Global Lithium-Ion Battery Market Report Forecast By Components (Cathode, Anode, Electrolytic Solution, Others), Product Type (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate, Lithium Nickel Manganese Cobalt), Application (Passenger EVs, Commercial EVs, Electric two/three-wheelers, E-buses, Stationary Storage, Consumer Electronics), Countries and Company Analysis (2024-2032)
Buy NowLithium-Ion Battery Market Analysis
Global Lithium-Ion Battery Market will reach US$ 176.75 billion by 2032, up from US$ 55.22 billion in 2023, with a CAGR of 13.80% between 2024 and 2032. The business has expanded tremendously owing to the expanding acceptance of electric vehicles (EVs) and the rapid advancement of renewable energy storage technology. Accordingly, technological developments that increase battery capacity and efficiency, together with the broad use of these products in consumer devices, further drive market expansion.
Lithium-Ion Battery Market Outlooks
Rechargeable energy storage devices like lithium-ion batteries are frequently found in electric cars, renewable energy systems, and portable electronics. It is composed of two electrodes: a negative anode, usually composed of graphite, and a positive cathode composed of lithium compounds. Electricity is produced during discharge when lithium ions travel from the anode to the cathode. The procedure is the opposite when charged. Because of their low self-discharge rate, lightweight construction, and high energy density, lithium-ion batteries are preferred. However, battery management systems are crucial for both performance and safety because they must be carefully managed to avoid overheating and guarantee longevity.
The global trend toward electric vehicles (EVs), which in turn increases demand for large capacity, efficient batteries, is one of the main market drivers. Accordingly, the market is expected to increase as a result of the steady expansion of renewable energy installations, which calls for reliable, high-capacity energy storage solutions. The increasing use of portable electronics like laptops and smartphones has led to a progressive growth in demand for these devices, which has pushed advances in battery technology with a general focus on decreasing charge times and increasing energy density. The market for lithium-ion batteries is expected to increase favorably as a result of these variables taken together.
| Report Features | Details |
|
Base Year |
2023 |
|
Forecast Years |
2024 - 2032 |
|
Historical Years |
2019 - 2023 |
|
Market Size in 2023 |
US$ 55.22 Billion |
|
Market Forecast in 2032 |
US$ 176.75 Billion |
|
Market Growth Rate (2024-2032) |
13.80% |
Driving Forces of Lithium-Ion Battery Market
Quick Increase in EV Adoption
The dynamics of the worldwide lithium-ion battery market are impacted by the accelerating uptake of electric vehicles (EVs). The demand for lithium-ion batteries is increasing gradually along with the adoption of EVs because of its benefits to the environment. These batteries are preferred because of their high energy density and efficiency, which are essential for offering consumers' desired longer driving ranges and quicker charging periods. Lithium-ion batteries will undoubtedly remain essential to the EV revolution as a result of this trend, which is speeding up technological developments and investment in the battery industry. For example, Subaru and Panasonic Energy furthered their cooperation in March 2024 when they inked a contract for the delivery of cylindrical car lithium-ion batteries. This is in line with Subaru's new electrification strategy, which calls for Panasonic Energy batteries to be installed in Subaru BEVs that are made in Japan.
Technological Advancements
One of the most notable technological advancements in the lithium-ion battery sector is the creation of batteries with silicon anodes. When compared to conventional lithium-ion batteries with graphite anodes, these new batteries are distinguished by their greater capacity and longer lifespans. Batteries with silicon anodes have a far higher energy density than those with graphite because silicon anodes may store up to 10 times as much lithium. This innovation is raising the bar for battery performance and might revolutionize power storage technologies for a range of uses, such as portable devices and electric cars (EVs). For example, Log9 Materials and Zeta Energy established a collaboration to enhance battery technology in April 2024. The partnership intends to improve overall cell performance by integrating cutting-edge Li-S materials from Zeta Energy into Log9's energy storage devices. It is anticipated that this collaboration will provide information on how to best optimize lithium-sulfur batteries for a range of market uses. The facts pertaining to the worldwide lithium-ion battery market underscore the criticality of technological improvements in preserving market competitiveness.
Asia Pacific Lithium-Ion Battery Market
The market for lithium-ion batteries in Asia-Pacific is expanding quickly as a result of growing demand for consumer electronics, renewable energy storage, and electric cars. Under government programs supporting renewable energy, nations such as China, Japan, and South Korea dominate in terms of production and innovation. Further propelling market expansion are technological advancements in batteries, such as lower costs and higher energy density. Furthermore, the future of the sector in the area is being shaped by investments in recycling and sustainable practices.
India Lithium-Ion Battery Industry
India is among the nations with the fastest-growing lithium-ion battery markets in the world. The National Institution for Transforming India (NITI) Aayog unveiled plans in February 2020 to offer financial aid to investors establishing giga-scale lithium-ion production facilities in India as a solution to the manufacturing problem. The NITI Aayog is probably going to call for bids to set up production lines with an annual output capacity of 50 GWh between 2020 and 2030. As a result, it is anticipated that domestic lithium-ion battery production will increase during the projection period.
Additionally, in accordance to the Paris Climate Agreement, India pledged to source 40% of its electricity generation capacity from non-fossil fuels by 2030. The country set a goal to create 175,000 MW of renewable energy capacity by 2022, 100,000 MW of which would come from solar power. A goal of installing 450,000 MW of renewable energy capacity by 2030 has been established.Energy storage devices find a significant market in India, where the intermittent nature of renewable energy sources can be mitigated and grid stability enhanced.
Furthermore, the rising recognition of electric vehicles (EVs), renewable energy storage, and consumer electronics is propelling the lithium-ion battery industry in India. Increasing EV production and infrastructure is the aim of government initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) project. Demand is also fueled by India's emphasis on lowering carbon emissions and developing sustainable energy sources. Reliance on imports is being decreased and production capacities are being improved through local manufacturing initiatives, including collaborations with international firms. A more robust and sustainable market scenario is emerging in India as a result of recycling programs and battery technological developments.
China Lithium-Ion Battery Industry
Driven by the burgeoning consumer electronics, renewable energy applications, and electric vehicle (EV) industry, China has a significant lithium-ion battery industry in the world. Production is dominated by the nation's largest corporations, CATL and BYD among them, which excel in capacity and innovation. Demand is greatly increased by government initiatives, including as subsidies and incentives for the adoption of EVs. Furthermore, technological developments in batteries, such as enhanced energy density and quick charging capabilities, support market expansion. China is consolidating its position as a major participant in the global battery scene by concentrating on creating a circular economy through battery recycling programs, guaranteeing sustainability, and minimizing environmental damage.
Global Lithium-Ion Battery Company Analysis
The key players in Lithium-Ion Battery industry are BYD Company Ltd., Samsung SDI Company Limited, GS Yuasa Corporation, Johnsons Controls Inc. and Exide Technologies.
Global Lithium-Ion Battery Company News
May 2024- In Paradip, Odisha, the JSW Group declared its intention to build a 60,000-ton lithium-ion refinery and cell production plant. A technological collaboration with a top Chinese company will enable this. This action is in line with the growing trend of Indian and international businesses looking to capitalize on China's leadership in electric vehicle battery technology. By allocating ₹40,000 crore, JSW hopes to gain a substantial portion of the Indian electric vehicle industry, signifying a deliberate shift in strategy towards environmentally friendly and independent auto manufacturing.
January 2024- Prior to the end of 2025, Amara Raja Batteries Ltd., a manufacturer of automotive batteries, declared its intention to run a gigafactory. In the Indian state of Telangana, in the Mahbubnagar area, the business started construction on one of its first gigafactories. Up to 16 GWh of lithium cells and 5 GWh of battery packs, respectively, are anticipated to be produced at the factory.
August 2023- By 2026, Reliance Industries Limited intended to build a gigafactory for lithium-ion batteries in India. It is anticipated that the battery production facility will be located in Jamnagar, Gujarat, near the Dhirubhai Green Energy Giga Complex. It's probably going to be built to make battery chemistries, packs, cells, and containerized energy storage systems, among other things.
Type– Market breakup in 4 viewpoints:
- Cathode
- Anode
- Electrolytic Solution
- Others
Product Type– Market breakup in 6 viewpoints:
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Manganese Oxide (LMO)
- Lithium Titanate
- Lithium Nickel Manganese Cobalt
Application– Market breakup in 6 viewpoints:
- Passenger EVs
- Commercial EVs
- Electric two/three-wheelers
- E-buses
- Stationary Storage
- Consumer Electronics
Countries– Market breakup in 25 viewpoints:
1. North America
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 Australia
3.5 South Korea
3.6 Thailand
3.7 Malaysia
3.8 Indonesia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 South Africa
5.2 Saudi Arabia
5.3 UAE
All the key players have been covered from 4 Viewpoints:
- Business Overview
- Key Persons
- Recent Development & Strategies
- Financial Insights
Key Players Analysis:
- BYD Company Ltd.
- Samsung SDI Company Limited
- GS Yuasa Corporation
- Johnsons Controls Inc.
- Exide Technologies
Report Details:
| Report Features | Details |
| Base Year |
2023 |
| Historical Period |
2019 - 2023 |
| Forecast Period |
2024 - 2032 |
| Market |
US$ Billion |
| Segment Covered | Type, Product Type, Application and Countries |
| Countries Covered |
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
|
| Companies Covered |
|
| Customization Scope |
20% Free Customization |
| Post-Sale Analyst Support |
1 Year (52 Weeks) |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on request) |
Customization Services available
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1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenge
5. Global Lithium-Ion Battery Market
6. Market Share Analysis
6.1 By Components
6.2 By Product Type
6.3 By Application
6.4 By Countries
7. Components
7.1 Cathode
7.2 Anode
7.3 Electrolytic Solution
7.4 Others
8. Product Type
8.1 Lithium Cobalt Oxide (LCO)
8.2 Lithium Iron Phosphate (LFP)
8.3 Lithium Nickel Cobalt Aluminum Oxide (NCA)
8.4 Lithium Manganese Oxide (LMO)
8.5 Lithium Titanate
8.6 Lithium Nickel Manganese Cobalt
9. Application
9.1 Passenger EVs
9.2 Commercial EVs
9.3 Electric two/three-wheelers
9.4 E-buses
9.5 Stationary Storage
9.6 Consumer Electronics
10. Countries
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Europe
10.2.1 France
10.2.2 Germany
10.2.3 Italy
10.2.4 Spain
10.2.5 United Kingdom
10.2.6 Belgium
10.2.7 Netherland
10.2.8 Turkey
10.3 Asia Pacific
10.3.1 China
10.3.2 Japan
10.3.3 India
10.3.4 Australia
10.3.5 South Korea
10.3.6 Thailand
10.3.7 Malaysia
10.3.8 Indonesia
10.3.9 New Zealand
10.4 Latin America
10.4.1 Brazil
10.4.2 Mexico
10.4.3 Argentina
10.5 Middle East & Africa
10.5.1 South Africa
10.5.2 Saudi Arabia
10.5.3 UAE
11. Porter’s Five Forces Analysis
11.1 Bargaining Power of Buyers
11.2 Bargaining Power of Suppliers
11.3 Degree of Rivalry
11.4 Threat of New Entrants
11.5 Threat of Substitutes
12. SWOT Analysis
12.1.1 Strength
12.1.2 Weakness
12.1.3 Opportunity
12.1.4 Threat
13. Key Players Analysis
13.1 BYD Company Ltd.
13.1.1 Business overview
3.1.2 Key Persons
13.1.3 Recent Development & Strategies
13.1.4 Sales Analysis
13.2 Samsung SDI Company Limited
13.2.1 Business overview
13.2.2 Key Persons
13.2.3 Recent Development& Strategies
13.2.4 Sales Analysis
13.3 GS Yuasa Corporation
13.3.1 Business overview
13.3.2 Key Persons
13.3.3 Recent Development & Strategies
13.3.4 Sales Analysis
13.4 Johnsons Controls Inc.
13.4.1 Business overview
13.4.2 Key Persons
13.4.3 Recent Development & Strategies
13.4.4 Sales Analysis
13.5 Exide Technologies
13.5.1 Business overview
13.5.2 Key Persons
13.5.3 Recent Development & Strategies
13.5.4 Sales Analysis
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