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 Battery Market Analysis
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.
Lithium
Ion Battery Market Overview
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.
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Lithium Ion Battery Market: Strategic Insights
Market Size Value in US$ 26.9 Billion in 2018 Market Size Value by US$ 71.0 Billion by 2025 Growth rate CAGR of 14.9% from 2019-2025 Forecast Period 2019-2025 Base Year 2019
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Lithium Ion Battery Market: Strategic Insights
| Market Size Value in | US$ 26.9 Billion in 2018 |
| Market Size Value by | US$ 71.0 Billion by 2025 |
| Growth rate | CAGR of 14.9% from 2019-2025 |
| Forecast Period | 2019-2025 |
| Base Year | 2019 |
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Lithium Ion Battery Market Drivers and Opportunities
Increasing Demand for Battery-Powered Material Handling Devices Across Industries to Favor Market
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.
Government’s Policies And Regulations
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.
Lithium Ion Battery Market Report Segmentation Analysis
Key segments that contributed to the derivation of the lithium ion battery market analysis are type, power capacity, and application.
- Based on type, the lithium ion battery market is divided into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt oxide, lithium manganese oxide, and lithium titanate oxide. The lithium cobalt oxide segment held a larger market share in 2023.
- By power capacity, the market is segmented into 0 - 3000mAh, 3000 - 10000mAh, 10000mAh - 60000mAh, and >60000mAh. The 0 - 3000mAh segment held the largest share of the market in 2023.
- In terms of application, the market is bifurcated into consumer electronics, automotive, industrial, energy storage systems, aerospace & defense, medical devices, and others. The automotive segment dominated the market in 2023.
Lithium Ion Battery Market Share Analysis by Geography
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.
Lithium Ion Battery Market Report Scope
Lithium Ion Battery Market News and Recent Developments
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:
- In January 2023, Toshiba Corporation (TOKYO: 6502), a company dedicated to advancing carbon neutrality through its technologies, products, and services, today expanded its SCiB product offering with the launch of an innovative 20Ah-HP rechargeable lithium-ion battery cell that delivers high-energy and high power at the same time.
(Source: Toshiba Corporation, Company Website, 2023)
- In June 2023, EnerSys(R) (NYSE: ENS) enhanced its lithium-based capabilities with the launch of an EnerSys Advanced Systems (EAS) unit in Budapest, Hungary, in addition to an existing EAS unit located in Horsham, Pa., near Philadelphia. These enhancements are in response to the growing demand for lithium-ion batteries. The new EAS unit in Budapest, led by Dr. Laszlo Nagy, provides customers with additional resources for the design and assembly of advanced lithium-ion batteries. It also employs a team of engineers for customer assistance in lithium-based applications.
(Source: EnerSys(R), Company Website, 2023)
Lithium Ion Battery Market Report Coverage and Deliverables
The "Lithium Ion Battery Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter's Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , by Power Capacity , by Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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