Fort Collins, Colorado, Oct. 13, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the lithium-ion battery market size was valued at USD 46.8 Billion in 2022 and is anticipated to reach a market size of USD 264.4 Billion by 2032 with a CAGR of 19.1%.
The demand for lithium-ion batteries is increasing due to the popularity of electric vehicles and sustainable energy options. Technological advancement is expected to create more opportunities for using these batteries in vehicles and appliances.
The rise in electric vehicle sales drives increasing demand for Lithium-ion batteries. People and governments are opting for sustainable fuel options due to environmental concerns, pollution levels, and oil prices, with electric vehicles being the top choice. This indicates a significant surge in the demand for lithium-ion batteries.
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The lithium-ion battery industry is expected to reach its peak usage by 2025 due to government support and the rise of electric vehicles. Public-private partnership models in sustainable energy will also contribute to this growth. The demand for battery electric cars has increased from 5% in 2020 to 9% in 2021 and 14% in 2022, resulting in a 65% increase in demand for lithium-ion batteries.
Segmentation Overview:
The global lithium-ion battery market has been segmented into type, use, and region. Lithium-ion batteries come in three categories: lithium cobalt oxide, lithium iron phosphate, and manganese oxide. Lithium cobalt oxide and lithium iron phosphate are the most commonly used due to their lightweight and long-term energy storage capacity. They are used in consumer electronics and electric vehicles. Rechargeable cells are found in laptops, phones, e-readers, and tablets, while non-rechargeable cells are used in remotes, watches, and smoke detectors.
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Lithium-Ion Battery Market Report Highlights:
- The global lithium-ion battery market growth is anticipated at a CAGR of 19.1% by 2032.
- The automotive industry will grow due to cheap lithium-ion batteries, and EV registrations will increase.
- China dominates the lithium-ion battery market, Asia Pacific holding a significant market share, accounting for 75% of the global battery-producing capacity. The consumption of batteries is expected to continue growing due to the large market for electric vehicles.
- Some prominent players in the lithium-ion battery market report include Exide Industries, EnerSys, CATL, Nissan Motor Corporation, LG Chem, Samsung SDI, Evonik Corporation, BYD Company, A123 Systems, Automotive Energy Supply Corporation, Lithium Energy Japan, Hitachi Ltd., and Gotion High Tech Co. Ltd.
Industry Trends and Insights:
- Hitachi Vantara introduces Hitachi Virtual Storage Platform One - a hybrid cloud data platform with a common data plane.
- Nissan's Brain to Performance program has improved cognitive functions in Nissan Formula E Team drivers.
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Lithium-Ion Battery Market Segmentation:
- By Type: Lithium cobalt oxide, lithium iron phosphate, lithium manganese oxide and others
- By Use: Consumer electronics, automotive, energy storage system
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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