Lithium-ion Battery Market, Size, Global Forecast 2024-2028, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Lithium-ion Battery Market, Size, Global Forecast 2024-2028, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Lithium-ion battery market is predicted to surpass around US$ 120.65 Billion by 2028, according to Renub Research. In present-day society, lithium-ion batteries (LIBs) have emerged as a primary energy storage solution, finding sizeable applications in both electronics and vehicles due to their dazzling efficiency and effectiveness. Moreover, these batteries may be recharged repeatedly. The burgeoning popularity of electrical vehicles (EVs) is a pivotal force propelling the global lithium-ion battery market growth in the foreseeable future.

The lithium-ion battery boasts superior energy density and prolonged shelf life, making it a super preference for vehicles. The escalating consumer expenditure on electronic devices is a giant catalyst in the global lithium-ion battery market increase. Additionally, the surging costs of fossil fuels and gas have triggered significant adoption of electrical automobiles, propelling market enlargement. Predictions suggest a sizeable global Li-ion battery demand surge, skyrocketing from over 700 GWh in 2022 to approximately 4.7 TWh by 2030. Notably, mobility applications like electric vehicles are set to dominate this demand, accounting for more or less 4,300 GWh in 2030, reflecting the ever-expanding landscape of electric mobility.

Lithium ion battery market is expected to register a CAGR of around 16% during the forecast period 2024-2028

Several countries have unveiled Internal Combustion Engine (ICE) vehicle sales bans. Norway will halt ICE automobile sales by 2025, France via 2040, and the UK by 2050. India targets to phase out ICE engines in 2030, while China is learning a comparable plan. In February 2021, China's Contemporary Amperex Technology (CATL) announced a tremendous investment. They plan to build a lithium-ion battery production base in Guangdong, initially investing US$ 1.9 Billion for 25 GWh, with a target of achieving 150 GWh by 2030.

Global ""Zero carbon"" projects have turbocharged EV demand, riding the need for lithium-ion batteries in electric-powered vehicle power systems. For example, the Indian government aims to have 30% electric vehicles (EVs) by 2030. Furthermore, in July 2019, the goods and services tax (GST) on EVs was reduced from 12% to 5%, and it has, in turn, also introduced an income tax exemption for prospective EV buyers. This versatile technology's constant evolution and customers' rising expectancies for extended battery existence and faster charging similarly boost the demand for global lithium ion battery market.

The lithium ion battery market share is experiencing a surge in growth opportunities thanks to its advantages, cost-efficiency, and extended shelf lifestyles. The growing adoption of consumer electronics is a sizable motive force for this market growth. Furthermore, the growing demand for lithium-ion batteries in industrial applications bolstered their global market presence. The flourishing renewable energy sector is another contributing factor to the lithium-ion battery market enlargement. Governments are continuously investing in energy and infrastructure projects, which, in turn, contribute to the growth and improvement of the lithium-ion battery market. Many key market players also participate with government agencies to amplify this market. As a result, the lithium-ion battery market was valued at US$ 57.44 Billion in 2023.

Cathode commands the largest market share within the lithium-ion battery industry

By Components, the Global lithium-ion battery market is divided into Cathode, Anode, Electrolytic Solution, and others. The cathode ultimately reigns in the thriving lithium-ion battery industry due to its crucial position in enhancing battery performance and protection. Advanced cathode substances have bolstered energy density and durability, making lithium-ion batteries more and more appealing throughout diverse programs like electric vehicles, consumer electronics, and renewable electricity systems.

Lithium-ion batteries, with their pivotal cathode components, revel in surging demand as the worldwide shift toward sustainable energy gains momentum. Governments are incentivizing electric automobile adoption and propelling the cathode's prominence in this dynamic industry. Consequently, the cathode is about to shape the future of energy storage technology, maintaining its leadership in the lithium-ion battery market.

Lithium Manganese Oxide (LMO) is the fastest-growing segment in the lithium-ion battery industry

By Product Type, Lithium-Ion Battery Market is segmented into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Titanate and Lithium Nickel Manganese Cobalt. Lithium Manganese Oxide (LMO) has emerged as the fastest-growing lithium-ion battery industry. This remarkable growth can be attributed to LMO batteries offering a compelling combination of excessive electricity density, multiplied safety, and relatively low cost, making them an appealing preference for numerous applications, including consumer electronics and electric-powered motors.

Furthermore, ongoing research and development efforts are constantly improving the overall performance of LMO batteries, making them even more appealing in a competitive market. As the need for effective and green battery storage systems for energy continues to grow, LMO's swift rise to the top of the lithium-ion battery business will continue to grow and determine the new future for this booming sector.

Passenger EVs are set to dominate the lithium-ion battery industry

By Application, the Lithium-Ion Battery Market is classed into Passenger EVs, Commercial EVs, and Electric two/three wheelers, E-buses, Stationary Storage and Consumer Electronics. Passenger electric vehicle motors (EVs) are poised to assert the lion's share of the lithium-ion battery industry. This dominance stems from the global push toward eco-friendly transportation solutions and the rapid development of EV generation. With governments globally imposing stricter emissions policies and imparting incentives for EV adoption, consumer demand for electric-powered vehicles has skyrocketed.

Consequently, lithium-ion batteries have become the coronary heart of the EV revolution, providing the energy storage capability wanted for longer rangers and quicker charging. As automakers keep introducing an increasing lineup of electrical automobiles, the market percentage of lithium-ion batteries in the passenger EV sector is expected to stay large and keep growing.

India will dominate the Lithium-Ion Battery Industry

By Countries, Lithium-Ion Battery Market has broken up North America (United States, Canada), Europe (Poland, Germany, Spain, France, United Kingdom, Italy, Netherlands, Turkey, Others in Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia, Others in Asia-Pacific), Middle East and Africa (Saudi Arabia, UAE, South Africa, Others in Middle East and Africa) and Latin America (Brazil, Argentina, Chile, Mexico & Others in Latin America).

The demand for lithium-ion batteries (LiB) in India has been driven by electric vehicles (EVs). India's lithium-ion battery market is thriving, driven by the government's dedication to electric-powered mobility and renewable energy solutions, including projects like FAME and ambitious electrification goals, and has strengthened demand. The need for dependable energy storage solutions, specifically in renewable sectors like sun and wind power, has boosted lithium-ion battery deployment.

India is rising as a worldwide manufacturing hub for these batteries, attracting massive investments. With India's evolving economic system and infrastructure, the lithium-ion battery market is poised for a sizable increase and innovation within the foreseeable future. For instance, Hong Kong Toushen International Pvt Ltd has secured the top four MoUs in the MSME sector by 2023. It plans to invest Rs 4,100 Crore to set up an electric vehicle plant in Agra through its subsidiary Toushen E-Motors Pvt Ltd. Affiliated to an Indian subsidiary company will establish a Lithium Battery plant in Agra, where the initial MOU investment is 1,640 Crore, marking a huge commitment for the project, with a total expected of Rs 10,000 Crore.

Key Player

BYD Company Ltd, Samsung SDI Company Limited, GS Yuasa Corporation, Johnsons Controls Inc and Exide Technologies are the key manufacturers in the Lithium-Ion Battery market.

Renub Research report titled ""Lithium-ion Battery Market, Global Forecast by Components (Cathode, Anode, Electrolytic Solution & Others), Product Type (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate and Lithium Nickel Manganese Cobalt), Application (Passenger EVs, Commercial EVs, Electric two/three-wheelers, E-buses, Stationary Storage and Consumer Electronics), Region (North America (United States, Canada), Europe (Poland, Germany, Spain, France, United Kingdom, Italy, Netherlands, Turkey, Others in Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia, Others in Asia-Pacific), Middle East and Africa (Saudi Arabia, UAE, South Africa, Others in Middle East and Africa) and Latin America (Brazil, Argentina, Chile, Mexico, Others in Latin America)), Companies (BYD Company Ltd, Samsung SDI Company Limited, GS Yuasa Corporation, Johnsons Controls Inc and Exide Technologies)"" provides an all-encompassing analysis on the Global Lithium-Ion Battery Industry.

Components – Market has been covered from 4 viewpoints:

1. Cathode
2. Anode
3. Electrolytic Solution
4. Others

Product Type – Market has been covered from 6 viewpoints:

1. Lithium Cobalt Oxide (LCO)
2. Lithium Iron Phosphate (LFP)
3. Lithium Nickel Cobalt Aluminum Oxide (NCA)
4. Lithium Manganese Oxide (LMO)
5. Lithium Titanate
6. Lithium Nickel Manganese Cobalt

Application – Market has been covered from 6 viewpoints:

1. Passenger EVs
2. Commercial EVs
3. Electric two/three-wheelers
4. E-buses
5. Stationary Storage
6. Consumer Electronics

Region – Market has been covered from 5 viewpoints:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 Poland
2.2 Germany
2.3 Spain
2.4 France
2.5 United Kingdom
2.6 Italy
2.7 Netherlands
2.8 Turkey
2.9 Others in Europe

3. Asia-Pacific

3.1 China
3.2 Japan
3.3 South Korea
3.4 India
3.5 Australia
3.6 Indonesia
3.7 Thailand
3.8 Malaysia
3.9 Others in Asia-Pacific

4. Middle East and Africa

4.1 Saudi Arabia
4.2 UAE
4.3 South Africa
4.4 Others in Middle East and Africa

5. Latin America

5.1 Brazil
5.2 Argentina
5.3 Chile
5.4 Mexico
5.5 Others in Latin America

Company Insights:

• Overview
• Recent Development
• Financial Insight

Company Analysis:

1. BYD Company Ltd.
2. Samsung SDI Company Limited
3. GS Yuasa Corporation
4. Johnsons Controls Inc.
5. Exide Technologies