Global Lithium-ion Battery Industry Research Report 2023: A $187+ Billion Market by 2032 with LG Energy, Samsung, SK Innovation, Panasonic, BYD, Hitachi, & Toshiba Dominating
DUBLIN, Sept. 21, 2023 /PRNewswire/ -- The "Lithium-ion Battery Market by Type (NMC, LFP, LCO, LTO, LMO, NCA), Capacity (Below 3,000 mAh, 3,001 mAh-10,000 mAh, 10,001 mAh-60,000 mAh, Above 60,000 mAh), Voltage (Below 12V, 12V-36V, Above 36V), Application and Region - Global Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
The global lithium-ion battery market size is expected to grow from USD 56.8 billion in 2023 to USD 187.1 billion by 2032, at a CAGR of 14.2% from 2023 to 2032
Discover the latest innovations and developments propelling the lithium-ion battery market forward. Gain valuable insights into new products, cutting-edge technologies, research and development initiatives, funding activities, industry partnerships, and the most recent product launches in this dynamic sector.
Explore market diversification opportunities, including new products, emerging technologies, untapped geographical regions, recent advancements, and investments that are shaping the lithium-ion battery market's landscape.
The surging demand for high power and energy density has created a compelling need for dependable and safe batteries across various industries. This has led to a growing market for diverse lithium-ion batteries, leveraging lithium in combination with other materials like nickel, manganese, and cobalt. These lithium-ion batteries find applications in the automotive, consumer electronics, and industrial sectors.
Within Europe, key players such as Saft Groupe SAS (France), Northvolt AB (Sweden), and Varta AG (Germany) are driving advancements in lithium-ion battery technology. These batteries serve as vital clean, sustainable, and compact power sources, especially in the automotive and consumer electronics industries.
Europe stands at the forefront of adopting clean energy vehicles, including hybrid and plug-in hybrid electric vehicles, while also witnessing growth in the consumer electronics market, particularly in wearable devices. Consequently, the automotive and consumer electronics sectors are poised to be primary drivers of the lithium-ion battery market in Europe.
Key industry players featured in this report include LG Energy Solution, Samsung SDI Co. Ltd., SK Innovation Co., Ltd., Panasonic Holdings Corporation, BYD Company Limited, Hitachi, Ltd., Toshiba Corporation, and more. Stay informed about the latest developments and innovations shaping the future of lithium-ion batteries.
Lithium Iron Phosphate (LFP) battery segment is projected to grow at significant CAGR during the forecast period
LFP batteries are used in high-power devices and equipment. The nano-scale phosphate cathode material in LFP batteries offers excellent electrochemical performance and low resistance.
LFP batteries have long life cycles, high current ratings, good thermal stability, and enhanced safety due to better tolerance. High charge and discharge rates improve performance and competence, making LFP batteries suitable for use in high-power aplications such as hybrid electric vehicles and power tools.
10,000 mAh to 60,000 mAh capacity segment is projected to grow at an impressive CAGR during the forecast period
Lithium-ion batteries with more than 10,000 mAh capacities are used for applications requiring high power, such as hybrid electric vehicles, material handling equipment, telecommunication systems, hybrid trucks, buses, smart grids, aviation industry, automated guided vehicles, etc.
Lithium Iron Phosphate (LFP), Lithium Titanate Oxide (LTO), Lithium Manganese Oxide (LMO), and Lithium Nickel Manganese Cobalt Oxide (NMC) are various types of lithium-ion batteries available in this range; they are available in module, polymer, prismatic, and battery pack formats.
Low voltage segment is projected to gain a substantial market share during the forecast period
Lithium-ion batteries with voltage below 12V are lightweight and smaller than batteries above this voltage range. These batteries provide high amounts of energy for short time spans. These batteries are mainly used in consumer electronics such as laptops, desktops, media players, apart from drones, and marine applications.
Consumer electronics application is expected to hold a significant market share during the forecast period
Manufacturers of consumer electronic products such as cameras, tablets, laptops, wearable devices, and mobile phones are dealing with rapid technological changes. Smartphones have become an integral part of everyday life owing to the number of functionalities offered by these devices. As these devices become more powerful and feature-rich, they require more energy-dense batteries.
Lithium-ion batteries are the best option for meeting this demand, as they can provide the power and performance that these devices need without being too bulky or heavy. Lithium-ion batteries are in high demand for use in electronics because they offer a number of advantages over other types of batteries, including a long lifespan, high energy density, low self-discharge rate, and the ability to withstand high and low temperatures.
Hence, the growing popularity of electronic devices such as smartphones, laptops, tablets, and wearables is driving the increasing demand for lithium-ion batteries.
Case Study Analysis
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