The global lithium-ion battery market size is expected to hit around US$ 387.05 billion by 2032 from USD 70 billion in 2022 with a CAGR of 18.70% from 2023 to 2032.
The lithium-ion batteries numerous advantages, such as low cost and long shelf life, are creating new opportunities for the lithium-ion battery market to flourish. The market is also developing due to the increasing adoption of consumer electronics. Lithium-ion battery demand is expanding in the global market due to the need and necessity for lithium-ion battery in industrial items.
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The increasing renewable energy sector is another element driving the lithium-ion battery market forward. The government is continually investing in energy and infrastructure development projects, which is assisting in the growth and development of the lithium-ion battery market. For the advancement of the lithium-ion battery industry, most of the leading market players are partnering with government bodies.
Regional Snapshot
Asia-Pacific is the largest segment for lithium-ion battery market in terms of region. The spike in demand for tablets and smartphones in rising nations like as Japan, China, and India is driving the Asia-Pacific lithium-ion battery market. The increased disposable income and increased consumer knowledge about lithium-ion batteries in the market are two major factors driving the growth of the lithium-ion battery market in Asia-Pacific region.
North America region is the fastest growing region in the lithium-ion battery market. The U.S. is dominating the lithium-ion battery market in the North America region. The factors such as increased sales of electric vehicles and automobiles throughout the area as well as rising demand for lithium-ion batteries for mobile phones are propelling the lithium-ion battery market in North America region.
Report Coverage | Details |
Market Size by 2032 | USD 387.05 Billion |
Growth Rate from 2023 to 2032 | CAGR of 18.9% |
Asia Pacific Market Share in 2022 | 47% |
CAGR of Lithium Cobalt Oxide (LCO) Segment | 16.5% from 2023 to 2032 |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Segments Covered | Product, Application, Capacity, Voltage, Component, Region |
Companies Mentioned | Panasonic Corporation, BYD Company, Samsung SDI, LG Chem, Contemporary Amperex Technology Co. Ltd, Saft Group S.A., Toshiba Corporation, BAK Power, Automotive Energy Supply Corporation, A123 System |
Report Highlights
Market Dynamics
Drivers
Reduced cost of lithium-ion batteries
The price of lithium-ion battery is quite low as compared to other types of batteries. The lithium-ion battery is efficient in nature. There is surge in adoption of lithium-ion battery due to technological developments. Thus, this has resulted in the growing adoption of lithium-ion batteries in every vertical of industries. As a result, the reduced cost of lithium-ion batteries is driving the growth of the global lithium-ion battery market.
Restraints
High production demand
The demand for lithium-ion battery is increasing at a rapid pace. The demand for lithium-ion battery has resulted into growing need for supply of lithium-ion battery in the market on a large scale. But due to high demand, the production of lithium-ion battery is also becoming crucial. Thus, high production demand is restricting the expansion of the global lithium-ion battery market over the projected period.
Opportunities
Growing demand for electric vehicles
The demand for electric vehicles is increasing at a large scale due to the surge in the cost of the fossil fuels. The lithium-ion battery is used to run electric vehicles. The electric vehicles help in the reduction of pollution level and greenhouse gases emissions. Thus, the growing adoption of electric vehicles resulted in growing demand for lithium-ion battery in the market. As a result, this factor is creating lucrative opportunities for the growth of the lithium-ion battery market.
Challenges
Surge in demand for other types of batteries
The other types of batteries which are used instead of lithium-ion batteries are sodium nickel chloride, lead acid batteries, flow batteries, and lithium-air batteries. These batteries are largely used in the vehicles and consumer electronics. Several key market players have started adopting these kinds of batteries. Thus, surge in demand for other type of batteries is a major challenge for the growth of the lithium-ion battery market.
Recent Developments
Market Segmentation
By Product
By Application
By Component
By Capacity
By Voltage
By Geography
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