Portland, OR, July 25, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Lithium-ion Battery Market by Component (Cathode, Anode, Electrolyte, Separator, Others), by Capacity (0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh, 100,000 mAh and above), by Application (Electrical and Electronics, Automotive, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the lithium-ion battery market was valued at $46.2 billion in 2022 and is estimated to reach $189.4 billion by 2032, exhibiting a CAGR of 15.2% from 2023 to 2032.
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Prime Determinants of Growth-
The global lithium-ion battery market is driven by factors such as growth in demand for electric vehicles (EVs), consumer electronics proliferation, an increase in energy storage installations, advancements in battery technology, and renewable energy integration. However, the inflated cost and safety concerns related to lithium-ion batteries restrict market growth. Moreover, the increase in investments in renewable energy industries and the development of emerging countries present new opportunities in the coming years.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $46.2 Billion |
| Market Size in 2032 | $189.4 Billion |
| CAGR | 5.8% |
| No. of Pages in Report | 444 |
| Segments Covered | Component, Capacity, Application, and Region |
| Drivers | Growth in demand for electric vehicles (EVs) |
| Consumer electronics proliferation | |
| Increase in energy storage installations | |
| Advancements in battery technology | |
| Renewable energy integration | |
| Opportunities | Renewable Energy Storage |
| Electric vehicle penetration in emerging markets | |
| Restraints | High cost |
| Safety concerns |
Russia-Ukraine War Impact Scenario:
- A global recession in 2023 is expected to have significant implications for the lithium-ion battery market. During an economic downturn, there is typically a decrease in consumer spending, reduced business investments, and an overall slowdown in economic activity.
- These factors are expected to directly impact the demand for lithium-ion batteries across various sectors, which include military, defense, marine, and offshore applications.
- The first major impact is a potential slowdown in market growth. Economic uncertainty during a recession often results in companies holding back on investments and prioritizing cost-cutting measures. This may lead to supply constraints and potential price fluctuations in the market.
- The Russia-Ukraine war has the potential to significantly impact the lithium-ion battery market. Ukraine plays a crucial role in the global supply chain for critical minerals and metals used in battery manufacturing, including lithium, cobalt, and nickel.
- If the conflict disrupts mining operations or transportation routes in Ukraine or neighboring countries, it could lead to a shortage of these key raw materials, causing increased prices and supply constraints for lithium-ion batteries. Moreover, the geopolitical uncertainty resulting from the conflict may dampen investor confidence and decision-making in the battery sector.
- This is projected to slow down the expansion of battery production capacity and delay investment in new battery technologies.
- The European Union, a major market for electric vehicles and lithium-ion batteries, could be particularly affected if economic sanctions or trade disruptions arise from the conflict, potentially causing supply chain disruptions and delays in battery deployments.
- On the positive side, the tensions could prompt countries and industries to accelerate efforts to diversify energy sources and reduce dependence on fossil fuels, driving investments in renewable energy, energy storage systems, and alternative battery technologies.
The cathode segment to maintain its leadership status throughout the forecast period-
Based on component, the cathode segment held the highest market share in 2022, accounting for nearly half of the global lithium-ion battery market revenue, and is estimated to maintain its leadership status throughout the forecast period. The global shift towards electric mobility has driven the cathode market, with lithium-ion batteries crucial for vehicle range, charging speed, and performance. High-performance materials with improved energy density and longer lifespans are needed, with manufacturers developing advanced materials for storage capacity, safety, and reliability. However, the electrolyte segment is projected to manifest a CAGR of 16.4% from 2023 to 2032. Electric vehicles (EVs) and portable electronic devices increase demand for lithium-ion batteries, driving growth in the electrolyte market. Manufacturers focus on innovative solutions, safety, and stability, including solid-state electrolytes, to cater to evolving market needs.
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The 3,000-10,000 mAh segment to maintain its leadership status throughout the forecast period-
Based on capacity, the 3,000–10,000 mAh segment held the highest market share in 2022, accounting for more than two-fifths of the global lithium-ion battery market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is driven by technological advancements, government policies, and cost reductions. Increased energy storage in residential and commercial buildings creates market development opportunities. However, the 100,000 mAh and above segment is projected to manifest a CAGR of 15.9% from 2023 to 2032. The demand for higher-capacity lithium-ion batteries is driven by growing interest in electric vehicles and sustainable power sources. Advancements in battery technology, such as higher energy density and efficiency, enable more efficient and powerful electric vehicles. This trend aligns with the global shift towards eco-friendly transportation solutions.
The automotive application segment to maintain its leadership status throughout the forecast period-
Based on application, the automotive segment held the highest market share in 2022, accounting for nearly three-fifths of the global lithium-ion battery market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increased government policies and awareness among the public regarding the advantages of the utilization of electric vehicles have boosted the demand for the automotive industry. The increase in the demand for EVs in the automotive industry has a significant impact on the lithium-ion battery market. However, the others segment is projected to manifest a CAGR of 16.1% from 2023 to 2032. This is due to electrification of defense vehicles and renewable energy integration in marine and offshore applications. Technological advancements, government initiatives, and market investments contribute to their growth.
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Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global lithium-ion battery market revenue, and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 15.7% from 2023 to 2032. The government initiatives in Asia-Pacific towards the construction of renewable power generation and electric vehicle infrastructure have created a demand for lithium-ion batteries for energy storage solutions, positively impacting the market.
Leading Market Players: -
- BYD Co., ltd.
- A123 Systems LLC
- Hitachi, ltd.
- Catl
- LG chem
- Panasonic corporation
- Saft Groupe s.a.
- Samsung sdi co., ltd.
- Toshiba Corporation.
- GS Yuasa international ltd.
The report provides a detailed analysis of these key players in the global lithium-ion battery market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to highlight the competitive scenario.
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