According to the latest report by IMARC Group, titled "Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global lithium-ion battery market reached a value of US$
45.0 Billion in 2022. A lithium-ion battery is a rechargeable battery that is generally utilized in electric vehicles (EVs) and portable electronics. It is manufactured using carbon and lithium while being equipped with a separator, electrolyte, anode and cathode. In comparison to nickel-cadmium batteries, it requires minimal maintenance, is eco-friendly in nature and has lower self-discharge rates. Along with this, it also offers higher energy density, due to which it delivers a large amount of current for high power applications. As a result, it is extensively used in consumer electronics, automobiles and pacemakers.
Global Lithium-ion Battery Market Trends:
The global market is primarily driven by the rising utilization of portable electronic devices among the masses. Moreover, the increasing adoption of electric vehicles (EVs) is further propelling the market growth. Along with this, the increasing initiatives undertaken by the government of multiple countries for minimizing carbon emissions have boosted the demand for lithium-ion batteries. Furthermore, continual technological advancements, such as the introduction of the nanobolt tungsten lithium battery, are creating a positive outlook for the market across the globe. The market is further driven by the rising adoption of lithium-ion batteries across the manufacturing and solar power sectors. Other factors, including the miniaturization of lithium-ion batteries, continuous product innovations, rapid urbanization and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$
93.3 Billion by 2028, growing at a CAGR of
13.2% during 2023-2028.
- On the basis of the product type, the market has been segmented into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide and others (li-ion nickel cobalt aluminium oxide and li-ion titanate oxide). Currently, li-ion cobalt oxide accounts for the largest market share.
- Based on the power capacity, the market has been segregated into 0 to 3000mAH, 3000mAH to 10000mAH, 10000mAH to 60000mAH and more than 60000mAH. At present, batteries with a power capacity of 3000mah to 10000mah exhibit a clear dominance in the market.
- On the basis of the application, the market has been classified into consumer electronics, electric vehicles, energy storage and others. Presently, consumer electronics represents the leading market segment.
- Based on the region, the market has been divided into Asia-Pacific, North America, Europe, the Middle East and Africa and Latin America. Among these, the Asia Pacific region holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include A123 Systems LLC, AESC SDI CO., LTD., LG Chem Ltd., Panasonic Corporation, SAMSUNG SDI CO., LTD., Toshiba Corporation, Amperex Technology Limited, BAK Group, Blue Energy Limited, BYD Company Ltd., CBAK Energy Technology, Inc., Tianjin Lishen Battery Joint-Stock CO., LTD., Valence Technology, Inc., SK innovation Co., Ltd and Hitachi, Ltd.
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