Lithium-Ion Battery Market Size To Reach USD 113.89 BN In 2030 | Increasing Usage Of Lithium Ions In The Power And Renewables Industry, Rising Demand In The Automotive Industry Are Some Factors Driving Market Revenue Growth, Says Reports and Data
NEW YORK, Feb. 22, 2022 /PRNewswire/ -- 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% over the forecast period, according to the latest report by Reports and Data. Increasing demand for consumer electronics is a key factor which is expected to drive the global lithium-ion battery market revenue growth during the forecast period. Rising penetration of mobile phones, laptops, tablets, and other electronic devices would imply an increase in the value of the lithium-ion battery market. Rising globalization, as well as increased spending on R&D capabilities by lithium-ion battery manufacturers, will create lucrative growth opportunities for the market in the long run. Growing demand for plug-in vehicles, as well as increased demand for automation and battery-powered material-handling equipment in industries, will drive growth in the lithium-ion battery market.
The Lithium-Ion Battery Market is expanding rapidly as technology advances, resulting in increased production of electric plug-in vehicles. Elon Musk's car company, as well as GM and other automakers, is focusing on developing much longer-lasting and more durable battery cells. The new technology will allow cars to travel 400 miles or more between charges and last as long as 1 million miles.
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Battery manufacturers are focusing their efforts on removing the costly and contentious element cobalt from batteries. The Apple lithium-ion battery uses fast charging to quickly reach 80 percent capacity before switching to slower trickle charging. Other factors driving market growth include rising demand for smart devices and an increase in electronic consumers. Moreover, the growing demand for batteries in industrial applications is positively impacting market revenue growth. Large-scale energy storage and stationary standby applications such as UPS and switchgear & control are expected to drive market revenue growth.
Some Key Highlights From the Report
- Li-MNC batteries are suitable for construction machines, electric vehicles, electric powering trains, advanced medical equipment, and renewable storage systems due to their higher energy density, lower cost, and long life cycle. These batteries have a very low self-heating rate and are used in electric vehicle models like Chevy Volt, Nissan Leaf, and BMW.
- 3,000–10,000 mAh segment is expected to have a significant revenue growth rate over the forecast period due to the expansion of the consumer electronics and smartphone market, generating heavy demand for high-powered batteries that can keep the device running for hours.
- Power segment is expected to grow at a rapid revenue CAGR in lithium-ion battery market over the forecast period. The necessity to fulfill peak electricity demands is a major factor driving the segment's revenue growth. The grid's flexibility in terms of energy storage provided by these batteries is stimulating the adoption of lithium-ion battery energy storage systems, which helps to deal with fluctuations associated with renewable energy sources such as solar and wind energy. When there is an excess of renewable energy, lithium-ion battery energy storage technologies allow grid operators to save electricity.
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- Market in North America is expected to register a considerable revenue growth rate in the global lithium-ion battery market over the forecast period, owing to rising consumer electronics and automotive sales in countries such as the U.S. and Mexico. The increasing demand for lithium-ion batteries in mobile phones due to improved efficiency and battery life is expected to drive the market over the forecast period.
- In March 2021, Ola Electric has announced a plan to set up a cell manufacturing plant to power its lithium-ion (Li-ion) batteries. The battery manufacturing plant will be made in the upcoming integrated plant near Bengaluru, India, where e-scooters will also be manufactured.
- 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.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/lithium-ion-battery-market
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)
- Cathode
- Anode
- Electrolytic Solution
- Others
- 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
- Automotive
- Aerospace
- Marine
- Medical
- Industrial
- Power
- Telecommunication
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2030)
- North America
a. U.S.
b. Canada
c. Mexico - Europe
a. Germany
b. UK
c. France
d. Italy
e. Spain
f. Sweden
g. BENELUX
h. Rest of Europe - Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin America
a. Brazil
b. Rest of LATAM - MEA
a. Saudi Arabia
b. UAE
c. South Africa
d. Israel
e. Rest of MEA
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About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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