Lithium Ion Battery Market to Witness High Growth Rate Of 11.5% due Increased Industrial Use
Luton, Bedfordshire, United Kingdom, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Lithium Ion Battery Market.
From 2020 to 2029, the global lithium ion battery market is anticipated to expand at a CAGR of 11.5%. From USD 38 billion in 2020, it is anticipated to rise to over USD 101 billion by 2029
Everything from smartphones to power tools, electric automobiles to aerospace parts is powered by lithium ion batteries. In contrast to disposable lithium primary batteries, which use metallic lithium as the electrode, lithium ion batteries (LIB) use intercalated lithium compound as the electrode. In comparison to other technologies, lithium-ion technology now has a number of benefits, including a high energy density and a low rate of self-discharge.
Some key driving factors are Long battery life, low battery costs, high battery density, rising consumer electronics adoption, and expanding R&D efforts by many groups and battery manufacturers. Other significant driving forces include a rise in the demand for plug-in vehicles, a rise in the need for automation and battery-operated material-handling equipment in industries, a surge in the demand for smart devices and other industrial goods, and a high demand for lithium-ion batteries for industrial applications.
Lithium-Ion Battery is frequently used in electronic consumer products including computers, PDAs, iPods, cell phones, as well as in the automotive, military, and aerospace industries. All electronic devices use the rechargeable battery known as lithium-ion. The smartphones, tablets, and PCs category is predicted to rule the market for all electronic devices.
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Lithium-Ion Battery Market Report Scope
Report Attributes and Details
2020 to 2029
Historical Data Available for
2017 to 2021
Estimated Market Value
USD 38 billion in 2020
Forecasted Market Value
USD 101 billion by 2029
No. of Pages
No. of Figures & Tables
158 & 27
More than 10
US, Canada, Mexico, Japan, South Korea, India, Australia, ASEAN and Rest of APAC, UK, Germany, France, Italy, Spain, Russia, and Rest of Europe, Brazil, Argentina and Rest of South America, Turkey, UAE, Saudi Arabia, South Africa, and the Rest of MEA
With a 47% sales share, Asia-Pacific was the global leader for lithium-ion batteries in 2021. The Asia-Pacific region's lithium-ion battery market is dominated by China. Lithium-ion battery production is thought to be concentrated in China. The growth in demand for smartphones and tablets in developing nations like China, Japan, and India is driving the lithium-ion battery market in the Asia-Pacific region. Expanding disposable income and rising consumer awareness of lithium-ion batteries in the market throughout the projection period are two additional factors boosting the region's lithium-ion battery market.
During the projection period, North America is anticipated to grow the fastest. In the North American region, the U.S. dominated the lithium-ion battery industry. The growth and development of the lithium-ion battery market in the North American region are being fueled by factors like the increase in sales of cars and electric vehicles throughout the region as well as the rising demand for lithium-ion batteries for mobile phones.
Read more data on the Lithium-Ion Battery Market - https://exactitudeconsultancy.com/reports/2950/lithium-ion-battery-market
The market for these energy-efficient, pollution-reducing vehicles has grown as a result of consumers' increasing adoption of EVs. Due to benefits associated with them, such as less need for engine maintenance, less usage of toxic oil waste, and a reduction in pollution from fuel combustion engines, together with the advancement of better battery technology, the number of electric vehicles is constantly rising. Lithium-ion battery demand will gradually rise as more people choose to use electric vehicles, which are seen as the future of the auto industry and transportation networks.
Growing demand for renewable energy is another element promoting the growth of the lithium-ion battery market. The government continuously makes investments in energy and infrastructure development initiatives that support the expansion and development of the lithium-ion battery business. For the growth of the lithium-ion battery market, the majority of the leading industry participants are partnering with governmental organisations.
Over the projected timeframe, the market for lithium-ion batteries is anticipated to benefit from profitable and promising chances due to the leading manufacturers' increased focus on boosting the production capacity of lithium-ion batteries. Exide Industries, a battery producer, and Leclanché, for instance, announced the formation of a new joint venture in June 2018 to develop lithium-ion batteries and energy storage systems to fuel the expansion of India's electric car market.
Top Leading Market Players
Contemporary Amperex Technology Co. Ltd. (CATL)
GS Yuasa Corporation (GS Yuasa)
Lithium-Ion Battery Market Key Segments
Lithium-Ion Battery Market by Type, 2020-2029, (USD Million), (Thousand Units)
Lithium Cobalt Oxide
Lithium Iron Phosphate
Lithium Nickel Manganese Cobalt
Lithium Manganese Oxide
Lithium-Ion Battery Market by Capacity, 2020-2029, (USD Million), (Thousand Units)
0 To 3000mah
3000mah To 10000mah
10000mah To 60000mah
More Than 60000mah
Lithium-Ion Battery Market by Application, 2020-2029, (USD Million), (Thousand Units
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