Lithium-ion Battery Market Size, Share, Growth, Trends and Forecast 2031


The Lithium-Ion Battery Market Size is anticipated to reach USD 135.1 billion by 2031, at a projected CAGR of 13.1%, from an estimated USD 44.5 billion in 2022. Lithium-ion batteries are widely used in plug-in vehicles, and the market demand for these batteries is also being driven by the rapid growth of smart electronic devices. Additionally, lithium-ion battery producers are putting a lot of effort into product development, which is anticipated to drive market expansion throughout the course of the forecast period.

The second-largest market share is held by lithium nickel manganese cobalt oxide in 2021.

The Lithium-Ion Battery Market's section for lithium nickel manganese cobalt oxide was valued at USD 9.8 billion in 2021. Due to Li-extremely NMC's low self-heating rate, it is being used in electric vehicles more frequently, which is responsible for the segment's rise. Other applications for it include power tools, medical devices, and other electric drivetrains. Li-NMC batteries can be employed in a wide variety of settings, including ESS and the automobile industry. Since Li-NMC batteries are fireproof, they can be used in residential applications for home battery storage alongside solar photovoltaic cells. They can also be utilised as uninterrupted power supply.

End-users have a strong adoption rate for lithium-ion batteries with capacities ranging from 3,000 to 10,000 mAh.

3,000–10,000 mAh lithium-ion batteries are widely used in a variety of sectors, including the automotive, consumer electronics, and aerospace industries. The modules made of these batteries are frequently employed in applications demanding significant loads, such as electric vehicles, industrial robots, medical applications, GEO and LEO satellites, hybrid trucks, railways, and power backup. These batteries come in cylindrical, prismatic, and battery pack configurations.

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The Lithium-Ion Market was dominated by the high (over 36V) segment in 2021.

In applications including electricity, military, electric vehicles, marine, massive machinery, and telecom, batteries with high voltage, or above 36V, are highly sought. Due to their light weight, which immediately lowers the total weight of aircraft, these high voltage lithium-ion batteries are also used to power electrical equipment for various aerospace applications.

In 2021, the automotive sector led the lithium-ion battery market.

Lithium-ion batteries are anticipated to be widely adopted in the automotive industry. Lithium-ion batteries are mostly used in battery-powered vehicles like plug-in hybrid electric vehicles and hybrid electric vehicles. Hybrid electric vehicle and plug-in hybrid electric vehicle acceptance and awareness are growing, which helps the lithium-ion battery market expand. The Lithium-Ion Battery Market in Europe and the Asia Pacific is expanding mostly due to the automobile industry. The UK is taking steps to expand the market for EVs, which is anticipated to assist market expansion.

Asia Pacific will be the largest and most dominant region for the lithium-ion battery market in 2021.

A significant number of market players, including 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), and BYD Company Ltd. (China), are present in the area, which has contributed to the growth of the regional market. One of the main drivers of regional market expansion is China. In addition to the several well-established competitors in the lithium-ion battery market, the nation also has a number of local or domestic players, which is anticipated to result in significant market expansion potential over the next few years.

LG Chem (South Korea), SAMSUNG SDI CO., LTD. (South Korea), Contemporary Amperex Technology Co., Limited (China), Panasonic Holdings Corporation (Japan), and BYD Company Ltd. (China) are significant players in this lithium-ion battery market.

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