Lithium-ion Battery Market Fueling Growth & Forecast To 2032

The lithium-ion battery market size was valued at $46.2 billion in 2022, and lithium-ion battery industry is estimated to reach $189.4 billion by 2032, growing at a CAGR of 15.2% from 2023 to 2032. A lithium-ion (Li-ion) battery is a type of rechargeable battery that uses lithium ions to store and release electrical energy. Li-ion batteries have become the dominant technology for portable electronics, electric vehicles (EVs), and many other applications due to their high energy density, relatively low self-discharge rates, and ability to be recharged multiple times. They are used in a wide range of devices, from smartphones and laptops to power grids and renewable energy storage systems.

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Asia Pacific region is a key player in the global lithium-ion battery market, due to the rise in demand for electric vehicles (EVs) in countries such as China, Japan, and South Korea.

Major Companies

BYD Co., Ltd.

A123 Systems, LLC

Hitachi, Ltd.

CATL

LG Chem

Panasonic Corp.

Saft

Samsung SDI Co., Ltd.

Toshiba Corp.

GS Yuasa corporation

Li-ion battery technology continues to evolve, with ongoing research focused on increasing energy density, cycle life, safety, and sustainability. The adoption of Li-ion batteries has had a profound impact on the way we use and store energy in modern society.

Lithium-ion batteries are rechargeable power storage devices that consist of a couple of components, together with cathodes, anodes, electrolytes, separators, and different materials.

The international focus on creating sustainable energy resources via renewable energy technology has led to increase in investments through governments and private institutions. This surge in demand for energy storage devices has pushed the growth of the lithium-ion battery market.

The rise in border disputes and terrorist activities worldwide has spurred the development of unmanned weapons and smart missiles, which closely rely on excessive electricity density batteries as power sources.

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Lithium-ion batteries showcase a theoretical electricity density of about 2,600 Wh/kg, making them incredibly promising for high-energy-density battery applications. One excellent subject where they find use is in large-scale car vehicles, enabling efficient electric transportation.

Speedy innovation and utility of smart weapons, unmanned drones, and automobiles in the military enterprise contribute to the growth in demand for lithium-ion batteries. Lithium-ion batteries are a kind of rechargeable battery recognised for their excessive precise energy. The use of light-weight lithium and other substances in their development makes lithium-ion batteries rather light.

The application of lithium-ion batteries in a variety of industries has proven exceptional promise, such as in the aerospace sector, where Airbus Defense and Space has efficaciously examined High Altitude Pseudo-Satellite Aircraft (HAPAS) prototypes powered by using photo voltaic power all through the day and lithium-ion batteries at some stage in the night.

Key Finding of the Study

As per lithium-ion battery market analysis, on the basis of component, the cathode segment emerged as the global leader by acquiring nearly half of the lithium-ion battery market share in 2022 and is anticipated to continue this trend during the forecast period.

On the basis of capacity, the 3,000- 10,000 mAh segment emerged as the largest market share in 2022, which accounts for more than two-fifths of the lithium-ion battery market share.

On the basis of application, the automotive segment emerged as the largest market share in 2022 which accounts for more than half of the lithium-ion battery market share, and is anticipated to continue this trend during the forecast period.

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On the basis of region, Asia-Pacific is the major consumer of lithium-ion batteries among other regions. It accounted for more than two-fifths of the global market share in 2022.

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