GVR Report cover Lithium-ion Battery Market Size, Share & Trends Report

Lithium-ion Battery Market Size, Share & Trends Analysis Report By Product (LCO, LFP, NCA, LMO, LTO, NMC), By Application (Consumer Electronics, Energy Storage Systems, Industrial), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-1-68038-601-1
  • Number of Pages: 150
  • Format: Electronic (PDF)

Report Overview

The global lithium-ion battery market size was valued at USD 41.97 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030. The automobile sector is expected to witness significant growth owing to the rising adoption of electric vehicles. The worldwide registration of electric vehicles is anticipated to increase significantly over the forecast period. The U.S. emerged as the largest market in North America with a revenue share of over 75.0% in 2021. Increasing sales of electric vehicles in the U.S. owing to supportive federal policies, coupled with the presence of market players in the country, are expected to drive the demand for lithium-ion batteries in the U.S. over the forecast period.

U.S. lithium-ion battery market size, by product, 2020 - 2030 (USD Billion)

The federal policies include the American Recovery and Reinvestment Act of 2009, which offer tax credits to consumers for purchasing electric vehicles. The new Corporate Average Fuel Economy standards (CAFE) mandate the fuel economy of passenger cars and light commercial vehicles plying on roads in the U.S., resulting in the surged adoption of electric vehicles in the country. Increasing demand for lithium-ion batteries in smartphones owing to their extended shelf life and enhanced efficiency is expected to drive the market. In addition, increasing demand for electric vehicles owing to growing consumer awareness regarding reducing global carbon emissions is expected to fuel market growth.

In addition, the decline in demand for lead-acid batteries owing to EPA regulations on lead contamination and resulting environmental hazards, coupled with the regulations on lead-acid battery storage, disposal, and recycling, has led to an increase in the demand for lithium-ion batteries in automobiles.  Mexico has been the primary focus of the global automobile industry as companies worldwide are eyeing to invest in the country. It is the fourth-largest exporter in the automobile industry, after Germany, Japan, and South Korea. Growing automobile production in the country is anticipated to drive the demand for lithium-ion batteries.

COVID-19 has been a major restraint to the market growth owing to several factors including reducing operational costs by end-users, coupled with disruption in the availability of spare parts due to sluggish manufacturing activities and logistics issues. Battery providers have taken subsequent steps to ensure their services to end-users who have signed long-term contracts with them. Vendors are opting for digital tools and are following prescribed preventative measures including social distancing norms and the use of protective kits in case of on-site inspection and repair services required by end-users on a case-to-case basis.

Product Insights

The LCO segment accounted for the largest revenue share of over 30.0% in 2021. High demand for LCO batteries in mobile phones, tablets, laptops, and cameras on account of their high energy density and high safety level is expected to augment the market growth over the forecast period. LFP batteries offer excellent safety and a long lifespan to the product. Lithium iron phosphate batteries are projected to become more prominent in portable and fixed applications that demand high load currents and endurance.

Rising demand for NCA on account of its high specific energy, specific power, and long lifespan is expected to augment the market growth over the forecast period. NCA finds use in EV vehicles, medical devices, and industrial applications. Increasing consumption of lithium titanate in various applications including electric powertrains, streetlights, UPS, and solar-powered street lighting is likely to fuel segment growth over the coming years. LTO offers various properties including safety, low-temperature performance, and high lifespan, which is expected to fuel the segment growth over the forecast period.

Application Insights

The consumer electronics segment held the largest revenue share of over 40.0% in 2021. Portable batteries are incorporated in portable devices and consumer electronic products. The applications of portable batteries include mobile phones, laptops, computers, tablets, torches or flashlights, LED lighting, vacuum cleaners, digital cameras, wristwatches, calculators, hearing aids, and other wearable devices. The electric and hybrid electric vehicle market is projected to witness lucrative growth over the forecast period. Growing awareness regarding the benefits of battery-operated vehicles and increasing fossil fuel prices, particularly in Asia Pacific, Europe, and North America, are projected to favor the growth.

Global lithium-ion battery market share, by application, 2021 (%)

Lithium-ion batteries are also utilized for providing backup power supply for commercial buildings, data centers, and institutions. In addition, lithium-ion battery is preferred for energy storage in residential solar PV systems. These factors will boost the growth of the energy storage systems application segment in the forecast period. Lithium-ion batteries are used in numerous industrial applications such as power tools, cordless tools, marine equipment and machinery, agricultural machinery, industrial automation systems, aviation, military and defense, electronics, civil infrastructure, and oil and gas.

Regional Insights

The Asia Pacific led the market with a revenue share of over 40.0% in 2021. The rise in environmental concerns has resulted in China banning conventional fossil fuel-powered scooters from all its major cities to reduce emissions, leading to an increase in the sales of e-scooters in the country. The emergence of Asia Pacific as a global manufacturing hub has resulted in the increased adoption of tools that are powered by lithium-ion batteries. Moreover, the region has the largest population in the world. This results in high sales of consumer electronics such as mobiles and laptops in the Asia Pacific that utilize lithium-ion batteries for their operations.

The growing electric vehicles market in Asia Pacific countries, such as India and China, is one of the major factors that is positively influencing the demand for lithium-ion batteries. The market in Germany is expected to witness reasonable growth over the forecast period owing to the increasing use of lithium-ion batteries in energy storage systems, electric vehicles, and consumer electronics. Germany is the world’s leading market for energy storage systems as well as the development of renewable energies.

Key Companies & Market Share Insights

The market is extremely competitive with key participants involved in R&D and constant product innovation. Several companies are engaged in new product development to improve their global market share. For instance, BYD and Panasonic hold a strong position on account of their increased manufacturing capacities and large distribution network. Some prominent players in the global lithium-ion battery market include:

  • BYD Company Ltd.

  • Duracell Inc.

  • Hitachi, Ltd.

  • Johnson Controls

  • LG Chem

  • Panasonic Corporation

  • Renault Group

  • Samsung SDI Co., Ltd.

  • Tesla

  • TOSHIBA CORPORATION

Lithium-ion Battery Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 48.19 billion

Revenue forecast in 2030

USD 182.53 billion

Growth Rate

CAGR of 18.1% from 2022 to 2030

Base year for estimation

2021

Historical data

2019 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion, volume in GWh, and CAGR from 2022 to 2030

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional Scope

North America; Europe; Asia Pacific; Central and South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Russia; Italy; U.K.; Germany; Spain; France; China; India; Japan; South Korea; Australia; Brazil; Paraguay; Colombia; South Africa; UAE; Egypt; Saudi Arabia

Key companies profiled

GS Yuasa International Ltd.; BYD Company Ltd.; A123 Systems LLC; Hitachi, Ltd.; Johnson Controls; NEC Corporation; Panasonic Corporation; Duracell Inc.; Electrochemist; SK Innovation Co., Ltd; Energizer; CBAK Energy Technology; Tesla; Renault Group; Samsung SDI Co., Ltd.; Toshiba Corporation; LG Chem; Saft; Contemporary Ampere Technology Co., Limited

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global lithium-ion battery market report on the basis of product, application, and region:

  • Product Outlook (Volume, GWh; Revenue, USD Billion, 2019 - 2030)

    • Lithium cobalt oxide (LCO)

    • Lithium iron phosphate (LFP)

    • Lithium Nickel Cobalt Aluminum Oxide (NCA)

    • Lithium Manganese Oxide (LMO)

    • Lithium Titanate (LTO)

    • Lithium Nickel Manganese Cobalt (LMC)

  • Application Outlook (Volume, GWh; Revenue, USD Billion, 2019 - 2030)

    • Automobile

    • Consumer Electronics

    • Industrial

    • Energy Storage Systems

    • Medical Devices

  • Regional Outlook (Volume, GWh; Revenue, USD Billion, 2019 - 2030)

    • North America

      • U.S.

        • Northeast

        • Midwest

        • South

        • West

      • Canada

      • Mexico

    •  Europe

      • Russia

      • Spain

      • France

      • U.K.

      • Germany

      • Italy

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Australia

    • Central and South America

      • Brazil

      • Paraguay

      • Colombia

    • Middle East and Africa

      • South Africa

      • UAE

      • Egypt

      • Saudi Arabia

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