Wilmington, Delaware, United States, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global lithium-ion battery market size was valued at US$ 21.3 Bn in 2021. The global market is likely to rise at a CAGR of 10.8% during the forecast period, from 2022 to 2031. The global lithium-ion battery market is anticipated to attain valuation of US$ 57.9 Bn by 2031. Since the popularity of electric vehicles, such as electric bikes and electric cars, has risen, there has led to a considerable rise in the lithium-ion battery market growth.
In addition, the usage of consumer electronics products that employ lithium-ion cells, including laptops and mobile phones has caused a sharp increase in the utilization of lithium-ion batteries. In addition, lithium-ion batteries are also now recognized as the industry standard for any device using a portable rechargeable battery due to its capacity to be recharged. Due to regional governments' attempts to promote the usage of electric cars, the lithium-ion battery market in Asia Pacific is anticipated to develop at the rapid pace during the forecast period.
Asia Pacific is anticipated to lead the global lithium-ion battery market in terms of geographical penetration. The main markets for electric vehicles in the Asia Pacific are considered to be in Japan and China. Additionally, it is anticipated that the regional demand for consumer electronics will increase, which is expected to present lucrative growth opportunities to the top lithium battery manufacturers in China. This includes smartphones and many other electronic gadgets that make use of lithium-ion batteries.
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Key Findings of Market Report
- As the use of electric vehicles rises, demand for lithium-ion battery is anticipated to grow quickly. Due to its higher energy density per unit mass in compared to other electrical energy storage technologies, lithium-ion batteries are getting more and more popular with the rising demand for electric vehicles. They also function very well at high temperatures and have low self-discharge, high power to weight ratio, as well as exceptional energy efficiency.
- Since lithium is non-toxic and totally recyclable, and as it has a faster charging speed than other types, lithium-ion batteries have a minimal environmental effect. In addition, due to their low rate of self-discharge, these batteries have prolonged lifespan, which is expected to fuel growth of the global lithium-ion battery market. With the right care and maintenance, this lifespan can further be extended, which is anticipated to present considerable growth opportunities to the lithium battery manufacturers & suppliers.
- Due to its widespread application in consumer electronic devices such as laptops, cameras, and mobile phones, the LCO market category is anticipated to have a leading market share during the forecast timeframe. Due to its rising usage in applications needing a lot of power, the market for lithium iron phosphate is also anticipated to expand throughout the time of the projection.
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Lithium-ion Battery Market: Growth Drivers
- Lithium-ion batteries are utilised by a number of end-use businesses, with the automotive industry predicted to observe the highest rate of growth due to rising use of electric vehicles. Automotive industry is also expected to account for a considerable lithium-ion battery market share. These days, more people are becoming increasingly aware about the advantages of battery-powered automobiles.
- Due to the rising demand for consumer electronics including laptops, smartphones, and other devices, the consumer electronics category is anticipated to expand rapidly during the forecast timeframe.
Lithium-ion Battery Market: Key Competitors
Some of the key market players are
- Murata Manufacturing Co. Ltd
- BYD Company Limited
- Amperex Technology Limited
- Maxell Holdings, Ltd
- Samsung SDI Co. Ltd
- A123 Systems LLC.
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Lithium-ion Battery Market: Segmentation
Product Type
- Lithium Iron Phosphate (LFP)
- Lithium Cobalt Oxide (LCO)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Titanate Oxide (LTO)
End Use
- Consumer Electronics
- Automotive
- Aerospace
- Marine
- Medical
- Industrial
- Power
- Telecommunication
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