Lithium-ion Battery Market Size [2021-2028] worth USD 193.13 Billion | exhibiting a CAGR of 23.3%

According to Fortune Business Insights, the global Lithium-ion Battery market size is projected to grow from USD 36.90 billion in 2020 to USD 193.73 billion in 2028, at CAGR of 23.3% during forecast period; Growing Electrification Trend to Augment Growth of market

Pune, India, May 30, 2022 (GLOBE NEWSWIRE) -- The global Lithium-ion Battery Market Size was USD 36.90 billion in 2020. The global market size is expected to be USD 44.49 billion in 2021 and is projected to reach USD 193.13 billion by 2028, exhibiting a CAGR of 23.3% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Lithium-Ion Battery Market, 2021-2028.”

According to our analysts, the incessant demand for power supply for numerous applications, augmented demand for electric vehicles, surging necessity of battery-operated equipment and machinery in automotive industries, and the usage of lithium-ion batteries in renewable energy applications are sustaining the lithium-ion battery market growth.

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Report Highlights:

Report CoverageDetails
Forecast Period2021-2028
Forecast Period 2021 to 2028 CAGR23.3%
2028 Value ProjectionUSD 193.3 billion
Base Year2020
Market Size in 2020USD 36.90 billion
Historical Data for2017-2019
No. of Pages200
Segments coveredBy Type, By Application, and By Region
Growth DriversFavorable Government Subsidies and Policies to Drive Market Growth
Technological Advances and Rising Investments to Boost Market Development in Asia Pacific

Drivers and Restraints:

Augmented Usage of Batteries in Power Grid and Energy Storage Systems to Spur Market

Imposing stringent government guidelines to monitor surging pollution phases compel the industries to utilize lithium-ion batteries. The power industry is striving to manufacture renewable energy and stock for future purpose. Moreover, low cost, low-self discharge rate, and negligible installation space are a few of the crucial factors driving the implementation of lithium-ion batteries in smart grid and energy storage systems. Since the product is more resilient to high temperatures, it is perfect for usage in distant areas and thermal control applications.

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COVID-19 Impacts:

COVID-19 Influence on Global Lithium-ion Battery Market to Hamper Growth

The outbreak of COVID-19 has hindered the growth of the lithium-ion battery market. The novel coronavirus has restrained the distribution of batteries. The vital battery component is mostly obtainable in Asia Pacific, but the pandemic has over-exposed the reliability of raw materials on the region.

Industry Developments:

September 2021: Toshiba Corporation, CBMM, and Sojitz Corporation initiated a joint development deal to commercially launch the next-generation lithium-ion battery by utilizing niobium titanium oxide for anode material.

List of Key Players Mentioned in the Report:

  • BYD Company (China)
  • LG Chem (South Korea)
  • Contemporary Amperex Technology Co. Ltd (CATL) (China)
  • Samsung SDI (South Korea)
  • Panasonic Corporation (Japan)
  • BAK Power (China)
  • Clarios (Germany)
  • Toshiba Corporation (Japan)
  • Hitachi (Japan)
  • Automotive Energy Supply Corporation (Japan)
  • A123 System (U.S.)
  • Saft Group S.A. (France)

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Type, Application, and Region are studied for the Market

On the basis of type, the market is classified into lithium cobalt oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, lithium manganese oxide, lithium nickel manganese cobalt, and lithium titanate oxide. Lithium cobalt oxide held a major share in 2020, owing to its extensive implementation in modern electronic gadgets.

Based on application, the market is categorized into automotive, consumer electronics, energy storage systems, industrial, and others.

Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

Report Coverage:

We analysis is based on a wide-ranging review method that primarily focuses on presenting accurate material. Our scholars have applied a data navigation technique, which further aids us to present dependable approximations and tests the overall market dynamics precisely. Furthermore, our researchers have gained admittance to various international as well as domestically funded records for offering up-to-date material for the stakeholders and business experts to invest only in the fundamental areas.

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Regional Insights:

Asia Pacific is expected to hold the largest lithium-ion battery market share during the mentioned time frame. China and Japan have been measured as the world's biggest markets for electronic vehicles.

North America is estimated to perceive sturdy growth, with the U.S. dominating in the industry landscape of the region.

The rising concentration of government organizations toward greenhouse gas emissions in the environment in Europe has sustained the growth of the lithium-ion battery market.

Competitive Landscape:

Joint Ventures Initiated by Key Companies Set to Endorse Market Growth

The dominating players in the market continually try to implement proficient tactics to elevate their brand value as well as endorse the global market growth by tackling least imaginable hurdles. One such operative strategy is entering into joint ventures with other competitive companies and further safeguarding a profit for both the involved companies.

Global Lithium-ion Battery Market Size Segmentation:

By Type          

  • Lithium Cobalt Oxide
  • Lithium Iron Phosphate
  • Lithium Nickel Cobalt Aluminum Oxide
  • Lithium Manganese Oxide
  • Lithium Nickel Manganese Cobalt
  • Lithium Titanate Oxide

By Application

  • Automotive
  • Consumer Electronics
  • Energy Storage System
  • Industrial

By Geography:

  • North America (USA, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

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Lithium-Ion Battery Market Size