The Lithium Ion Battery Market size is projected to reach US$ 184.21 billion by 2031 from US$ 59.20 billion in 2023. The market is expected to register a CAGR of 15.2% in 2023–2031. The automotive sector is predicted to increase significantly because of the low cost of lithium-ion batteries.
Lithium-ion batteries are frequently used as backup power sources for commercial buildings, data centers, and organizations. Additionally, lithium-ion batteries are chosen for energy storage in home solar PV systems. These reasons will drive the expansion of energy storage applications during the predicted period. Lithium-ion batteries are utilized in a variety of industrial applications, including power tools, cordless tools, maritime equipment and machinery, agricultural machinery, industrial automation systems, aviation, military and defense, electronics, civil infrastructure, and oil and gas.
The lithium-ion battery market refers to the global industry that produces, distributes, and sells lithium-ion batteries. A lithium-ion battery is a rechargeable battery in which lithium ions serve as the primary charge carriers. These batteries have a wide range of applications, including portable devices, electric vehicles (EVs), energy storage systems, and renewable energy integration. The market includes all activities associated with lithium-ion battery manufacture, research & development, raw material procurement, component production, assembly, distribution, and sales. It consists of a diverse group of stakeholders, including battery manufacturers, raw material and component suppliers, battery pack assemblers, battery management system providers, and end users.
Material-handling equipment has evolved to meet evolving industry requirements. The material-handling equipment business has seen many technological improvements over time. Battery-powered automated material handling and lifting equipment, such as guided vehicles, elevating equipment, industrial trucks, and intralogistics systems, has advanced technologically. Lithium-ion batteries are widely used in material-handling equipment, including forklifts, robots, and ground support.
Governments all over the world are creating rules and regulations to encourage the use of electric vehicles, renewable energy, and energy storage technologies. These efforts offer incentives, subsidies, and tax breaks, which boost demand for lithium-ion batteries. Ongoing battery research and development efforts are resulting in ongoing advances in lithium-ion batteries. Increased energy density, longer cycle life, faster charging, and improved safety features are all examples of advancements. These developments are propelling market growth by broadening the spectrum of applications for lithium-ion batteries.
Key segments that contributed to the derivation of the lithium ion battery market analysis are type, power capacity, and application.
The geographic scope of the lithium ion battery market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. Asia Pacific has dominated the lithium ion battery market. The Asia Pacific market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. The region is a leading maker and consumer of lithium-ion batteries. Asia Pacific is experiencing high demand for lithium-ion batteries from top consumer electronics makers. Technological advancements in consumer electronics in the Asia Pacific are driving growth in the Lithium-ion battery market. China is a major producer of lithium-ion batteries, accounting for the majority of the market in Asia Pacific. Asia Pacific countries are investing more in R&D to create new battery technologies, which is driving growth in the market.
The regional trends and factors influencing the Lithium Ion Battery Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Lithium Ion Battery Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 59.20 Billion |
| Market Size by 2031 | US$ 184.21 Billion |
| Global CAGR (2023 - 2031) | 15.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Lithium Ion Battery Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Lithium Ion Battery Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The lithium ion battery market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
(Source: Toshiba Corporation, Company Website, 2023)
(Source: EnerSys(R), Company Website, 2023)
The "Lithium Ion Battery Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The global lithium ion battery market was estimated to be US$ 59.20 billion in 2023 and is expected to grow at a CAGR of 15.2% during the forecast period 2023 - 2031.
Increasing demand for battery-powered material handling devices across industries and technological advancement in wearable electronics are the major factors that propel the global lithium ion battery market.
Electrical vehicle boom is anticipated to play a significant role in the global lithium ion battery market in the coming years.
The key players holding majority shares in the global lithium ion battery market are Automotive Energy Supply Corporation, Samsung SDI Co. Ltd., Tesla, Inc., Toshiba Corporation, and A123 Systems LLC.
The global lithium ion battery market is expected to reach US$ 184.21 billion by 2031.