With 11.5% CAGR, Lithium-Ion Battery Market Size to Reach USD 101 billion by 2029

According to Exactitude Consultancy the Global Lithium-Ion Battery Market Size is expected to reach USD 101 billion by 2029, growing at a 11.5% CAGR of Between Forecast Period 2023 and 2029.

Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Lithium-Ion Battery Market.

PUNE, India, March 21, 2023 /PRNewswire/ -- The global Lithium-Ion Battery Market Size is expected to grow at 11.5% CAGR from 2023 to 2029. It is expected to reach above USD 101 billion by 2029 from USD 38 billion in 2022. Growing consumer preference for electric and hybrid vehicles will complement the demand for lithium-Ion batteries. EVs have gained substantial momentum in recent years owing to the growing focus on sustainable transportation and zero-emission vehicles. Several governments are supporting the e-mobility movement with favorable subsidies and schemes encouraging consumers to switch to Electric vehicles. For example, in November 2022, the Netherlands, and Sweden joined the cohort of seven countries consisting of the Canada, U.S., Israel, Norway, Australia, Germany, and New Zealand to transition their government-operated fleets to zero-emission vehicles.

Industry Developments in Global Lithium-Ion Battery Market

• In February 2022, Panasonic Holdings Corporation is going to establish a production facility in Wakayama Factory in western Japan to manufacture new "4680" lithium-ion batteries for electric vehicles to expand its business globally. Productivity verification and mass production are likely to begin from the end of the fiscal year 2024.
• In October 2021, LG Energy Solution, a subsidiary operated by LG Chem, entered a memorandum of understanding with Stellantis N.V. to form a joint venture to produce battery cells and modules for North America. This joint venture will help Stellantis N.V. goal to achieve a 40% market share in the US comprising electrified vehicles by 2030. The batteries produced in this plant will be supplied to assembly plants of Stellantis N.V. in the US, Canada, and Mexico for installation in next-generation electric vehicles.

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Global Lithium-Ion Battery Market Overview

The lithium-ion battery market share has been growing rapidly in recent years, driven by the increasing demand for rechargeable batteries in a wide range of applications, including consumer electronics, electric vehicles, and energy storage systems. Lithium-ion batteries are known for their high energy density, long cycle life, and low self-discharge rate, making them ideal for these applications.

The consumer electronics segment is one of the largest applications for lithium-ion batteries, with smartphones, laptops, and tablets being major contributors to the demand. The automotive sector is also a significant driver of growth, with electric vehicles becoming increasingly popular around the world. In addition, the stationary storage segment is expected to see significant growth as energy storage systems become increasingly important for balancing renewable energy supply and demand.

The market is highly competitive, with several major players, including Panasonic Corporation, LG Chem Ltd., Tesla Inc., and Samsung SDI Co. Ltd. These companies are investing heavily in research and development to improve the performance and reduce the cost of lithium-ion batteries, making them more competitive with other types of batteries.

Overall, the lithium-ion battery market size is expected to continue to grow in the coming years, driven by the increasing demand for renewable energy and electric vehicles. This growth presents significant opportunities for companies operating in the sector, as well as for investors looking to capitalize on the trend.

Key Market Insights

Battery research is advancing at a rapid pace and Lithium-Ion Battery (LIB) is pioneering in the field of battery market across the world. Lithium is the lightest of all metals, has the greatest electrochemical potential and provide the largest specific energy per weight. It is a rechargeable battery in which lithium ion moves from a negative electrode to a positive electrode during discharge and vice-versa during recharge. The energy density of lithium-ion is typically twice that of the standard nickel-cadmium.

There is no scheduled cycling is required to prolong the battery life as the self-discharge is less than half compared to nickel-cadmium, making LIB for modern fuel gauge application. Rechargeable, LIB is primarily found where their high energy and power density as well as their superior cycling ability create value which is the most important criteria for electric and hybrid vehicles. They are also used as electrical energy storage technology of choice for large scale renewable energy farms in which smoothing function is required.

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Global Companies Covered in Lithium-Ion Battery Market Report:

• BYD Company (China)
• LG Chem (South Korea)
• Contemporary Amperex Technology Co. Ltd. (CATL) (China)
• Samsung SDI (South Korea)
• Panasonic Corporation (Japan)
• BAK Group (China)
• GS Yuasa Corporation (GS Yuasa) (Japan)
• Hitachi (Japan)
• Clarios (Germany)
• Toshiba Corporation (Japan)

 Report Benefits

• Develop business strategies by understanding the trends shaping and driving the Market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Global Lithium-Ion Battery Market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Lithium-Ion Battery Market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
• Track sales in the global and country-specific Lithium-Ion Battery Market.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

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Regional Insights

In 2022, Asia-Pacific dominated the lithium-ion battery market with revenue share of 48% and expected to show high revenue gains at from 2023 to 2029. Increasing demand for mobiles and tablets in various countries including India, China, Japan and Thailand is expected to augment industry expansion over the forecast period.

Increasing lithium-ion battery production capacity in China, by various players including Contemporary Amperex Technology Ltd. (CATL), Panasonic, and LG Chem along with increasing government subsidies in electric vehicles is expected to create immense market potential over the forecast period.

China is the world's leading producer of wind energy and is expected to witness significant growth in the production of wind energy over the forecast period. Wind capacity output is likely to cross 200 GW 2020 and will drive the demand for energy storage systems in the country, which is expected to augment battery demand.

North America is expected to witness a significant growth over the forecast period owing to the growing electric vehicle and consumer electronics sales in countries including U.S. and Mexico. The increasing demand for the product in smart phones owing to its extended shelf life and enhanced efficiency is expected to drive the lithium-ion battery market.

Lithium-Ion Battery Market Segmentation:

Frequently Asked Questions About This Report

How much is the lithium-ion battery market worth?

Lithium-Ion Battery Market size is expected to grow at 11.5% CAGR from 2023 to 2029. It is expected to reach above USD 101 billion by 2029 from USD 38 billion in 2022

Who is the largest manufacturer of lithium batteries?

The largest manufacturer of lithium-ion batteries by market share is currently CATL (Contemporary Amperex Technology Co. Limited), a Chinese company. According to a report by Exactitude Consultancy, CATL had a global market share of 32.7% in the first quarter of 2022, followed by LG Energy Solution (23.3%), Tesla (16.3%), and Panasonic (12.7%). Other major manufacturers include Samsung SDI, BYD, and SK Innovation.

Is lithium-ion battery in demand?

lithium-ion batteries are currently in high demand, driven by their use in a wide range of applications such as consumer electronics, electric vehicles, and energy storage systems.

Who are the key players in the Lithium-Ion Battery Market?

BYD Company (China), LG Chem (South Korea), Contemporary Amperex Technology Co. Ltd. (CATL) (China), Samsung SDI (South Korea), Panasonic Corporation (Japan), BAK Group (China), GS Yuasa Corporation (GS Yuasa) (Japan), Hitachi (Japan), Clarios (Germany)

What are the factors driving the Lithium-Ion Battery Market?

Key factors driving the lithium-ion battery market growth include the subsequent increase in the registration of Electric Vehicles and simultaneously, a decrease in Li-ion battery price is estimated to expand market by forecast period 2023 to 2029.

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