Home Science Global Lithium-ion Battery Market Size Projected to Reach US$ 1,85,040.3 Million by...

Global Lithium-ion Battery Market Size Projected to Reach US$ 1,85,040.3 Million by 2027

Lithium-ion Battery Market
Lithium-ion Battery Market
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Global Lithium-ion Battery Market, analyzed by Astute Analytica, was valued at US$ 60,385.6 Mn in 2021 and is projected to reach US$ 1,85,040.3 Mn by 2027. The market is expected to register a growth at a CAGR of 20.5% during the forecast period 2022-2027. Li-ion batteries are an evolving technology of interest. Small lithium-ion batteries are widely used in portable electronic devices and large lithium-ion batteries have been produced to power EVs. A lithium-ion battery is a rechargeable battery, which utilizes lithium ions as the essential component of its electrochemistry. The lithium-ion batteries have a wide range of applications right from heavy-duty vehicles to smartwatches and other daily used electronic gadgets. They are one of the most popular types of rechargeable batteries for portable electronics, with one of the best energy-to-weight ratios, high open-circuit voltage, low self-discharge rate, no memory effect, and a slow loss of charge when not in use. Beyond consumer electronics, lithium-ion batteries are growing in popularity for the military, electric vehicle, and aerospace applications due to their high energy density. Li-ion batteries with high power and high energy are used for new applications such as electric vehicles, for which safety concern is essential.

Market Dynamics:

Drivers:

The growing impetus of the market is due to factors such as increasing demand for electric vehicles and the rising adoption of consumer electronics. The global appliance and consumer electronics (ACE) market is expected to grow at a CAGR of 12-15% during 2017-2027. Rising disposable income coupled with the need for internet usage has further boosted the demand for smart consumer electronics. Apart from the consumer electronics stream, the lithium-ion battery has major applications in the integration of renewable energy with grid technology, telecommunication, and even aerospace. The increasing adoption of lithium-ion batteries is observed due to their capacity to hold maximum power generating capacity in small size and lighter weight.

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Restraints:

Lithium-ion batteries have a risk of being outcompeted by other advanced technologies such as zinc batteries, flow batteries, and high-temperature batteries among others.

Opportunities:

Rapid growth in adoption of electric vehicles and electronic gadgets equipped with lithium-ion batteries is observed and is projected to rise in the forecast period, thus, leading to the need for recycling of Li-ion batteries. The scarcity of metals and materials used in the manufacturing of Li-ion is also a crucial reason for driving the trend of recycling Li-ion batteries. Moreover, to decrease the dependence on future imports of key raw metals and to escape health and environmental hazards recycling lithium-ion batteries is essential.

Segmental Analysis:

Type Insights:

Based on type, the market is segmented into lithium nickel magnesium cobalt (LI-NMC), lithium ferro phosphate (LFP), lithium cobalt oxide (LCO), lithium titanate oxide (LTO), lithium manganese oxide (LMO) and lithium nickel cobalt aluminum oxide (NCA). Among these, lithium nickel magnesium cobalt (LI-NMC) batteries dominated the market in 2021 as it is one of the most successful cathode combinations.

Power Capacity Insights:

Based on power capacity, the market is segmented into 0-300 mAH; 3,000-10,000 mAH; 10,000-60,000 mAH; and more than 60,000 mAH. Among different capacities of lithium-ion batteries, 3,000 – 10,000 mAH segment hold more than half of the market share as this range is majorly applicable in consumer electronics.

Application Insights:

Based on application, the market is segmented into consumer electronics OEMs, automotive OEMs, energy storage, industrial OEMs, and aftermarket. Among these, the automotive OEMs segment holds the highest share in 2021 and further registers the highest CAGR over the projection period. This is due to the rising adoption of electric vehicles due to environmental concerns.

Design Insights:

In terms of design, the market is categorized into pouch, cylindrical, elliptical, prismatic, and custom design. The cylindrical design of lithium-ion batteries holds nearly 45% of the market share owing to ease in manufacturing and good mechanical stability. The design supports the battery to withstand high internal pressures without deforming.

Regional Insights:

Asia Pacific dominated the global lithium-ion battery market in 2021. Most of the market is held by players from countries like China and India, which have considerable potential for various applications of lithium-ion batteries. Further, Asia Pacific is the highest producer of electric vehicles, which in turn is projected to propel the market growth. Further, Europe registers the highest CAGR over the projection period.

 

Report Attribute Details
Market Size Value in 2021 US$ 60,385.6 Million
Market Outlook for 2027 US$ 1,85,040.3 Million
Expected CAGR Growth 20.5%
Base Year 2021
Forecast Period 2022-2027
Top Market Players LG Chem, BYD Company, Samsung SDI, Panasonic corporation, and CATL among others
Segments Covered By Type, By Power Capacity, By Application, By Form/Design, By Region
Geographies Covered North America, Europe, Asia Pacific, South America, Middle East and Africa
Customization Options Get your customized report as per your preference. Ask for customization

Competitive Insight

The key players in the Global Lithium-ion Battery Market are LG Chem, BYD Company, Samsung SDI, Panasonic corporation, and CATL among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market.

Recent Developments in the Global Lithium-ion Battery Market

  • In December 2020, GS Yuasa Corporation launched the LIM30HL series of industrial lithium-ion battery modules. The battery modules in the LIM30HL series are compatible and feature a higher rated capacity and lower internal resistance while retaining the same dimensions as those of the existing LIM25H series.
  • In September 2020, LG Chem Ltd. and China’s Contemporary Amperex Technology Ltd. (CATL) have built a lithium battery plant in Indonesia with a target to start producing lithium batteries by 2024.
  • In March 2020, BYD Company announced the establishment of five new companies, all under the brand Fudi, to accelerate external sales of new energy vehicle core components, marking the full shift of its lithium-ion battery products from internal supply to marketization.
  • In February 2020Toyota Motor and Panasonic Corporation have joined hands to establish a joint venture specializing in automotive prismatic batteries for electric vehicles (EVs), the JV will be known as Prime Planet Energy & Solutions, Inc. The new company will develop, manufacture, and sell high-capacity output automotive prismatic lithium-ion batteries and develop high-capacity batteries using solid-state cells.
  • In September 2019Tata Chemicals launched a Li-ion battery recycling plant with the objective of commercial recovery of cathode active materials from spent lithium-ion cells/batteries.

Segmentation Overview of the Global Lithium-ion Battery Market

The following are the different segments of the Global Lithium-ion Battery Market:

By Type Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:

  • Lithium Nickel Magnesium Cobalt (LI-NMC)
  • Lithium Ferro Phosphate (LFP)
  • Lithium Cobalt Oxide (LCO)
  • Lithium Titanate Oxide (LTO)
  • Lithium Manganese Oxide (LMO)
  • Lithium Nickel Cobalt Aluminum Oxide (NCA)

By Power Capacity Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:

  • 0-300 mAH
  • 3,000-10,000 mAH
  • 10,000-60,000 mAH
  • More than 60,000 mAH

By Application Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:

  • Consumer Electronics OEMs
    • Smartphones
    • Laptops
    • UPS Systems
    • Smart Cameras
    • Smart Watches
    • Smart Glasses
    • Smart Textiles
    • Others
  • Automotive OEMs
    • Hybrid Electric Vehicles (HEVs)
    • Battery Electric Vehicles (BEVs)
    • Others (Service Stations/Dealers)
  • Energy Storage
    • Commercial
    • Industrial
    • Residential
    • Utilities
  • Industrial OEMs
    • Military
    • Industrial Equipment
    • Medical
    • Marine
    • Telecommunication
    • Mining
    • Forklifts
    • Others
  • Other OEMs
  • Aftermarket

By Form/Design Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:

  • Pouch
  • Cylindrical
  • Elliptical
  • Prismatic
  • Custom Design

By Region Segment of the Global Lithium-ion Battery Market is Sub-Segmented into:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Argentina
    • Brazil
    • Rest of South America

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