Automotive Segment to Dominate Lithium-Ion Battery Market
According to Custom Market Insights (CMI), The Lithium-Ion Battery Market size was estimated at USD 42.5 billion in 2021 and is anticipated to reach around USD 184.15 billion by 2030, growing at a CAGR of roughly 18.5% between 2022 and 2030.
Our research report offers a 360-degree view of the Lithium-Ion Battery market’s drivers and restraints and their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Lithium-Ion Battery market.
Lithium-Ion Battery Market: Overview
The boom in demand for electric vehicles, such as electric automobiles and motorcycles, has increased the need for lithium-ion batteries. Additionally, consumer electronics products, such as laptops and mobile phones, which employ lithium-ion cells, have caused a significant increase in the demand for lithium-ion batteries. Lithium-ion batteries are also now recognized as the industry standard for any product requiring a portable rechargeable battery due to their capacity to be recharged. Due to regional governments’ initiatives to promote the usage of electric vehicles, the Asia Pacific lithium-ion battery market is anticipated to develop at the most significant rate during the forecast period.
Browse the full “Lithium-Ion Battery Market Size, Trends and Insights By Product (Lithium cobalt oxide (LCO), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium iron phosphate (LFP), Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Cobalt (LMC), Lithium Titanate (LTO)), By Application (Automobile, Industrial, Consumer Electronics, Energy Storage Systems, Medical Devices), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/lithium-ion-battery-market/
Because electric car use is expanding, the automotive industry is predicted to develop significantly. Over the projected period, it is expected that there will be a significant increase in the number of electric vehicle registrations worldwide. With a revenue share of more than 75.0% in 2021, the U.S. overtook other markets to become North America’s largest. In addition, the demand for lithium-ion batteries in the U.S. is anticipated to increase throughout the forecast period due to rising sales of electric vehicles in the country, favourable federal legislation, and the presence of market participants there.
Additionally, the EPA’s restrictions on lead contamination and the ensuing environmental dangers, along with the regulations on lead-acid battery storage, disposal, and recycling, have reduced the market for lead-acid batteries and increased the need for lithium-ion batteries in automobiles. Since firms worldwide are looking to invest in Mexico, it has been the main focus of the global automobile industry. After South Korea, Japan, and Germany are the automobile industry’s fourth-largest exporters. The need for lithium-ion batteries in the nation is predicted to increase with rising automotive production.
The market for Lithium-Ion Battery market is segmented into products and applications. Based on the end-use industries, the automotive segment held a market share of more than 40% in the global battery separators market and registered a respectable CAGR of over 15% through 2030. The automotive industry’s growing need for lithium-ion batteries and the widespread use of electronic vehicles are expected to lead to significant growth in the global market for battery separators.
Lithium-ion batteries now weigh significantly less due to recent technological advancements, making them more appealing for electric vehicle applications. The other market sector, which in 2022 had a market share of more than 2%, is expected to grow at a CAGR of more than 10.1%. Consumer electronics, telecommunication, and other industries are included in the other segment.
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In 2021, the consumer electronics sector had the highest revenue share—more than 40.0%. Consumer electronics items and portable devices both need portable batteries. Mobile phones, laptops, desktops, tablets, torches or lanterns, LED lighting, digital cameras, vacuum cleaners, wristwatches, hearing aids, calculators, and other wearable gadgets are just a few things that can use portable batteries. Over the projection period, the market for electric and hybrid vehicles is expected to grow profitably. The expansion is anticipated to be aided by rising fossil fuel prices and increased consumer knowledge of the advantages of battery-powered cars, notably in North America, Europe, and Asia-Pacific.
Key Players Insights
The competitive landscape for the lithium-Ion Battery market includes information from competitors. The company’s financials, revenue generated, market potential, investment in R&D, new market initiatives, production sites and facilities, global presence, production capacities, product launch, company strengths and weaknesses, product width and breadth, and application dominance are among the details that are included.
- BYD Company Ltd.
- LG Chem
- Hitachi Ltd.
- Duracell Inc.
- Johnson Controls
- Panasonic Corporation
- Samsung SDI Co. Ltd.
- Renault Group
- TOSHIBA CORPORATION
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