USD 53.95 Billion
Lithium-Ion Battery Market Size, Share, and Growth Analysis
Lithium-Ion Battery Market By Type (Lithium Nickel Manganese Cobalt, Lithium Iron Phosphate), By Material (Cathode material, Anode material), By Capacity (10,001 – 60,000 mAh, Above 60,000 mAh), By Voltage (Medium, High), By Region -Industry Forecast 2025-2032.
Report ID:
SQMIG20D2153 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
100
|Figures:
74
Format -
Lithium-Ion Battery Market Insights
Lithium-Ion Battery Market size was valued at USD 53.95 Billion in 2023 and is poised to grow from USD 61.66 Billion in 2024 to USD 179.65 Billion by 2032, growing at a CAGR of 14.30% during the forecast period (2025-2032).
Lithium-Ion batteries are becoming popular since It has many advantages such as high energy density, low self discharge, low maintenance cell voltage, loads of characteristic, no requirement for priming, variety of types.
One issue with all the other rechargeable batteries, the self discharge rate.Lithium ion cell’s Self discharge is much lower than the other rechargeable sale such as NI cadmium and NI MH forms. Along with low rate of self discharge, another major advantage of lithium and batteries that they do not require maintenance to ensure their performance.The voltage provided by lithium ion cell is higher than that of the standard nickel, cadmium, nickel metal hydride and even standard than alkaline cells that helps in power management. However,lesser protection, battery management system, egging transportation cost and developing technologies are the major issues for the lithium ion battery market.
US Lithium-Ion Battery Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
10,001- 60,000 mAh
Fastest Growth
Above 60,000 mAh
Growth Rate
14.30% CAGR
Global Lithium-Ion Battery Market ($ Bn)
Country Share for Asia-Pacific (%)
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Lithium-Ion Battery Market Segments Analysis
Global Lithium-Ion Battery Market is segmented into Type, Material, Capacity, Voltage, Application, and region. By Type, the market is classified into Lithium Nickel Manganese Cobalt, Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Titanate Oxide, and Others. Depending on the Material, it is categorized into Cathode material, Anode material, Electrolyte material, Separator material, Current collector material, and other materials. According to Capacity, the market is divided into Below 3,000 mAh, 3,001 – 10,000 mAh,10,001 – 60,000 mAh, and Above 60,000 mAh. Based on Voltage, the market is segmented into Low, Medium, and High. Based on Application, the market is segmented into Consumer Electronics, Automotive, Aerospace, Marine, Medical, Industrial, Power, and Telecommunications. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Application
Based on the 2024 global lithium-ion battery market forecast, more than 31.0% revenue share in the market is credited to the consumer electronics sector. Thousands of consumer electronics and portable appliances rely on portable batteries, from handsets, laptops, tablets, LED lights, vacuum cleaners, digital cameras, wristwatches, calculators, hearing aids, and all forms of wearable technology. For portable use in these modern products, these have gained popularity for greater energy density, light construction, and increased service life. The electric and hybrid EVs market is expected to grow at the fastest pace across all application segments during the projection period. The consumption of lithium-ion batteries is expected to increase with the increasing adoption of EVs due to environmental consciousness and pro-EV government regulations.
The energy storage systems category is expected to increase due to increasing fossil fuel prices and increasing awareness of the benefits of battery-operated automobiles, mainly in the developing regions of Asia Pacific, Europe, and North America. Li-ion batteries are also used as a backup power source for colleges, data centers, and corporate buildings. Moreover, lithium-ion batteries are recommended for energy storage in residential solar PV systems. Over the next projection period, these factors are expected to propel growth in energy storage applications. Among the numerous industrial applications for Li-ion batteries, some examples are power tools and cordless tools, maritime equipment and machinery, agricultural machinery, industrial automation systems, aviation, military & defense, electronics, civic infrastructure, and oil & gas.
Analysis By Capacity
As per the 2024 global lithium-ion battery market analysis, due to the widespread application of lithium-ion batteries in consumer devices such as laptops, smartphones, tablets, and power tools, the market was dominated by the 10,001–60,000 mAh capacity sector. This range is perfectly appropriate for most portable as well as small devices because it gives the best possible balance between energy density, portability, and efficiency. The need for this range of capacity batteries is also further supported by the growing trend of usage in drones, smart home appliances, and medical equipment. They are highly used at home and at the workplace as well for backup power applications. In this case, the consumers' need for portable energy-efficient products would guarantee lithium-ion battery domination.
The market with capacities above 60,000 mAh is expected to grow rapidly with applications in industrial machinery, renewable energy storage systems, and electric vehicles. High-capacity batteries are critical to EVs and the growing trend of automotive electrification because they have higher performance and longer range. Expanding renewable energy projects are also supporting the category because such projects require large-capacity batteries to store energy from solar and wind sources. Adoption is further driven by technological improvements, such as longer battery life and quicker charging times. This segment is projected to undergo significant growth in the next few years owing to elevations in worldwide spending on EV infrastructure and environmental programs.
Global Lithium-Ion Battery Market By Capacity
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Lithium-Ion Battery Market Regional Insights
In 2024, Asia Pacific will again be the highest contributor in the industry in terms of demand for lithium-ion batteries, capturing more than 47.0% of the market share this year. The region benefits from the presence of major battery manufacturers in countries that dominate the world's production, such as China, Japan, and South Korea. Market expansion is accelerated by swift industrialization, alongside government incentives aimed at adopting the use of renewable energy and electrical vehicles. Infrastructure investment into producing electric vehicles, along with rising consumer demand for energy-saving products, sets up the region's leadership status. It is expected that Asia Pacific will remain the leading market in the next coming years due to continuous advancements in battery technology.
The European lithium-ion batteries market is expected to grow steadily over the next forecast period because of increasing use in many types of industries such as telecommunications, energy storage, automotive, aerospace & military and medical. As the region places emphasis on sustainability and carbon neutrality, advanced battery solutions are in strong demand as such a focus accelerates investments into renewable energy projects and electric vehicles. The support for market growth comes from famous programs such as the European Green Deal and incentives through municipal governments towards the adoption of electric vehicles. Furthermore, Europe is in an excellent position to make a substantial contribution to the development trajectory of the global market because of the increasing use of lithium-ion batteries in critical applications such as data centers and medical devices.
Global Lithium-Ion Battery Market By Geography
- Largest
- Fastest
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Lithium-Ion Battery Market Dynamics
Drivers
Increased Demand for Electric Cars (EVs)
-
The growth in the global lithium-ion battery industry is determined by the ever-increasing demand for electric cars. Electric cars are becoming more popular since governments across the globe have adopted strong pollution restriction policies and incentives. The lithium-ion battery is vital for electric vehicles because of its high energy density, long life cycle, and rapid charging capability. The trend is expected to continue as manufacturers increase investments in electric mobility to achieve environmental targets.
Consumer Electronics Growth
-
Lithium-ion batteries are in more demand nowadays in consumer products such as wearables, computers, tablets, and handsets. Lithium-ion batteries are now the go-to choice for these products due to the need for small, lightweight, and high-performance power sources. Long life of the battery demand and high demand of smart devices and portable electronics stimulate the growth of lithium-ion batteries in the consumer electronics market.
Restraints
Availability of Raw Materials
-
Raw ingredients such as lithium, cobalt, and nickel are critical for producing lithium-ion batteries. The supply chain interruptions along with the increase in prices cause difficulty for the manufacturers since the raw resources are rare. Moreover, the threat of geopolitics by the countries owning these resources might limit the potential of this market due to supply chain interruption, higher cost, and no scalability in lithium-ion battery production.
Environmental Concerns
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Even though lithium-ion batteries are believed to be greener compared to traditional alternatives, there is still an environmental problem surrounding the production, disposal, and recycling of lithium-ion batteries. The mining of such elements as lithium and cobalt is harmful ecologically, and waste from disused batteries may be dangerous to the environment. Intractable solutions to environmental problems and development of feasible processes to recycle pose limits to the growth of a market in the long term.
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Lithium-Ion Battery Market Competitive Landscape
The highly competitive lithium-ion battery industry is dominated by leading companies such as LG Energy Solution, Panasonic Corporation, Samsung SDI, CATL (Contemporary Amperex Technology Co. Ltd.), and Tesla Inc. As these businesses investigate the technical developments, strategic alliances, and large-scale productions in response to the increasing demand from diverse sectors such as consumer electronics and renewable energy and automobiles, there is also competition that emerges from new entrants seeking solutions that are sustainable and innovative for batteries.
Top Players in Lithium-Ion Battery Market
- LG Energy Solution
- Samsung SDI Co., Ltd.
- Panasonic Holdings Corporation
- Contemporary Amperex Technology Co., Limited
- Panasonic Energy Corporation)
- EVE Energy Co., Ltd.
- GS Yuasa Corporation
- Hitachi, Ltd.
- Tesla, Inc.
- EVE Energy Co., Ltd.
- Farasis Energy, Inc.
- Ipower Batteries Pvt Ltd.
- SK Innovation
- HEG – TACC
- NextEra Energy, Inc.
- Cadenza Innovation
- Ipower Batteries Pvt Ltd.
- Sila Nanotechnologies Inc.
- SolarEdge Technologies Inc.
- Battery Ventures
Lithium-Ion Battery Market Recent Developments
- Duracell Power Boost Batteries were launched in March 2024 in the middle of a collaboration with adventure expert Bear Grylls and the Make-A-Wish Foundation. It demonstrates the willingness of both parties to give children with deadly diseases the chance to have major outdoor experiences. The new line of batteries, equipped with leading-edge Power Boost technology, provides significantly more power to specific devices or longer-lasting batteries compared with the previous Coppertop product line.
- In a bid to increase its output of safe EV batteries, Panasonic Energy Co., Ltd., a company in the Panasonic Group, announced in February 2024 that it had concluded a long-term agreement with H&T Recharge, a renowned manufacturer of battery components, for the supply of lithium-ion battery cans in North America.
- It was reported in November 2023 that the company, Toshiba Corporation, developed a new type of lithium-ion battery using high-potential cathode, cobalt-free, and 5-V-class technology to minimize the formation of those gasses detrimental to performance, which resulted from side reactions. It has various applications including electric automobiles and power tools among others.
Lithium-Ion Battery Key Market Trends
- Advancements in Battery Technology: The goal behind the continued development is increased efficiency, low cost, and fast recharge for lithium-ion-based batteries. It is found through innovations, for example, a solid-state battery, silicon anode technology, and the upcoming electrolyte, which provide greater market opportunity related to enhancing their life span and efficiency, increasing safety features also.
- Shifting Towards Recycling and Sustainable Solution: The growing environmental effect of battery waste is driving increased popularity in recyclable and sustainable lithium-ion battery technologies. Investing in sophisticated recycling procedures for high-value minerals, such as cobalt and lithium, is needed to recover such precious minerals to reduce the use of virgin sources. This development toward sustainability should encourage the acceptance of green technology and ensure its demand in lithium-ion batteries even in the future.
Lithium-Ion Battery Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, demand for lithium-ion batteries as consumer electronics, electric cars, and renewable energy storage will certainly alter the current global lithium-ion battery market outlook in a significant manner. Governments impose strict environmental policies, and most customers are eco-friendly, the demand for consumption of lithium-ion batteries is envisioned to rise considerably. Technological advancements such as improvements in energy density, faster charges, and a sustainable nature in the future continue to propel it. However, the challenges are still numerous, including few recycling possibilities, environmental impact, and unavailability of the raw material. Whereas a bright future can be envisioned regarding the market as massive companies are devising and manufacturing more in line with the need of the time for the world energy revolution that makes lithium-ion batteries a lifeline in the energy landscape of tomorrow.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 53.95 Billion |
| Market size value in 2032 | USD 179.65 Billion |
| Growth Rate | 14.30% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Lithium-Ion Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Lithium-Ion Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Lithium-Ion Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Lithium-Ion Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Lithium-Ion Battery Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Lithium-Ion Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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