Global Lithium-ion Battery Market to Reach US$ 93.3 Billion by 2028, Fueled by Rising Proliferation of Consumer Electronics

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 size reached US$ 45.0 Billion in 2022. The lithium-ion (Li-ion) battery refers to a type of rechargeable battery that consists of organic electrolytes, graphite anodes, lithium cobalt oxides, and manganese oxide cathodes. It is lightweight and has an extremely high voltage and charge storage per unit mass or volume compared to traditional alternatives. Besides this, Li-ion battery exhibits high energy density, lower self-discharge rates, an extended lifespan with faster charging speed, and requires minimal maintenance. It is extensively used in portable consumer electronics, such as smartphones, laptops, tablets, ear pods, personal digital assistants (PDAs), digital cameras, music players, and power tools. Li-ion batteries do not need scheduled cycling to maintain battery life, deliver large amounts of current, and can handle hundreds of charge/discharge cycles. As a result, it finds applications across the automotive, military, and aerospace industries.

Global Lithium-ion Battery Market Trends:

The expanding proliferation of consumer electronics, such as smartphones, tablets, laptops, and cameras, is increasing the need for batteries with high power capacity that allows devices to run for long hours and give an optimal device experience. This represents the prime factor driving the global lithium-ion battery market growth. In addition to this, the escalating demand and sale of passenger and commercial vehicles are propelling the market growth. Besides this, the rising preference for electric vehicles (EVs) due to inflating prices of fossil fuels and gasoline and increasing environmental concerns is acting as another growth-inducing factor. Li-ion batteries are widely used as energy storage devices for powering EVs due to their better power density, energy efficiency, and longer life cycle. Moreover, extensive investments in the renewable energy sector for various photovoltaic installations, nuclear power plants, and wind energy projects are favoring the market growth. Furthermore, the introduction of favorable policies promoting the industrial manufacturing and adoption of lithium-ion batteries for sustainable energy distribution and the implementation of stringent guidelines to control rising pollution levels by various governments are aiding in market expansion. Concurrent with this, increasing funding in research and development (R&D) initiatives by leading market players for designing technologically advanced product variants is strengthening the market growth. Looking forward, the market value is projected to reach US$ 93.3 Billion by 2028, expanding at a CAGR of 13.2% during 2023-2028.

Market Summary:

• Based on the product type, the market is categorized into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others (Li-ion nickel cobalt aluminum oxide and Li-ion titanate oxide). Li-ion cobalt oxide currently holds the largest market share.
• On the basis of the power capacity, the market is segregated into 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh. Among these, batteries with a power capacity of 3000mAh to 10000mAh are dominating the market.
• Based on the application, the market has been branched into consumer electronics, electric vehicles, energy storage, and others. Currently, Li-ion batteries find the largest application across consumer electronics.
• On a regional basis, the market is dominated by Asia-Pacific, followed by North America, Europe, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined, with some of the key players being 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.

Report Scope:

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