Lithium-ion Battery Market Size & Share, by Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC); Lithium Iron Phosphate (LFP); Lithium Cobalt Oxide (LCO)); Component (Cathode, Anode, Electrolyte, Separator); Capacity (0-3,000 mAh, 3,000-10,000mAh, 10,000-60,000 mAh, 100,000 mAh); Application (Electrical and Electronics, Automotive, Industrial) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 1313
  • Published Date: Sep 04, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Lithium-ion Battery Market size is poised to cross USD 479 Billion by the end of 2035, growing at a CAGR of 19% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of lithium-ion battery was over USD 48 Billion. The increasing adoption of the lithium-ion battery industry in the renewable energy sector is boosting market growth. In 2021, the US was able to manufacture 44 GWh of lithium-ion batteries.

Also, many countries are consuming lithium-ion batteries at a higher rate. As a result of its rapidly growing electronics and electric car industries, China is the world's biggest user of lithium.


Lithium Ion Battery Market size
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Lithium-ion Battery Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand for Smartphones – Smartphones' demand for lithium-ion batteries has increased dramatically. According to smartphone suppliers, around 1.39 billion cell phones were sold globally in 2022. The growth can be accredited to the prolonged shelf life and improved efficiency.
  • Growing Government Initiatives – The ambitious "zero carbon" goals established by governing bodies throughout the world have increased demand for EVs and, as a result, for lithium-ion batteries, a vital part of electric car strength systems. According to the UN, more than 70 nations have established a net-zero target, which accounts for nearly 76% of global emissions and includes the three greatest polluters: China, the United States, and the European Union.
  • Enlargement of Renewable Electricity Sources – Effective electricity storage solutions are required due to the expansion of renewable electricity sources like solar and wind energy. In order to maintain grid stability, lithium-ion batteries are crucial for storing the electricity produced by these sources.

Challenges

  • Environmental Challenges - One of the main issues is the concern over the environmental impact of lithium extraction, handling, and disposal as well as the production process itself.  
  • Risk of Thermal Runaway
  • Higher Costs of the Batteries

Lithium-ion Battery Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~ 19%

Base Year Market Size (2022)

 ~ USD 48 Billion

Forecast Year Market Size (2035)

 ~ USD 479 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Lithium-ion Battery Segmentation

Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO))

The lithium cobalt oxide segment is estimated to hold the largest share of 34.4% by 2035 and is anticipated to expand rapidly.  The demand for batteries used in portable electronic devices, computers, digital cameras, and other electronics is steadily increasing. These batteries are also widely used in applications such as automobiles, telecom towers, and home inverters that require an uninterrupted power supply. This adoption is driving the market growth.

Component (Cathode, Anode, Electrolyte, Separator)

The cathode segment in the lithium-ion battery market is expected to hold the largest share during the forecast period, expanding at a rate of 15.5%. One of the major reasons for the growth in the cathode market is the worldwide trend toward electric mobility. This has led to a rise in demand for cathode materials that provide high performance, improved energy density, and longer lifespans in order to meet the increasing demand for electric vehicles.

Our in-depth analysis of the global market includes the following segments:

          Type

  • Lithium Nickel Manganese Cobalt Oxide (LI-NMC)
  • Lithium Iron Phosphate (LFP)
  • Lithium Cobalt Oxide (LCO)

          Component

  • Cathode
  • Anode
  • Electrolyte
  • Separator

          Capacity

  • 0-3,000 mAh
  • 3,000-10,000mAh
  •  10,000-60,000 mAh
  •  100,000 mAh

          Application

  • Electrical and Electronics
  •  Automotive
  •  Industrial

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Lithium-ion Battery Industry - Regional Synopsis

APAC Market Forecast

Asia Pacific lithium-ion battery market is expected to hold the largest share of 48% by 2035. The growth can be attributed to the increased sales of EVs in the region. In 2020, China was the biggest market for electric vehicles (EVs), selling around 1.12 million battery electric vehicles (BEVs), according to the China Association of Automobile Manufacturers (AMMA). It is anticipated that China will continue to be the largest electric car market globally during the projected period. Lithium-ion companies will likely invest heavily in China and India in the coming years due to rising demand for consumer electronics from the growing middle-class population.

North American Market Statistics

The lithium-ion battery market is anticipated to grow at a CAGR of 26% during the forecast period. The region is the second largest consumer of batteries owing to increased manufacturing activities. The United States boasts a robust manufacturing infrastructure for lithium-ion batteries, including numerous battery manufacturers and research and development facilities dedicated to battery technologies. With this infrastructure in place, the U.S. has a competitive advantage in terms of production capacity and technological advancements. These factors are driving the market growth in the region.

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Lithium Ion Battery Market
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Companies Dominating the Lithium-ion Battery Landscape

top-features-companies
    • Seimens
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Lyten, Inc
    • Yoshino Technology
    • Ascend Elements
    • Ola Electric

In-the-news

In The News

  • Ascend Elements, a company based in the US that specializes in battery recycling and engineering materials, has recently announced a collaboration agreement with Honda Motor Co. Ltd. The partnership aims to ensure a stable and sustainable supply of recycled lithium-ion battery materials for Honda's electric vehicles in North America.
  • Ola Electric has revealed its intention to establish a manufacturing plant for cells that will power its lithium-ion (Li-ion) batteries. This battery manufacturing facility will be located in a new integrated plant near Bengaluru, India, that will also produce the company's e-scooters.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 1313
  • Published Date: Sep 04, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for smartphones, growing government initiatives, and enlargement of renewable electricity sources are driving market growth.

The market size of lithium-ion battery is anticipated to attain a CAGR of 19% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Seimens, Lyten, Inc, Yoshino Technology, Ascend Elements, Ola Electric, Hyundai Motor Group, Panasonic Holdings Corporation, Itochu Corporation, Suzuki Motor Corporation, TOSHIBA CORPORATION and others.

The Lithium cobalt oxide segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Lithium-ion Battery Market Report Scope
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