Lithium-Ion Battery Market Projected to reach worth $116.6 billion by 2030 – Exclusive Report by MarketsandMarkets™

Chicago, Aug. 12, 2022 (GLOBE NEWSWIRE) -- According to the new market research report "Lithium-Ion Battery Market with COVID-19 Impact Analysis, by Type (Li-NMC, LFP, LCO, LTO, LMO, NCA), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Power, Industrial), & Region (North America, Europe, APAC & RoW) - Global Forecast to 2030", The global lithium-ion battery market size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030; it is expected to grow at a CAGR of 12.3% from 2021 to 2030.

LG Chem, Ltd., a subsidiary company of LG Corporation, is one of the worlds largest lithium-ion battery manufacturers. It provides large and mid-sized rechargeable lithium-ion batteries for automotive, power, consumer electronics, medical devices, and other applications. The company’s advanced lithium-ion battery technology is the product of 25 years of experience in the development and production of mobile batteries and large format batteries for automotive and energy storage systems (ESS).

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Samsung SDI is engaged in the manufacture and sale of secondary lithium-ion batteries and cells. The company started its secondary Li-ion battery business in 2000; since then, Li-ion battery manufacturing has become Samsung SDI’s core business. The company’s wide product portfolio comprises small lithium-ion batteries, automotive batteries and energy storage systems, chemicals, and electronic materials.

Contemporary Amperex Technology Co., Ltd. (CATL) is engaged in the research, development, production, and sale of power battery systems and energy storage systems of new energy and green vehicles. Its products and services include lithium battery materials, battery cells, battery management systems, battery recycling, and reuse.

10,000–60,000 MAh Lithium-ion battery expected to contribute the largest share to the lithium-ion battery market during the forecast period.

The 10,000–60,000 MAh segment accounted for the largest market share in 2020. Li-ion batteries with a capacity of more than 10,000 mAh are used for applications requiring high capacity, such as electric vehicles, plug-in hybrid electric vehicles, e-motorcycles, material handling equipment, marine, robots, industrial, telecommunication systems, electronic cash registers, standby power supplies, golf cart vehicles, hybrid trucks, buses, smart grid, aviation industry, automated guided vehicle, yachts, solar backup power, energy storage system (ESS) platforms, military applications, low earth orbit (LEO), medium earth orbit (MEO), and geostationary or geosynchronous orbit (GEO) satellites, and launch vehicles.

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The lithium-ion battery Market players are

  • 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), and
  • Toshiba Corporation (Japan), are some of the major players in lithium-ion battery market.

Declining prices of lithium-ion batteries

The price of lithium-ion batteries has been a major factor hindering adoption since their introduction in the 1990s. A lithium-ion battery consists of many components. The primary component of any lithium-ion battery is the cell, which accounts for almost 50% of its cost; electronics, assembly, and packaging account for the rest. However, recent developments and claims made by lithium-ion battery manufacturing companies and automobile companies suggest that the price of these batteries is expected to decline substantially. According to General Motors Company (US), the cost of a cell is expected to drop to USD 100 per kWh by 2021. Developments such as manufacturing on a large scale, declining price of components, and adoption of advanced technologies to boost battery capacity are some of the factors leading to a decline in price. A reduction in the price would catalyze the adoption of these batteries across various new applications.

Automotive segment expected to lead the lithium-ion battery market

Automotive segment is expected to hold the largest share in the lithium-ion battery market during the forecast period. Battery-driven vehicles, such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of lithium-ion batteries. Depending on their source of power and application, EVs are classified into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). Increasing adoption and awareness of EVs supports the growth of the market. Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19pandemic. Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions. Automobile manufacturing plants are producing and supplying a few automobiles owing to the global supply chain disruptions resulting from lockdowns. This can impact the growth of the lithium-ion battery market until COVID-19 cases stabilize globally.

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Battery Energy Storage System Market by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography (2022-2027)


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