Lithium Ion Battery Market to Reach USD 89 Billion by 2028

Published | 03 March 2022

The global lithium-ion battery market is growing at a high CAGR because of the rapid surge in the demand for consumer electronic products such as smartphones and laptops, boosting the demand for rechargeable batteries along with increasing demand for electric vehicles…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global lithium-ion battery market was worth around USD 41 billion in 2021. The market is projected to grow at a CAGR of 12.2%, thereby surpassing USD 89.7 billion by 2028. The global lithium-ion battery market is flourishing at a high rate owing to the rapid surge in the demand for consumer electronic products such as smartphones and laptops, boosting the demand for rechargeable batteries. Furthermore, an increasing shift towards electric vehicles due to environmental consciousness, is resulting in the expanding production of EVs, further propelling the demand for lithium-ion batteries, driving the market growth. However, lithium-ion batteries carry safety hazards and if exposed to an unfavorable environment, can lead to explosions and fires, which acts as a major restraining factor for the market growth.

Flourishing Demand for Li-Ion Battery Pack is Driving Lithium-ion Battery Market

The lithium-ion battery market is segmented into cells and battery packs, based on product. The battery packs segment accounts for the largest share in the lithium-ion battery market due to its expanding usage in various applications including emergency power backup or UPS, solar power storage, electric vehicle battery, marine performance, surveillance or alarm systems, etc. The cell segment is also growing at a high rate owing to its prominent use in cellular phones and note-type personal computers.

Increasing Demand for High Capacity Lithium-Ion Battery is Propelling Lithium-ion Battery Market

Based on capacity, the lithium-ion battery market is segmented into 0 to 3,000 mAh, 3,000 to 10,000 mAh, 10,000 to 60,000 mAh, 60,000 mAh, and above. The 10,000 to 60,000 mAh battery capacity segment holds the largest market share owing to the prominent use in EVs. Electric vehicles require high-capacity batteries to cover longer distances without needing to recharge them time and again, which acts as a major contributing factor for its market growth. Furthermore, the use of this capacity of lithium-ion battery in a wide range of EVs including plug-in as well as hybrid electric vehicles, e-motorcycles, hybrid trucks, and buses, etc., is also boosting the growth of the market.

Lithium-ion Battery Market - By End-User

Based on end-user, the lithium-ion battery market is segmented into consumer electronics, automotive, aerospace, marine, medical, industrial, power, and telecommunications. The consumer electronics segment accounts for the largest market share owing to the increasing application of li-ion batteries in various electronic goods including laptops, small earbuds, tablets, mobile phones, handheld power tools. The automotive segment also covers a substantial market share and is projected to witness the highest growth rate during the forecast period due to the prominent use of lithium-ion batteries in electric vehicles.

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Lithium-ion Battery Market - Regional Insights

Geographically, the lithium-ion battery market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the lithium-ion battery market. However, North America is also projected to grow at a substantial rate during the forecast period owing to the extensive research and development activities by the market players. Furthermore, the expanding production of electric vehicles due to the presence of leading EV manufacturers such as Tesla is also propelling the growth of the lithium-ion battery market in this region.

Impact of COVID-19 on Lithium-ion Battery Market

The growth of the lithium-ion battery market was negatively impacted by the sudden COVID-19 pandemic outbreak. The restrictions on the manufacturing and production activities of non-essential products including consumer electronic goods and electric vehicles. This resulted in a sharp decline in the demand for lithium-ion batteries, incurring huge losses to the market. However, the market is expected to recover from this slump and proliferate in the forecast period due to the surge in the demand for electronics including smartphones and laptops due to work from home and online schooling needs.

Competitive Landscape

The leading market players of the lithium-ion battery market are LG Chem Ltd, GS Yuasa International Ltd., Panasonic Corporation, Hitachi Chemical Co., Ltd., Sony Corporation, Tianjin Lishen Battery Joint-Stock Co. Ltd, Samsung SDI, BYD Company Limited, Johnson Controls, A123 Systems LLC, Shenzhen Huayu New Energy Technology Co., Ltd., NEC Corporation, Toshiba Corporation, Saft, Narada Power Source Co., Ltd., Contemporary Amperex Technology Co., Blue Energy Limited, BAK Group, Valence Technology, and other prominent players.

The market is highly consolidated with the presence of several multinational conglomerates and regional battery makers. However, several startups are also emerging with great potential and giving tough competition to established players. The companies significantly invest in research and development activities to boost the lithium-ion battery capacities and expand its application to proliferate their market. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, partnerships, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the lithium-ion battery market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the lithium-ion battery market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the lithium-ion battery market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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