Pune, India, July 18, 2022 (GLOBE NEWSWIRE) -- The global Lithium-ion Battery Market 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 Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 23.3% |
| 2028 Value Projection | USD 193.3 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 36.90 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | By Type, By Application, and By Region |
| Growth Drivers | Favorable Government Subsidies and Policies to Drive Market Growth |
| Technological Advances and Rising Investments to Boost Market Development in Asia Pacific |
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/lithium-ion-battery-market-100123
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.
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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Segments:
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.
Key Benefits for Lithium-ion Battery Market:
- The Lithium-ion Battery market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Lithium-ion Battery market during the forecast period (2022–2028).
- The report outlines the current market trends and future scenario of the global Lithium-ion Battery market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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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
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
- North America 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 Country
- U.S. Market Analysis, Insights and Forecast – By Application
- Consumer Electronics
- Automotive
- Energy Storage System
- Industrial
- Others
- Canada Market Analysis, Insights and Forecast – By Application
- Consumer Electronics
- Automotive
- Energy Storage System
- Industrial
- Others
- U.S. Market Analysis, Insights and Forecast – By Application
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