Chicago, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The report "Lithium ion battery Market by Product (Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate, Lithium Nickel Manganese Cobalt), Application (Consumer Electronics {Smartphones & Tablet/P.C., UPS, Others} Automotive {Cars, Buses, & Trucks, Scooters & Bikes, Trains & Aircraft}, Industrial, Energy Storage System), Component (Cathode, Anode, Electrolytic Solution, Others), Capacity (0–3,000 mAh, 3,000–10,000 mAh, 10,000–60,000 mAh, 60,000 mAh and Above), Voltage (Low (Below 12V), Medium (12V – 36V), High (Above 36V)) – Global Forecast to 2028" states that, The lithium ion battery market is projected to grow from USD 43.5 billion in 2021 and is projected to reach USD 149.2 billion by 2028; it is expected to grow at a CAGR of 22.80% from 2022 to 2028.
The increased demand for consumer electronics worldwide is one of the main drivers of the lithium ion battery market. The growing usage of portable electronics like computers, game consoles, smartphones, flashlights, digital cameras, and high-speed internet connectivity has a favorable impact on the market. The surge in demand for expensive rechargeable batteries also hastens the market's expansion. Furthermore, using these electronics and lithium ion batteries, which are crucial components of electric vehicles, is another factor driving the market. The increased focus also impacts the market on sustainable development and the growing public awareness of the drawbacks of driving conventional vehicles. On the other hand, safety concerns regarding the handling and storage of used batteries and the high price of battery-powered industrial vehicles are anticipated to restrain market expansion.
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Industry Developments:
- In February 2022, Panasonic Holdings Corporation is establishing a production plant in western Japan's Wakayama Factory to grow its business internationally to produce new "4680" lithium-ion batteries for electric vehicles. Mass manufacturing and productivity verification are projected to start after the fiscal year 2024 has ended.
- In September 2021, the JDA (Joint Development Agreement) between the Toshiba Corporation, Sojitz Corporation, and CBMM aimed to commercialize the next-generation lithium-ion batteries employing niobium titanium oxide as the anode material.
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Lithium Ion Battery Market Dynamics: Drivers, Restraints, Opportunities
Drivers: Increased use of batteries in energy storage and grid systems
Restraints: Rising concern in transportation and storage of spent batteries
Opportunities: Increasing sales of electric cars to combat climate change
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2021 to 2028 CAGR | 22.80% |
| 2028 Value Projection | 149.2 billion |
| Base Year | 2021 |
| Market Size in 2021 | 43.5 billion |
| Historical Data for | 2018 - 2021 |
| No. of Pages | 190 |
| Segments covered | By Product, By Application, By Component, By Capacity, By Voltage |
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List Of Key Players in Lithium Ion Battery Market:
- Panasonic Corporation
- BYD Company
- Samsung SDI
- L.G. Chem
- Contemporary Amperex Technology Co. Ltd
- Toshiba Corporation
- Saft Group S.A.
- BAK Power
- Automotive Energy Supply Corporation
- A123 System
Market Highlights:
Increased use of batteries in energy storage and grid systems
The companies that use these batteries benefit from rigorous government regulations that are implemented to control rising pollution levels. Energy storage and renewable energy production are current priorities for the power sector. One of the main factors influencing the use of Li-ion batteries in smart grid and energy storage systems is their low cost, low self-discharge rate, and small installation area requirements. These batteries are perfect for usage in isolated locations and thermal control applications since they are more resistant to high temperatures.
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Segmentation of Global Lithium Ion Battery Market-
Global Lithium Ion Battery Market – By Product
- Lithium Cobalt Oxide (LCO)
- Lithium Iron Phosphate (LFP)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Manganese Oxide (LMO)
- Lithium Titanate
- Lithium Nickel Manganese Cobalt
Global Lithium Ion Battery Market – By Application
- Consumer Electronics
- Smartphones & Tablet/PC
- UPS
- Others
- Automotive
- Cars, Buses, & Trucks
- Scooters & Bikes
- Trains & Aircraft
- Industrial
- Energy Storage System
Global Lithium Ion Battery Market – By Component
- Cathode
- Anode
- Electrolytic Solution
- Others
Global Lithium Ion Battery Market – By Capacity
- 0–3,000 mAh
- 3,000–10,000 mAh
- 10,000–60,000 mAh
- 60,000 mAh and Above
Global Lithium Ion Battery Market – By Voltage
- Low (Below 12V)
- Medium (12V – 36V)
- High (Above 36V)
The consumer electronics category in the lithium ion battery market is expected to be the fastest-growing segment during the forecast period
The consumer electronics category is projected to grow the fastest during the forecast period. Consumer electronics items and portable devices both need portable batteries. Mobile phones, laptops, desktops, tablets, torches or lanterns, LED lighting, digital cameras, vacuum cleaners, wristwatches, calculators, hearing aids, and other wearable gadgets are just a few things that can use portable batteries. Commercial buildings, data centers, and institutions can also get backup power from lithium-ion batteries. Additionally, household solar P.V. systems favor lithium-ion batteries for energy storage. During the projection period, these factors will accelerate the expansion of the application segment for energy storage systems.
Automotive category of the lithium ion battery market to record the highest CAGR from 2022 to 2028
The automotive category is expected to account for the highest CAGR of the lithium ion battery market from 2022 to 2028. This is primarily because major emerging and developed nations are increasingly focusing on lowering carbon emissions and switching to electric cars (E.V.s). A record year for electric car sales, 2019 saw 2.1 million electric vehicle sales globally and 7.2 million electric vehicle inventories. Additionally, in 2019 the stock of electric vehicles increased by almost 40% year over year and represented about 1% of all vehicle sales internationally, accounting for 2.6% of all vehicle sales overall.
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Regional Insights:
Asia Pacific is anticipated to grow at a significant rate in lithium ion battery market share from 2022 to 2028
Asia Pacific is the fastest-growing region in the lithium ion battery market. China dominates the Asia-Pacific region's lithium-ion battery market. Lithium-ion battery production is thought to be concentrated in China. The growth in demand for smartphones and tablets in developing nations like China, Japan, and India is driving the lithium-ion battery market in Asia-Pacific. Expanding disposable income and rising consumer awareness of lithium-ion batteries in the market throughout the projection period are two additional factors boosting the region's lithium-ion battery market.
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