Lithium-ion Battery Market Report by Product Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, and Others), Power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, more than 60000mAh), Application (Consumer Electronics, Electric Vehicles, Energy Storage, and Others), and Region 2024-2032

Lithium-ion Battery Market Report by Product Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, and Others), Power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, more than 60000mAh), Application (Consumer Electronics, Electric Vehicles, Energy Storage, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A1071
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Market Overview:

The global lithium-ion battery market size reached US$ 51.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 139.6 Billion by 2032, exhibiting a growth rate (CAGR) of 11.5% during 2024-2032. The growing demand for lightweight and portable electronic devices, rising traction of electric vehicles (EVs) around the world, and increasing utilization of various renewable energy sources are some of the major factors propelling the market.

Report Attribute
 Key Statistics 
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 51.0 Billion
Market Forecast in 2032
US$ 139.6 Billion
Market Growth Rate (2024-2032) 11.5%


A lithium-ion battery is a form of rechargeable battery that employs lithium-ions as the primary carrier of electric charge. It consists of two electrodes (a positive electrode known as the cathode and a negative electrode called the anode) separated by an electrolyte, which allows the movement of lithium ions through the electrodes during charging and discharging. It provides high energy density, which allows these devices to be lightweight and have longer battery life as compared to other battery technologies. It also plays an important role in storing energy created from renewable sources like solar and wind power.

Global Lithium-ion Battery Market

Presently, the increasing demand for li-ion batteries, as they are sustainable, cost-efficient, and lightweight, is impelling the growth of the market. Besides this, rising initiatives undertaken by governing agencies of various countries to promote sustainable transportation and prevent air pollution are contributing to the growth of the market. In addition, the growing demand for sustainable energy storage solutions in residential, commercial, and utility-scale installations is offering a favorable market outlook. Apart from this, the increasing utilization of various consumer electronics, including smartphones, tablets, laptops, and wearable devices, is strengthening the market growth. Additionally, rising research and development (R&D) activities in enhancing lithium-ion battery technologies are supporting the growth of the market. Moreover, the increasing modernization of electrical grids to improve efficiency and reliability and incorporate more renewable energy sources is bolstering the growth of the market.

Lithium-ion Battery Market Trends/Drivers:

Rising demand for lightweight and portable electronic devices

The advancement of wireless technologies and the availability of internet connectivity are fueling the demand for portable electronic devices. Moreover, as individuals want to stay connected wherever they go, whether for communication, accessing information, or entertainment purposes, the demand for portable devices is increasing. Apart from this, lightweight devices often benefit from advancements in battery technology, enabling longer battery life. They are integrated with lithium-ion batteries which offer extended battery life and eliminate the need for frequent charging. At present, there is an increase in the demand for lightweight and portable electronic devices as they are convenient and consume a lesser amount of space.

Increasing utilization of renewable energy sources

At present, the usage of renewable energy sources is increasing rapidly due to the growing global concern about climate change and the need to reduce greenhouse gas emissions. Renewable energy, such as wind, solar, hydel, and geothermal power, offers a clean and sustainable alternative to fossil fuels, thereby mitigating environmental impact. Additionally, the declining cost of renewable energy technologies are making them more economically viable and competitive with traditional energy sources. Governing agencies of various countries and international organizations are also implementing supportive policies, incentives, and targets to encourage the adoption of renewables. Moreover, advancements in energy storage technologies, such as lithium-ion batteries, are addressing the intermittent issue associated with renewables, making them more reliable and accessible.

Rising traction of electric vehicles (EVs)

The traction of electric vehicles (EVs) is rising due to the growing awareness about negative impacts of traditional gasoline-powered vehicles and a global push to reduce carbon emissions. EVs offer a clean and sustainable alternative, producing zero tailpipe emissions and significantly reducing greenhouse gas emissions. Moreover, lower operating costs, reduced dependence on fossil fuels, and the allure of cutting-edge technology are contributing to the increasing popularity of EVs. Additionally, advancements in battery technology, along with the integration of lithium-ion batteries, are leading to improvements in EV range and charging infrastructure, addressing concerns about limited driving distances and charging accessibility.

Lithium-ion Battery Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global lithium-ion battery market report, along with forecasts at the global and regional levels from 2024-2032. Our report has categorized the market based on product type, power capacity, and application.

Breakup by Product Type:

Lithium-ion Battery Market

  • Lithium Cobalt Oxide
  • Lithium Iron Phosphate
  • Lithium Nickel Manganese Cobalt
  • Lithium Manganese Oxide
  • Others (Lithium Nickel Cobalt Aluminium Oxide and Lithium Titanate Oxide)
     

Lithium cobalt oxide dominates the market

The report has provided a detailed breakup and analysis of the market based on the product type. This includes lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, lithium manganese oxide, and others (lithium nickel cobalt aluminum oxide and lithium titanate oxide). According to the report, lithium cobalt oxide represented the largest segment. Lithium cobalt oxide is a compound commonly used as a cathode material in lithium-ion batteries. It is one of the earliest and most widely used materials for cathodes due to its favorable electrochemical properties. It is typically combined with a graphite anode and an electrolyte to form a lithium-ion battery. It has a layered crystal structure and belongs to the class of transition metal oxides. It exhibits high energy density and voltage characteristics, making it suitable for applications that require high-performance batteries. The compound is known for its enhanced specific capacity, which refers to the amount of charge it can store per unit mass or volume.

Breakup by Power Capacity:

  • 0 to 3000mAh
  • 3000mAh to 10000mAh
  • 10000mAh to 60000mAh
  • More than 60000mAh
     

3000mAh to 10000mAh holds the largest market share

A detailed breakup and analysis of the market based on the power capacity have also been provided in the report. This includes 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, and more than 60000mAh. According to the report, 3000mAh to 10000mAh accounted for the largest market share. Lithium-ion batteries with power capacities between 3000mAh to 10000mAh find applications in various electronic devices that require a moderate to high energy storage capacity. Modern smartphones and tablets are equipped with lithium-ion batteries within this power range, as it can provide longer usage times and reducing the need for frequent recharging. Portable computers, such as laptops and ultrabooks often employ lithium-ion batteries in the 3000mAh to 10000mAh range, as these batteries offer sufficient power to support extended usage periods without the need for a constant power source.

Breakup by Application:

Consumer electronics hold the biggest share of the market

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes consumer electronics, electric vehicles, energy storage, and others. According to the report, consumer electronics accounted for the largest market share.

Consumer electronics are intended for personal use by individuals in their everyday lives. They are manufactured to improve communication, entertainment, productivity, and convenience. They comprise a wide variety of gadgets, including smartphones, laptops, tablets, wearable devices, digital cameras, camcorders, and portable power banks.

Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electricity stored in batteries as their primary source of energy. They are eco-friendly and sustainable as they use electricity to propel the vehicle and power its various systems, unlike traditional internal combustion engine vehicles that rely on gasoline or diesel fuel.

Breakup by Region:

Lithium-ion Battery Market

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America
     

Asia Pacific exhibits a clear dominance, accounting for the largest lithium-ion battery market share

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America.

Asia Pacific held the biggest market share since the region is experiencing a rise in the traction of electric vehicles (EVs). Besides this, the increasing adoption of renewable energy sources to reduce carbon footprint is propelling the growth of the market. Apart from this, the rising utilization of tablets and smartphones to communicate with other individuals and access the internet is catalyzing the demand for lithium-ion batteries in the region.

North America is estimated to expand further in this domain during the forecast period due to the increasing employment of robots and efficient machinery in industries to improve operational efficiency and boost production capacities. Apart from this, the rising environmental awareness among the masses is supporting the growth of the market.

Competitive Landscape:

Key market players are investing in research activities for increasing energy density and performance and improving safety features of batteries. They are also reducing costs by exploring new materials, electrode designs, electrolyte formulations, and manufacturing processes. Top companies are expanding their production capacities by constructing new battery manufacturing facilities, optimizing existing production lines, and forming strategic partnerships to secure a stable supply chain for raw materials. They are also vertically integrating their operations by acquiring or investing in other parts of the battery value chain.

Leading companies are engaging in collaborations and partnerships to leverage complementary expertise and resources. They are also focusing on partnerships with automotive companies, energy storage system providers, and research institutions to develop advanced battery technologies and explore new applications for lithium-ion batteries.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market 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
  • Hitachi, Ltd

Recent Developments:

  • In May 2023, Panasonic Corporation announced the development of the high-thermal conductive film R-2400 for multilayer circuit boards that mitigates the effects of heat generated by power semiconductors.
  • In June 2023, SAMSUNG SDI CO., LTD. announced that the company has become the first lithium-ion battery maker to receive the carbon footprint labels from Carbon Trust.
  • In 2022, AESC SDI CO., LTD. announced its new multi-year partnership with BMW Group to supply latest innovation battery cells for the global brand’s next generation electric vehicles.

Lithium-ion Battery Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Product Type
  • Power Capacity
  • Application
  • Region
Product Types Covered Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, Others (Lithium Nickel Cobalt Aluminum Oxide and Lithium Titanate Oxide)
Power Capacities Covered 0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, more than 60000mAh
Applications Covered Consumer Electronics, Electric Vehicles, Energy Storage, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the lithium-ion battery market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global lithium-ion battery market.
  • The study maps the leading, as well as the fastest-growing, regional markets.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the lithium-ion battery industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

In the year 2023, the global lithium-ion battery market was accounted to be US$ 51.0 Billion. Some of the key factors driving the lithium-ion battery market include the growing application of lithium-ion batteries based on their excess power storage capacity, the continuous reduction in prices of Li-ion batteries, the increasing demand for electric vehicles, etc. Moreover, the rising technological advancements associated with lithium-ion batteries, such as the introduction of rechargeable batteries that use reversible reduction of lithium ions to store energy, are also propelling the lithium-ion battery market growth.

Yes, the global lithium-ion battery market is expected to grow at a CAGR of 11.5% during 2024-2032. The lithium-ion battery industry is growing at a steady pace owing to the increasing adoption of lithium-ion batteries in various devices, such as pacemakers, digital cameras, smartphones, laptops, watches, and portable power packs, among others. Furthermore, the rising usage of lithium-ion batteries in electric and marine vehicles is also expected to drive the lithium-ion batteries market.

The demand for lithium-ion batteries has accelerated in the past few years due to their diverse applications. The escalating need for consumer electronics, such as mobile phones, laptops, cameras, power tools, etc., that are powered by lithium-ion batteries is positively influencing the market growth. Moreover, the increasing utilization of lithium-ion batteries in the automotive industry, on account of numerous benefits, which include high energy density, low self-discharge rate and maintenance, long life cycle, and fast charging capability, is also propelling the product demand. In addition to this, the elevating improvements in the technologies used for manufacturing high-efficiency batteries are expected to propel the global lithium-ion batteries market in the coming years.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary closure of numerous end-use industries for lithium-ion batteries.

The escalating demand for electric vehicles, along with the growing application of lithium-ion batteries based on their excess power storage capacity, is primarily driving the global lithium-ion battery market.

Based on the product type, the global lithium-ion battery market can be categorized 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, lithium cobalt oxide accounts for the majority of the total market share.

Based on the power capacity, the global lithium-ion battery market has been segregated into 0 to 3000mAH, 3000mAH to 10000mAH, 10000mAH to 60000mAH, and more than 60000mAH. Among these, 3000mAH to 10000mAH currently holds the largest market share.

Based on the application, the global lithium-ion battery market can be bifurcated into consumer electronics, electric vehicles, energy storage, and others. Currently, consumer electronics exhibit a clear dominance in the market.

The major companies that are in the list of the largest lithium battery producers are from China. However, South Korean companies and Japanese firms also have a significant presence in the lithium-ion battery market.

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Lithium-ion Battery Market Report by Product Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, and Others), Power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, more than 60000mAh), Application (Consumer Electronics, Electric Vehicles, Energy Storage, and Others), and Region 2024-2032
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