion battery market report based on material, product, type, capacity, voltage, industry, and region:
Lithium-ion Battery, Material Outlook (Revenue – USD Billion, 2018 – 2030)
- Cathode Material
- Cathode Material for Lithium- Ion Batteries
- Lithium Iron Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt
- Lithium Nickel Cobalt Aluminum
- Lithium Manganese Oxide
- Anode Material
- Anode Material for Lithium-Ion Batteries
- Natural Graphite
- Artificial Graphite
- Another Anode Material
- Electrolyte Material
- Separator Material
- Current Collector Material
Lithium-ion Battery, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Components Of Lithium-Ion Battery
- Battery Packs
Lithium-ion Battery, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Cobalt Oxide
- Lithium Titanate Oxide
- Lithium Manganese Oxide
- Lithium Nickel Cobalt Aluminum Oxide
Lithium-ion Battery, Capacity Outlook (Revenue – USD Billion, 2018 – 2030)
- 0 To 3000 mAh
- 3000 To 10000 mAh 10000 To 60000 mAh
- 60000 To mAh and above
Lithium-ion Battery, Voltage Outlook (Revenue – USD Billion, 2018 – 2030)
- Low (Below 12 V)
- Medium (12 V- 36 V)
- High (Above 36 V)
Lithium-ion Battery, Industry Outlook (Revenue – USD Billion, 2018 – 2030)
- Consumer Electronics
- Plug-In Hybrid Vehicles
- Commercial Aircraft
- Mining Equipment
- Construction Equipment
- Forklifts, Automated Guided Vehicle (AGV), And Automated Mobile Robots (AMR)
Lithium-ion Battery, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa