Global Lithium-Ion Battery Market Size To Grow USD 273.8 Billion by 2030 | CAGR of 19.3%: Spherical Insights

New York, United States, March 20, 2023 (GLOBE NEWSWIRE) -- Global Lithium-Ion Battery Market worth $273.8 Billion by 2030

According to a research report published by Spherical Insights & Consulting, The Global Lithium-Ion Battery Market Size to Grow from USD 65.9 Billion in 2021 to USD 273.8 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 19.3% during the forecast period.

Key Insights

• The Lithium-Ion Battery Market Size was valued at USD 65.9 Billion in 2021.
• The Market is Growing at a CAGR of 19.3% from 2021 to 2030
• The Worldwide Lithium-Ion Battery Market is expected to reach USD 273.8 Billion by 2030

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Lithium-ion batteries are a widely recognized rechargeable battery substitute for a variety of applications such as portable gadgets, vehicles, and stationary applications that require a continuous power source. Researchers are striving hard to increase the power density, efficiency, battery life, recharge time, cost, flexibility, and other properties of these batteries, as well as research methodologies and applications. The increasing use of electric mobility and battery electric vehicles (BEVs) has increased lithium-ion battery use that is projected to surge even more rapidly in the future.

Low operating costs, low self-discharge rate, and small construction footprint are some of the primary forces supporting lithium-ion battery widespread adoption in smart grid and energy storage systems. Many companies are conducting research and development to create more durable and reliable lithium-ion batteries.

Browse key industry insights spread across 200 pages with 100 market data tables and figures & charts from the report on the "Global Lithium-Ion Battery Market Size, Share, and COVID-19 Impact Analysis, By Type (Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Nickel Cobalt Aluminum Oxide (LI-NCA), Lithium Titanate (LTO)), By Capacity (0 to 3,000 mAh, 3,000 to 10,000 mAh, 10,000 to 60,000 mAh, 60,000 mAh and Above), By End-Use (Automotive, Aerospace, Marine, Medical Devices, Industrial, Power, Telecommunication, Consumer Electronics, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/lithium-ion-battery-market

The lithium cobalt oxide segment accounted the largest market share over the forecast period.

On the basis of type, the global lithium-ion battery Market is segmented into lithium iron phosphate, lithium cobalt oxide, lithium nickel manganese cobalt oxide, lithium nickel cobalt aluminum oxide, lithium titanate. Among these, the lithium cobalt oxide segment dominates the market and will continue to do so during the projection period. Because of their high energy density, high safety level, and broad use, lithium-ion batteries are in high demand for applications such as smartphones, tablets, laptops, and cameras.

The 3,000 to 10,000 mAh segment is dominating the market with the largest revenue share over the forecast period.

On the basis of application, the global lithium-ion battery Market is segmented into 0 to 3,000 mAh, 3,000 to 10,000 mAh, 10,000 to 60,000 mAh, 60,000 mAh and above. Since high capacity batteries have applications in a variety of industries including as consumer electronics, electric vehicles, power equipment, and aerospace, the 3,000 to 10,000 mAh category dominates the market with the biggest revenue share of 53.8% over the projection period.

The consumer electronics segment accounted the largest revenue share of more than 46.2% over the forecast period.

On the basis of end use, the global lithium-ion battery Market is segmented into automotive, aerospace, marine, medical devices, industrial, power, telecommunication, consumer electronics, and others. Among these, the consumer electronics segment accounted the largest revenue share of over 46.2% over the forecast period. The ongoing improvement of the consumer electronics sector has resulted in an increase in the use of lithium ion batteries in many applications. They offer various advantages, including increased rated power, lower emissions, and superior reliability.

Lithium-Ion Battery Market Report Scope: -

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Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific is dominating the market with more than 47.6% market share over the forecast period. Since Asia Pacific has developed as a global manufacturing powerhouse, the utilization of lithium-ion battery-powered tools has grown. The rising electric car sector in Asia Pacific nations such as India and China is one of the key drivers driving up the demand for lithium-ion batteries.

Key Market Developments

• In February 2023, Evonik announced that it will expand its fumed aluminum oxide production unit in Yokkaichi, Japan. The facility will concentrate on the development of specialized solutions for lithium-ion battery technology, which is utilized in electric vehicles.

• In March 2023, Honda and LG Energy Solution held the official groundbreaking ceremony for a new joint venture EV battery plant in Fayette County, near Jeffersonville, Ohio, measuring more than 2 million square feet. The joint venture will supply lithium-ion batteries with cutting-edge technology to help Honda's plans to produce battery-electric vehicles (EV) in North America. By the end of 2025, the company intends to begin mass production of pouch-type lithium-ion batteries, which will be supplied exclusively to Honda car factories producing EVs for North American sales.

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Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global lithium-ion battery market based on the below-mentioned segments:

Lithium-Ion Battery Market, Type Analysis

• Lithium Iron Phosphate (LFP)
• Lithium Cobalt Oxide (LCO)
• Lithium Nickel Manganese Cobalt Oxide (LI-NMC)
• Lithium Nickel Cobalt Aluminum Oxide (LI-NCA)
• Lithium Titanate (LTO)

Lithium-Ion Battery Market, Capacity Analysis

• 0 to 3,000 mAh
• 3,000 to 10,000 mAh
• 10,000 to 60,000 mAh
• 60,000 mAh and Above

Lithium-Ion Battery Market, End-User Analysis

• Automotive
• Aerospace
• Marine
• Medical Devices
• Industrial
• Power
• Telecommunication
• Consumer Electronics
• Others

List of Key Market Players

• Honda Automobile Co., Ltd.
• Hyundai Motor
• Samsung SDI Co., Ltd.
• Hitachi Astemo, Ltd.
• NXP Semiconductors N.V.
• Proterial, Ltd.
• Contemporary Amperex Technology Co., Limited.
• Mikuni Corp.
• Dana Incorporated
• Eaton Corporation
• Faurecia SE
• Gentherm Inc.
• Tesla
• Visteon Corporation
• BYD Company Ltd.
• Norsk Hydro ASA
• Bharat Electronics Limited (BEL)
• Duracell, Inc.
• Sensata Technologies, Inc.
• TE Connectivity Ltd.
• ZF Friedrichshafen AG
• LG Chem
• Panasonic Holding Corporation
• General Electric
• Renault Group
• Johnson Controls
• A123 System
• Okaya Power Group
• TDS Lithium-Ion Battery Gujarat Private Limited
• Telemax India Industries Pvt. Ltd.

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About the Spherical Insights 

Spherical Insights is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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