Tokyo, Japan, May 17, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Lithium-Ion Battery Market Information by Type, Capacity, Voltages, Industry and Region - Forecast till 2030”, Lithium-Ion Battery Market could thrive at a rate of 4.72% between 2022 and 2030. The market size will be reaching around USD 118.15 Billion by the end of the year 2030
Lithium-Ion Battery Market Synopsis
The lithium-ion battery market is a rapidly growing market due to the increasing demand for portable electronic devices, electric vehicles, and energy storage systems. Lithium-ion batteries are a type of rechargeable battery that has become the preferred energy storage solution due to their high energy density, long lifespan, and low self-discharge rate.
One of the main drivers of the lithium-ion battery market is the increasing demand for electric vehicles (EVs). As governments around the world set targets to reduce carbon emissions and improve air quality, the demand for EVs is expected to increase significantly. Lithium-ion batteries are the preferred battery technology for EVs due to their high energy density and long lifespan, and this is expected to drive the growth of the lithium-ion battery market.
Lithium-Ion Battery Market Competitive Landscape:
The affluent companies in the Lithium-Ion Battery industry include
- Panasonic Sanyo
- Automotive Energy Supply Corporation (AESC)
- LG Chem.
- SAMSUNG SDI Co.
- Li-Tec Battery GmbH
- Toshiba
- Daimler Truck
- A123 Systems
- GS Yuasa
- Among others.
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Report Scope:
| Report Metric | Details |
| Revenue Forecast in 2030 | USD 118.15 billion |
| Growth Rate | CAGR of 4.72%from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Increasing sales of electric cars to combat climate change |
| Key Market Drivers | Increased use of batteries in energy storage and grid systems |
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September 2021
A Joint Development Agreement (JDA) was signed by Toshiba Corporation, Sojitz Corporation, and CBMM, to commercialize the next-generation lithium-ion batteries that use niobium titanium oxide as anode material
May 2021
Daimler Truck AG and CATL announced an expansion of their current relationship to achieve CO2-neutral electric transportation. As a supplier, CATL will provide Li-ion battery packs for the Mercedes-Benz eActros Longhaul battery-electric truck, which is set to be produced in series by 2024.
Market USP Covered:
Market Drivers:
One of the main drivers of the lithium-ion battery market is the increasing demand for renewable energy storage systems. With the growing adoption of renewable energy sources such as wind and solar, there is an increasing need for energy storage solutions that can store excess energy generated during periods of high production and release it during periods of low production. Lithium-ion batteries are a preferred solution due to their high energy density and ability to charge and discharge quickly, making them ideal for energy storage applications. This trend is expected to drive the growth of the lithium-ion battery market, particularly in regions with high adoption rates of renewable energy.
Market Restraints:
One of the main restraints of the lithium-ion battery market is the high cost of production. Lithium-ion batteries require rare and expensive raw materials such as lithium, cobalt, and nickel, which can significantly increase the cost of production. The volatile pricing of these raw materials can also impact the cost of lithium-ion batteries. Additionally, the high cost of lithium-ion batteries can make them less accessible for consumers, which may limit the adoption of electric vehicles and renewable energy storage systems.
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COVID 19 Analysis
In the early stages of the pandemic, the lithium-ion battery market experienced a temporary slowdown as manufacturing facilities and supply chains were disrupted due to lockdowns and restrictions on movement. However, as the pandemic progressed, the lithium-ion battery market began to recover, driven by increased demand for home energy storage systems and the continued growth of the electric vehicle market. One of the positive impacts of the COVID-19 pandemic has been the increasing demand for home energy storage systems. With more people working and studying from home, there has been a growing need for reliable backup power systems that can provide power during power outages or periods of high energy demand. Lithium-ion batteries are well-suited for this application due to their high energy density and fast charging times, and this has helped to drive the demand for home energy storage systems.
Market Segmentation
By Type
The types in the market include Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Nickle Cobalt Aluminum Oxide, and Lithium Titanate Oxide.
By Capacity
By capacity, the segment includes 0- 3000 mAh, 3000-10000 mAh, 10000-60000 mAh, 60000 mAh and Above
By Voltage
By voltage, the segment includes Low (below 12V), Medium (below 12V-36V), and High (Above 36V)
By Industry
By industry, the segment includes Automotive, Aerospace Consumer Electronics, Marine, Industrial, Power, Telecommunication, and Medical
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Regional Insights
In North America, the United States and Canada are the largest markets for lithium-ion batteries. The region has a well-developed electric vehicle market and is home to several leading electric vehicle manufacturers, which is driving the growth of the lithium-ion battery market. Additionally, there is growing demand for energy storage systems in the region, particularly in California and Hawaii, which are experiencing high adoption rates of solar power.
In Europe, Germany, France, and the United Kingdom are the largest markets for lithium-ion batteries. The region has ambitious targets for reducing greenhouse gas emissions and is investing heavily in renewable energy and electric vehicles. This is driving the growth of the lithium-ion battery market in Europe, particularly in the automotive and energy storage sectors.
In the Asia Pacific region, China, Japan, and South Korea are the largest markets for lithium-ion batteries. The region has the largest electric vehicle market in the world, with China being the largest market for electric vehicles globally. This, coupled with the increasing demand for renewable energy storage systems, is driving the growth of the lithium-ion battery market in the region.
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