Lithium-Ion Battery Market Size is Expected to Grow Worth USD 193.13 billion by 2028 | Fortune Business Insights

Lithium-ion Battery Market to Hit USD 193.13 Billion by 2028; Growing Electrification Trend to Augment Growth: Fortune Business Insights™

India, Pune, June 27, 2023 (GLOBE NEWSWIRE) -- The Lithium-ion Battery Market Size is projected to reach USD 193.13 billion by 2028 from USD 44.49 billion by 2021, at a CAGR of 23.3% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, “Lithium-Ion Battery Market, 2021-2028.”

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.

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Report Highlights:

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 23.3%
2028 Value Projection USD 193.13 billion
Base Year 2021
Market Size in 2021 USD 44.49 billion
Historical Data for 2017-2019
No. of Pages 220
Segments covered Fuel Type, By End-User, Application and Region
Growth Drivers Augmented Usage of Batteries in Power Grid and Energy Storage Systems to Spur Market
COVID-19 Influence on Global Lithium-ion Battery Market to Hamper Growth

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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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.

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)

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.

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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.


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.

SegmentationBy Type, By Application, and By Region
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
  • Others

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.

Table of Contents:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Key Emerging Trends
    • Key Developments: Mergers, Acquisitions, Partnership, etc.
    • Latest Technological Advancement
    • Regulatory Landscape
    • Porters Five Forces Analysis
  • Qualitative Analysis – Impact of COVID-19
    • Impact of COVID-19 on Lithium-Ion Battery Market
    • Steps Taken by the Government to Overcome the Impact
    • Key Developments in the Industry in Response to COVID-19
    • Potential Opportunities and Challenges due to COVID-19 Outbreak
  • Global Lithium-Ion Battery Market Analysis (USD Billion) (GWh), Insights and Forecast, 2017-2028
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Type
      • Lithium Cobalt Oxide
      • Lithium Iron Phosphate
      • Lithium Nickel Cobalt Aluminum Oxide
      • Lithium Manganese Oxide
      • Lithium Nickel Manganese Cobalt
      • Lithium Titanate Oxide
    • Market Analysis, Insights and Forecast – By Application
      • Consumer Electronics
      • Automotive
      • Energy Storage System
      • Industrial
      • Others
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East & Africa

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