What is the global market size of Automotive Lithium-Ion Battery Market?

Global Automotive Lithium-Ion Battery Market was valued at USD 41.97 billion in 2021, and the market size is estimated to reach USD 134.49 billion by 2028, at a CAGR of 18.10% over the forecast period (2022-2028). Read More

Automotive Lithium-Ion Battery Market Updates

Automotive Lithium-Ion Battery Market News

In July 2022 LG Chem partners with GS EPS. GS EPS is the leading green energy supplier in South Korea. With this biomass-integrated eco-friendly energy project, LG intends to foothold in the renewable energy market to achieve our Net Zero commitment and net-zero acceleration across all aspects of the corporate value chain enabling the quick establishment of a circular economy utilizing renewable and sustainable fuels.
In May 2022, LG Chem announced a joint endeavour with Tianjin B&M Science and Technology (B&M), with a vision to cement their vertical integration system with key raw materials to produce affordable, high-quality cathode materials intending to strengthen efforts to supply best-in-class battery materials to our customers. Tianjin B&M Science and Technology (B&M) is a subsidiary of China’s Zhejiang Huayou Cobalt (Huayou Cobalt) that specializes in cathode materials, a key component in battery manufacturing.

In January 2022, Tata Motor Company introduced its plans to mainstream EV and its goal of 50,000 annual sales in FY 2023. The organization has sounded out providers on a confident manufacturing plan of 50,000 EVs in the financial year 2023 and scaled it to as much as 125,000-150,000 units yearly in the following years.
In January 2022, MG Motor India officially introduced to release an electric-powered car before the end of FY 2022-23, before March 2023. This all-electric crossover will be primarily based on a global platform, that is custom-designed for the Indian market.

FAQs

Automotive Lithium-Ion Battery Market size was valued at USD 48.19 Billion in 2023 and is poised to grow from USD 57.3 Billion in 2024 to USD 272.13 Billion by 2032, growing at a CAGR of 18.9% during the forecast period (2025-2032).

The global automotive Lithium-Ion battery market is fairly concentrated, with a few big and medium-sized market participants accounting for a significant portion of market revenue. Manufacturers and suppliers of raw materials are essential to the market. Joint ventures and mergers and acquisitions are two of the main tactics used by market companies to increase their market share. For instance, in March 2022, Exide Technologies operates in China through its joint venture with Shenyang Dongbei Storage Battery Co. This helps in the mass production of automotive batteries in the market. 'Contemporary Amperex Technology Co. Limited (CATL) (China) ', 'LG Energy Solution (South Korea) ', 'Panasonic Corporation (Japan) ', 'BYD Company Ltd. (China) ', 'Samsung SDI Co., Ltd. (South Korea) ', 'SK Innovation Co., Ltd. (South Korea) ', 'Toshiba Corporation (Japan) ', 'A123 Systems LLC (US) ', 'GS Yuasa Corporation (Japan) ', 'Johnson Controls International plc (Ireland) ', 'Envision AESC Group Ltd. (Japan) ', 'Farasis Energy, Inc. (China) ', 'CALB (China Aviation Lithium Battery) (China) ', 'EVE Energy Co., Ltd. (China) ', 'Northvolt AB (Sweden) ', 'Saft Groupe S.A. (France) ', 'Sila Nanotechnologies Inc. (US) ', 'QuantumScape Corporation (US) '

Rise in demand for plug-in vehicles, to boost global automotive Lithium-Ion battery market

A rise in acceptance and awareness among individuals of battery-run vehicles is expected to project market growth. EV manufacturers such as Daimler AG, Ford motors company, and Renault group of companies are rapidly increasing investments in the EV car segment to at cart more buyers. As Ford Motors company had invested about USD 300 Million for a Giga factory for increasing the production capacity of an electric vehicle. This in return increases competition and will entice employment of automotive lithium-ion batteries.

In 2021, the Asia Pacific region dominated the global automotive Lithium-Ion battery market, accounting for a sizable revenue share. China has banned traditional fossil fuel-powered scooters from all of its major cities in an effort to reduce pollution, which has raised the country's e-scooter sales. As Asia Pacific has grown as a key global manufacturing hub, the use of tools powered by lithium-ion batteries has increased. The region also has the most population in the entire world. As a result, consumer electronics that rely on lithium-ion batteries to work, such as mobile phones and laptop computers, are selling well throughout the Asia Pacific area. The rising market for electric vehicles in Asia Pacific countries such as China and India are one of the primary factors driving up demand for lithium-ion batteries.