Sep 06, 2022, 09:30 ET
CHICAGO, Sept. 6, 2022 /PRNewswire/ -- Lithium-ion battery market size is estimated to be USD 44.5 billion in 2022 and is projected to reach USD 135.1 billion by 2031, at a CAGR of 13.1%, according to a new report by MarketsandMarkets™. The plug-in vehicles is highly adopting lithium-ion batteries and rising development in smart electronic device is also another factor driving the demand for the lithium-ion battery market. Additionally, the manufacturers of lithium-ion batteries are highly focusing towards product advancement which is also expected to spur the growth of the market during the forecast period.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=49714593
Browse in-depth TOC on "Lithium-ion Battery Market"
184 – Tables
65 – Figures
275 – Pages
Lithium Nickel Manganese Cobalt Oxide holds the second-largest market share in 2021
Lithium Nickel Manganese Cobalt Oxide segment in the lithium-ion battery market was valued at USD 9.8 billion in 2021. The growth of the segment is attributed to the increasing adoption of Li-NMC in electric vehicles due to its very low self-heating rate. It is also used for power tools, medical equipment, and other electric powertrains. Li-NMC batteries can be used for a multitude of applications, ranging from applications in the automotive industry to ESS. The Li-NMC are fireproof batteries; therefore, they can be used as uninterrupted power supplies and can also be installed in residential applications for home battery storage along with solar photovoltaic cells.
Lithium-ion batteries with capacity ranging from 3,000 – 10,000 mAh are highly adopted by end-users
Lithium-ion batteries with capacity of 3,000 – 10,000 mAh is highly adopted in various industries such as automotive, consumer electronics, and aerospace. These batteries are often grouped together to form modules which are used in applications requiring heavy loads such as electric vehicles, industrial applications, robots, medical applications, GEO and LEO satellites, hybrid trucks, trains, and power backup. Batteries in this range are available in cylinder, prismatic, and battery pack formats.
High (above 36V) segment dominated the lithium-ion market in 2021
Batteries with high voltage i.e. of above 36V are highly preferred in applications such as power, military, electric vehicles, marine, huge machinery, and telecom. These high voltage lithium-ion batteries are also utilized to power electrical systems for some aerospace applications as these batteries are low in weight, which directly reduces the overall weight of aircraft.
Automotive industry dominated the lithium-ion battery market in 2021
The automotive segment is expected to be one of the major adopters of lithium-ion batteries. Battery-driven vehicles such as hybrid electric vehicles and plug-in hybrid electric vehicles are major consumers of lithium-ion batteries. Increasing adoption and awareness of hybrid electric vehicles and plug-in hybrid electric vehicles supports the growth of the lithium-ion battery market. The automotive industry is the main driver for the growth of the lithium-ion battery market in Europe and the Asia Pacific. The UK is undertaking initiatives for the growth of the market for EVs, which is expected to support the growth of the market.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=49714593
The lithium-ion battery market in Asia Pacific is the largest dominating region in 2021
The growth of the regional market can be attributed to the prominent presence of a large number of market players, such as LG Chem (South Korea); BAK Power Battery Co., Ltd. (China), GS Yuasa International Ltd. (Japan), SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China) in the region. The China is one of the major contributors to regional market growth. Along with the presence of numerous established players in the lithium-ion battery market, several local or domestic players are also present in the country, which is expected to create immense market growth opportunities in the coming years.
Major companies operating in this lithium-ion battery market include LG Chem (South Korea); SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=49714593
Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
Battery Energy Storage System Market by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography (2022-2027)
Battery Technology Market by Technology Type (Lithium-Ion Battery, Lead Acid Battery, Nickel Metal Hydride Battery, Other Battery Technologies), Application (Power & Utilities, Transportation, Consumer Electronics) and Region - Global Forecast to 2025
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/lithium-ion-battery-market.asp
Visit Our Web Site: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/lithium-ion-battery.asp
Share this article