The global lithium-ion battery market size is expected to reach USD 113.89 Billion in 2030 and register a revenue CAGR of 12.0% during the forecast period. The market’s growth is expected to be driven by the rapid growth of hybrid and battery electric vehicles along with a surging need for power, storage, and power backup across several end-use industries. Lithium-ion is a low-maintenance battery that can be recharged hundreds of times and stays stable. Other benefits associated with the product include higher energy density, lower self-discharge rate, voltage capacity, and better power efficiency as compared to other battery types.
The rapid proliferation of electric vehicles is generating heavy demand for lithium-ion batteries globally. The growing adoption of smart devices by the populace, along with the automation of material handling equipment in industries, is driving the demand for lithium-ion batteries for several industrial applications.
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Some Key Highlights From the Report
- Cathode segment accounted for the largest revenue share in 2020. This is due to the fact that cathode is widely utilized in lithium-ion battery manufacture. It is also utilized to make the positive electrodes for battery cells. Lithium-ion batteries are made of cathode materials such as lithium iron phosphate, lithium cobalt oxide, lithium manganese oxide battery, and lithium nickel manganese cobalt oxide.
- Lithium Cobalt Oxide (LCO) segment is expected to account for the largest revenue share in the global lithium-ion battery market over the forecast period, due to its extensive application in tablets, cell phones, cameras, laptops, and other consumer electronic items.
- 10,000–60,000 mAh segment is expected to register a rapid revenue growth rate in the global lithium-ion battery market over the forecast period. 10,000–60,000 mAh power lithium-ion batteries are used in applications that require high capacity, including electric vehicles, e-motorcycles, plug-in hybrid electric vehicles, marine, material handling equipment, robots, industrial, electronic cash registers, telecommunication systems, and others.
- High (above 36v) segment accounted for the largest revenue share in the global lithium-ion battery market in 2020, due to properties like longer life and safety. The largest contribution is also attributed to the growing demand for this voltage type in marine, electric cars, military, power, and telecommunications, among other industries.
- Automotive segment is expected to register a significant revenue growth rate over the forecast period. Lithium-ion batteries are used widely in battery-powered vehicles such as electric vehicles, e-bikes, and automated guided vehicles. EVs are classified into three types based on their power source and application: battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). Increasing adoption and awareness of EVs supports the revenue growth of the market.
- Market in the Asia Pacific is expected to register the highest revenue share in the global lithium-ion battery market during the forecast period. With the increasing use of electric vehicles in countries like India, China, and Japan, as well as the demand for high-quality rechargeable battery technologies due to urbanization and rising power purchase parity, lithium-ion batteries are expected to grow significantly in the region.
- Companies profiled in the market report are BYD Co. Ltd., Samsung SDI Co., Ltd., Contemporary Amperex Technology Co. Limited (CATL), Panasonic Corporation, GS Yuasa Corporation, Hitachi, Ltd., Exide Technologies, Saft, Wanxiang Group Corporation, and Lithium Werks B.V.
For the purpose of this report, Reports and Data has segmented the global lithium-ion battery market based on components, product type, power type, voltage, industry, and region:
Components Outlook (Revenue, USD Billion; 2018-2030)
- Electrolytic Solution
Product Type Outlook (Revenue, USD Billion; 2018-2030)
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Manganese Oxide (LMO)
- Lithium Titanate Oxide (LTO)
- Lithium Nickel Manganese Cobalt Oxide (LI-NMC)
Power Type Outlook (Revenue, USD Billion; 2018-2030)
- 0–3,000 mAh
- 3,000–10,000 mAh
- 10,000–60,000 mAh
- 60,000 mAh & Above
Voltage Outlook (Revenue, USD Billion; 2018-2030)
- Low (Below 12V)
- Medium (12V – 36V)
- High (Above 36V)
Industry Outlook (Revenue, USD Billion; 2018-2030)
- Consumer Electronics
Regional Outlook (Revenue, USD Billion; 2018-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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