Global Lithium-ion Battery Market Report and Forecast 2023-2028

Global Lithium-ion Battery Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global lithium-ion battery market reached a value of USD 38.72 billion in 2022. Aided by the surging need for sustainable energy storage solutions and the expansion of the electric vehicle industry, the market is projected to further grow at a CAGR of 10.8% between 2023 and 2028 to reach a value of USD 71.44 billion by 2028.

Lithium-ion batteries, commonly referred to as Li-ion batteries, are rechargeable powerhouses used extensively in various electronics, ranging from portable devices like smartphones and laptops to larger applications in electric vehicles and renewable energy systems. These batteries offer a high energy density, negligible memory effect, and a relatively low self-discharge, attributes that place them ahead in the race among contemporary battery technologies.

The booming electronics sector provides a significant impetus to the global lithium-ion battery market growth. With the proliferation of smart devices, wearable technology, and the ever-increasing reliance on mobile computing solutions, the demand for efficient, long-lasting, and compact energy storage systems has skyrocketed. Lithium-ion batteries, with their impressive energy density and longevity, have become the de facto choice for manufacturers.

Another monumental driver for the lithium-ion battery market demand is the electrification of transportation. As the world shifts gears towards a more sustainable future, electric vehicles (EVs) have risen in popularity, vying to replace their gasoline-guzzling counterparts. The heart of an EV is its battery, and lithium-ion technology, offering fast charging and significant range, is pivotal in this revolution. As governments globally incentivise EV adoption and infrastructure development, the lithium-ion battery sector stands to benefit immensely.

Apart from mobility, the renewable energy sector also leans heavily on lithium-ion battery technology. With the global emphasis on reducing carbon footprints and mitigating climate change impacts, there's a massive thrust towards harnessing renewable energy sources. However, the intermittent nature of solar and wind energy necessitates efficient energy storage solutions. Here again, lithium-ion batteries, with their scalability and efficiency, are becoming an integral component of renewable energy grids.

Industrial applications of lithium-ion batteries further influence the lithium-ion battery market outlook. From powering heavy machinery and equipment in remote locations to ensuring uninterrupted power supply in critical operations, lithium-ion batteries have found myriad applications in diverse industries.

Market Segmentation

The market can be divided based on product type, power capacity, application, and region.

Market Breakup by Product Type

• Lithium Cobalt Oxide
• Lithium Iron Phosphate
• Lithium Nickel Manganese Cobalt
• Lithium Manganese Oxide
• Others

Market Breakup by Power Capacity

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

Market Breakup by Application

• Consumer Electronics
• Electric Vehicles
• Energy Storage
• Others

Market Breakup by Region

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

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global lithium-ion battery market. Some of the major players explored in the report by Expert Market Research are as follows:

• Contemporary Amperex Technology Co., Limited (CATL)
• LG Energy Solution
• Panasonic Corporation
• BYD Company Ltd.
• Samsung SDI Co., Ltd.
• SK Innovation Co., Ltd.
• CALB-CALB Co., Ltd. (CALB)
• Shenzhen Grepow Battery Co., Ltd.
• Toshiba Corporation
• A163 Systems LLC
• ENVISION AESC GROUP LTD
• Tianjin Lishen Battery Joint-Stock Co., Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.