Lithium-ion Battery Market Is Expected To Reach a Revenue Of USD 470.5 Bn By 2033, At 21.0% CAGR: Dimension Market Research

Projections suggest a substantial surge, within the global lithium-ion battery market as it is expected to show noteworthy growth by reaching USD 470.5 billion by 2033

Hamilton Square, April 16, 2024 (GLOBE NEWSWIRE) — Overview

The Lithium-ion Battery Market size is expected to reach USD 84.3 billion by 2024 and is further anticipated to reach USD 470.5 billion by 2033 at a CAGR of 21.0%

The market of the global lithium-ion battery is spectacularly spread across the industrial sectors all over the globe beginning from consumer electronics, to the automotive industry, and energy storage systems. Asia Pacific is the top performer in this regard due to its advanced industrial base, supported by the automotive and electronics sectors. By contrast, North America and Europe will experience an increase in growth at an incredible speed because of the launch of official programs and environmental regulations. Sustainable growth is driven by technology, exploration, and research that together accelerate the adoption of EVs and renewable energy.

Important Insights

  • Market Size: The global lithium-ion battery market is expected to show noteworthy growth by reaching USD 470.5 billion by 2033 at a CAGR of 21.0%, commencing from its 2024 market value of USD 84.3 billion.
  • Product Segment Analysis: Lithium Cobalt Oxide (LCO) leads the lithium-ion battery market with a 32.7% share in 2024, due to its high energy density and excellent life cycle, ideal for compact electronic devices.
  • Component Segment Analysis: The cathode segment commands over half of the lithium-ion battery market share, crucial for energy conversion and overall battery performance. 
  • Power Capacity Segment Analysis: Lithium-ion batteries ranging from 3,000 to 10,000 mAh are anticipated to dominate the market, balancing size and power for various consumer electronics, meeting modern device needs while emphasizing portability and prolonged usage.
  • Application Segment Analysis: Consumer electronic products are projected to lead the lithium-ion battery market with a 33.2% share in 2024, driven by the proliferation of portable devices like smartphones and wearables, where lithium-ion batteries offer long-lasting performance and versatility.
  • Regional Analysis: Asia Pacific dominates the lithium-ion battery market with a 48.5% share in 2024, driven by robust production facilitated by skilled workers and advanced technology, led by major players China, Japan, and South Korea.

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Latest Trends

  • Rise of Electric Vehicles (EVs): Increasing adoption of EVs drives demand for lithium-ion batteries, spurring innovation in battery technology and manufacturing processes.
  • Energy Storage Solutions: The growing focus on renewable energy storage solutions boosts demand for lithium-ion batteries in residential, commercial, and grid-level applications.
  • Advancements in Battery Chemistry: Research into new materials and chemistries improves battery performance, improving energy density, cycle life, and safety of lithium-ion batteries.
  • Supply Chain Resilience: Efforts to diversify raw material sourcing reduce dependency on specific regions and improve the resilience of the lithium-ion battery supply chain.

Lithium-ion Battery Market: Competitive Landscape

  • Some of the major and established companies in this market such as Panasonic, LG Chem, Samsung SDI, and CATL reign over the lithium-ion battery market by their huge emphasis on research and development, advanced manufacturing, and continuous capacity expansion in order to satisfy the growing demand for the lithium-ion battery into different sectors of industry.
  • Industrial collaboration with start-ups, electric car manufacturers, and sustainable energy enterprises aims at technology advancement and the development of new products. Environmental laws entail the investment in sustainable technologies which keeps the market innovative and makes it challenging.

Some of the prominent market players:

  • BYD Company Ltd.
  • LG Chem
  • Contemporary Amperex Technology Co. Ltd
  • Samsung SDI Co. Ltd.
  • Panasonic Corporation
  • BAK Power
  • Clarios
  • Toshiba Corporation
  • Hitachi Ltd.
  • Automotive Energy Supply Corporation
  • Duracell Inc
  • Saft Group S.A.
  • Other Key Players

Lithium-ion Battery Market Scope

Report Highlights Details
Market Size (2024) USD 84.3 Bn
Forecast Value (2033) USD 470.5 Bn
CAGR (2024-2033) 21.0%
Asia Pacific Revenue 48.5%
Historical Data 2018 – 2023
Forecast Data 2024 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Product, By Component, By Power Capacity, By Voltage, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

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Market Analysis

Lithium cobalt oxide (LCO) is forecasted to maintain its dominant position in the global lithium-ion battery market in the context of products with a 32.7% market share in 2024. Unlike others, Lithium cobalt oxide stands out for its high energy density and strong construction, and it would adapt itself to any use cases that require an adaptation of the design to a compact structure. Researchers are now focusing on these areas and need to search for alternatives that will help reduce cobalt dependency and will also find ways to maintain high performance. With this metal will always remain in the number one spot irrespective of the effects it might have brought on environmental well-being.

Growth Drivers

  • Electric Vehicle and Renewable Energy Demand: The growing demand for electric-powered vehicles (EVs) and renewable energy storage structures drives market growth, propelled by rising environmental concerns and government clean energy initiatives.
  • Technological Advancements: Ongoing technological advances improve energy density and battery management systems, boosting lithium-ion battery overall performance and efficiency.
  • Cost Reduction and Manufacturing Improvements: Economies of scale and production improvements bring about declining battery prices, making lithium-ion batteries extra reachable across diverse industries.
  • Complex Supply Chain Dynamics: Challenges in supply chain logistics, affecting raw fabric availability and battery fire safety, push research and development for alternatives that push the market.

Restraints

  • Raw Material Constraints: Limited availability and fluctuating prices of key materials like lithium and cobalt pose challenges for stable battery production and pricing.
  • Safety Concerns: Incidents of battery fires and thermal runaways have been increasing safety concerns, leading to regulatory scrutiny and potential market setbacks.
  • Environmental Impact: Environmental issues surrounding battery disposal and recycling methods necessitate sustainable solutions, adding complexity and cost to battery lifecycle management.
  • Technological Limitations: Current limitations in energy density and charging speed hinder widespread adoption of these batteries, requiring further innovation to overcome performance barriers.

Growth Opportunities

  • Electric Vehicle Expansion: Continued growth in electric-powered vehicle adoption offers a sizable demand for lithium-ion batteries, using market enlargement and innovation.
  • Renewable Energy Integration: Increasing reliance on renewable energy sources creates possibilities for lithium-ion batteries as storage solutions, supporting grid stability and energy management.
  • Portable Electronics Market: Growth in consumer electronics, such as smartphones and laptops, fuels demand for compact and high-performance lithium-ion batteries.
  • Energy Storage Systems: The rising deployment of energy storage systems for residential, commercial, and industrial applications drives the demand for lithium-ion batteries, offering opportunities for market growth.

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Lithium-ion Battery Market Segmentation

By Product

  • Lithium Cobalt Oxide (LCO)
  • Lithium Iron Phosphate (LFP)
  • Lithium Nickel Cobalt Aluminum Oxide (NCA)
  • Lithium Manganese Oxide (LMO)
  • Lithium Titanate
  • Lithium Nickel Manganese Cobalt (LMC)

By Component

  • Cathode
  • Anode
  • Separator
  • Electrolytic Solution
  • Aluminum Foil
  • Copper Foil
  • Others

By Power Capacity

  • Below 3,000 mAh
  • 3,000–10,000 mAh
  • 10,000–60,000 mAh
  • 60,000 mAh and Above

By Voltage

  • Low (Below 12V)
  • Medium (12V – 36V)
  • High (Above 36V)

 By Application

  • Consumer Electronics
  • Smartphones 
  • Laptops
  • UPS Systems
  • Activity Trackers
  • Others
  • Automotive
  • Cars, Buses, & Trucks
  • Scooters & Bikes
  • Trains & Aircraft
  • Industrial
  • Heavy Industrial Equipment
  • Medical
  • Marine 
  • Others
  • Energy Storage Systems
  • Others

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Regional Analysis

Asia Pacific is projected to hold the highest position in the lithium-ion battery market with 48.5% of the industry in 2024 due to the favorable production conditions and well-versed professionals. Among the leading countries in this area, China, Japan, and South Korea, the major Asian countries, are the global leaders in the production of lithium-ion batteries. The manufacturing experience is assisted greatly by the increasing requirements of consumer electronics and electric vehicles. Moreover, in this region, the fast-growing population and urbanization create a proper lane for the sales of gadgets like phones, computers, and smartwatches providing the stimulus for innovation and driving high market demand.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments in the Lithium-ion Battery Market

  • March 2024: a Li-Ion battery manufacturer, RCRS Innovations plans to heavily invest in the expansion where their annual revenues are expected to reach USD 13.7 million this year.
  • February 2024: Epsilon Advanced Materials acquires German tech center, progressing plans for a lithium-ion phosphate cathode plant in India, aimed at reducing reliance on Chinese battery materials.
  • January 2024: LG Energy Solution invests in Arizona startup Sion Power for lithium metal battery technology, showcasing commitment to innovation and leadership in next-generation battery tech.
  • January 2024: Altmin secures a USD 100 million investment for lithium-ion battery innovation in India, launching a 3 GWh plant and forming partnerships, aiming to be a top EV battery producer.
  • March 2023: Winnebago Industries acquires Lithionics Battery, bolstering technological capabilities for outdoor products, ensuring supply chain security, and striving for innovative electrical solutions in recreational and specialty vehicles.
  • March 2023: Equinor Ventures backs Green Li-ion, a Singapore battery recycling firm, pioneering efficient lithium-ion battery recycling tech, aiding environmental sustainability and battery production.
  • May 2023: BASF invests in water-based anode binder production for lithium-ion batteries in China, introducing Licity and Basonal Power binders to boost battery performance, supporting EV market growth.

About Dimension Market Research (DMR):

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

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