The report “Lithium-ion Battery Market Share by Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO)), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Aerospace) – Global Forecast to 2031” The global lithium-ion battery market size is estimated to be USD 44.5 billion in 2022 and is projected to reach USD 135.1 billion by 2031, at a CAGR of 13.1%. The plug-in vehicles is highly adopting lithium-ion batteries and rising development in smart electronic device is also another factor driving the demand for the lithium-ion battery market. Additionally, the manufacturers of lithium-ion batteries are highly focusing towards product advancement which is also expected to spur the growth of the market during the forecast period.
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Major companies operating in this lithium-ion battery market include LG Chem (South Korea); SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China).
DRIVERS: Growing adoption in plug-in vehicles
Lithium-ion batteries are a source of power for electric vehicles. The widespread use of electric vehicles and plug-in hybrid electric vehicles has boosted the adoption of lithium-ion batteries, which is expected to increase further in future.
The rising adoption of electric vehicles among consumers has helped boost the market for these energy-saving, pollution-reducing vehicles. The number of automobile companies involved in the development of new and improved electric vehicles has also increased.
OPPORTUNITIES: Increasing R&D for advancements
Research & development is undertaken by various manufacturers to develop durable and safer lithium-ion batteries. As the world is moving toward adopting clean energy, there has been a significant increase in the R&D initiatives undertaken by battery manufacturers for developing different battery chemistries.
High (above 36V) segment dominated the lithium-ion market in 2021
Batteries with high voltage i.e. of above 36V are highly preferred in applications such as power, military, electric vehicles, marine, huge machinery, and telecom. These high voltage lithium-ion batteries are also utilized to power electrical systems for some aerospace applications as these batteries are low in weight, which directly reduces the overall weight of aircraft.
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Automotive industry dominated the lithium-ion battery market in 2021
The automotive segment is expected to be one of the major adopters of lithium-ion batteries. Battery-driven vehicles such as hybrid electric vehicles and plug-in hybrid electric vehicles are major consumers of lithium-ion batteries. Increasing adoption and awareness of hybrid electric vehicles and plug-in hybrid electric vehicles supports the growth of the lithium-ion battery market. The automotive industry is the main driver for the growth of the lithium-ion battery market in Europe and the Asia Pacific. The UK is undertaking initiatives for the growth of the market for EVs, which is expected to support the growth of the market.
The lithium-ion battery market in Asia Pacific is the largest dominating region in 2021
The growth of the regional market can be attributed to the prominent presence of a large number of market players, such as LG Chem (South Korea); BAK Power Battery Co., Ltd. (China), GS Yuasa International Ltd. (Japan), SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China) in the region. The China is one of the major contributors to regional market growth. Along with the presence of numerous established players in the lithium-ion battery market, several local or domestic players are also present in the country, which is expected to create immense market growth opportunities in the coming years.
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