Lithium-Ion Battery Market Worth USD 193.13 Billion by 2028 | Fortune Business Insights

The global Lithium-Ion Battery market is projected to grow from USD 44.49 billion in 2021 to USD 193.13 billion by 2028. The market is expected to grow at CAGR of 23.3% during forecast period. The growth of the lithium-ion battery market is driven by the increasing demand for EVs, technological advancements, government incentives and regulations, the rise in renewable energy, and the growing demand for portable electronics: Fortune Business Insights™

Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to latest report published by Fortune Business Insights, the global Lithium-Ion Battery market size was valued USD 36.90 billion in 2020, and the market is forecast to grow worth USD 193.13 billion by 2028, at CAGR of 23.3% during forecast period. The increasing demand for EVs, driven by the need to reduce carbon emissions, is expected to drive the growth of the lithium-ion battery market during forecast period. Also the development of new and more advanced lithium-ion battery technologies, such as solid-state batteries, is expected to increase the efficiency and performance of lithium-ion batteries driving the growth of the market.

According to our analysts, the incessant demand for power supply for numerous applications, augmented demand for electric vehicles, surging necessity of battery-operated equipment and machinery in automotive industries, and the usage of lithium-ion batteries in renewable energy applications are sustaining the lithium-ion battery market growth.

Industry Developments:

September 2021: Toshiba Corporation, CBMM, and Sojitz Corporation initiated a joint development deal to commercially launch the next-generation lithium-ion battery by utilizing niobium titanium oxide for anode material.

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Report Highlights:

Report Coverage


Forecast Period


Forecast Period 2021 to 2028 CAGR


2028 Value Projection

USD 193.13 billion

Base Year


Market Size in 2021

USD 44.49 billion

Historical Data for


No. of Pages


Segments covered

Fuel Type, By End-User, Application and Region

Growth Drivers

Augmented Usage of Batteries in Power Grid and Energy Storage Systems to Spur Market

COVID-19 Influence on Global Lithium-ion Battery Market to Hamper Growth

Drivers and Restraints:

Augmented Usage of Batteries in Power Grid and Energy Storage Systems to Spur Market

Imposing stringent government guidelines to monitor surging pollution phases compel the industries to utilize lithium-ion batteries. The power industry is striving to manufacture renewable energy and stock for future purpose. Moreover, low cost, low-self discharge rate, and negligible installation space are a few of the crucial factors driving the implementation of lithium-ion batteries in smart grid and energy storage systems. Since the product is more resilient to high temperatures, it is perfect for usage in distant areas and thermal control applications.

The availability and cost of raw materials, such as lithium and cobalt, are major challenges facing the lithium-ion battery market. These materials are subject to price fluctuations, which can impact the cost of production and negatively affect the growth of the market.

The potential safety and environmental risks associated with lithium-ion batteries, such as the risk of fire and the impact on the environment, are major concerns for the market. The need for regulations and safety standards to ensure the safe use of lithium-ion batteries is also a challenge for the market.

COVID-19 Impacts:

COVID-19 Influence on Global Lithium-ion Battery Market to Hamper Growth

The outbreak of COVID-19 has hindered the growth of the lithium-ion battery market. The novel coronavirus has restrained the distribution of batteries. The vital battery component is mostly obtainable in Asia Pacific, but the pandemic has over-exposed the reliability of raw materials on the region.

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Report Coverage:

We analysis is based on a wide-ranging review method that primarily focuses on presenting accurate material. Our scholars have applied a data navigation technique, which further aids us to present dependable approximations and tests the overall market dynamics precisely. Furthermore, our researchers have gained admittance to various international as well as domestically funded records for offering up-to-date material for the stakeholders and business experts to invest only in the fundamental areas.


Type, Application, and Region are studied for the Market

On the basis of type, the market is classified into lithium cobalt oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, lithium manganese oxide, lithium nickel manganese cobalt, and lithium titanate oxide. Lithium cobalt oxide held a major share in 2020, owing to its extensive implementation in modern electronic gadgets.

Based on application, the market is categorized into automotive, consumer electronics, energy storage systems, industrial, and others.

Geographically, the market is branched across five main regions, comprising Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America.

Market Segmentation

By Type

  • Lithium Cobalt Oxide

  • Lithium Iron Phosphate

  • Lithium Nickel Cobalt Aluminum Oxide

  • Lithium Manganese Oxide

  • Lithium Nickel Manganese Cobalt

  • Lithium Titanate Oxide

By Application

  • Automotive

  • Consumer Electronics

  • Energy Storage System

  • Industrial

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

Regional Insights:

Asia Pacific is expected to hold the largest lithium-ion battery market share during the mentioned time frame. China and Japan have been measured as the world's biggest markets for electronic vehicles.

North America is estimated to perceive sturdy growth, with the U.S. dominating in the industry landscape of the region.

The rising concentration of government organizations toward greenhouse gas emissions in the environment in Europe has sustained the growth of the lithium-ion battery market.

Competitive Landscape:

Joint Ventures Initiated by Key Companies Set to Endorse Market Growth

The dominating players in the market continually try to implement proficient tactics to elevate their brand value as well as endorse the global market growth by tackling least imaginable hurdles. One such operative strategy is entering into joint ventures with other competitive companies and further safeguarding a profit for both the involved companies.

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Key Players Mentioned in the Report:

  • BYD Company (China)

  • LG Chem (South Korea)

  • Contemporary Amperex Technology Co. Ltd (CATL) (China)

  • Samsung SDI (South Korea)

  • Panasonic Corporation (Japan)

  • BAK Power (China)

  • Clarios (Germany)

  • Toshiba Corporation (Japan)

  • Hitachi (Japan)

  • Automotive Energy Supply Corporation (Japan)

  • A123 System (U.S.)

  • Saft Group S.A. (France)

Table of Contents:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends

    • Key Developments: Mergers, Acquisitions, Partnership, etc.

    • Latest Technological Advancement

    • Regulatory Landscape

    • Porters Five Forces Analysis

  • Qualitative Analysis – Impact of COVID-19

    • Impact of COVID-19 on Lithium-Ion Battery Market

    • Steps Taken by the Government to Overcome the Impact

    • Key Developments in the Industry in Response to COVID-19

    • Potential Opportunities and Challenges due to COVID-19 Outbreak

  • Global Lithium-Ion Battery Market Analysis (USD Billion) (GWh), Insights and Forecast, 2017-2028

    • Key Findings / Summary

    • Market Analysis, Insights and Forecast – By Type

      • Lithium Cobalt Oxide

      • Lithium Iron Phosphate

      • Lithium Nickel Cobalt Aluminum Oxide

      • Lithium Manganese Oxide

      • Lithium Nickel Manganese Cobalt

      • Lithium Titanate Oxide

    • Market Analysis, Insights and Forecast – By Application

      • Consumer Electronics

      • Automotive

      • Energy Storage System

      • Industrial

      • Others

    • Market Analysis, Insights and Forecast – By Region

      • North America

      • Europe

      • Asia Pacific

      • Latin America

      • Middle East & Africa

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