Global Lithium-ion Battery Market is Expected to Grow at an Impressive CAGR

Increasing penetration into large applications and increasing R&D for advancements are the main drivers of lithium-ion battery market during the forecast period, 2024-2028.

According to TechSci Research report, Lithium-ion Battery Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028F, the Global lithium-ion battery market is anticipated to register robust growth during the forecast period. The higher reception of lithium-particle batteries in the sustainable power area and module vehicles is driving the development of the market. Besides, progression in the lithium-particle battery industry expanded the attention on R and D and the rising reception of lithium-particle batteries in different new applications because of a decrease in the costs is likewise expected to drive the development of the market soon.

A lithium-ion battery is a type of rechargeable battery that utilizes lithium ions as the main carrier of electrical charge. It is a popular and widely used battery technology due to its high energy density, longer cycle life, and relatively low self-discharge rate. Lithium-ion batteries consist of one or more rechargeable cells that contain a cathode (positive electrode), an anode (negative electrode), and an electrolyte solution. During the charging process, lithium ions move from the cathode to the anode, and during discharge, they flow back from the anode to the cathode, creating an electric current. Lithium-ion batteries are commonly used in portable electronic devices, electric vehicles, energy storage systems, and various other applications that require a lightweight, high-performance, and rechargeable power source.

One of the biggest markets for electric vehicles is China, where their adoption is rising in line with the country's clean energy policies. In addition, the Chinese government has been offering both monetary and non-monetary incentives to encourage the use of electric vehicles.

A Chinese energy storage business named Contemporary Amperex Technology (CATL) revealed intentions to establish a li-ion battery production plant in Guangdong in February 2021. The project will cost USD 1.9B/25 GWh in the first phase and 150 GWh by the end of 2030.

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Global Lithium-ion Battery market is segmented based on type, power capacity, voltage, and end user. Based on type, the market is segmented into Lithium cobalt oxide (LCO), Lithium iron phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), and Lithium Nickel Manganese Cobalt (LMC). Based on power capacity, the market is segmented into 0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh, 60,000 mAh, and above. Based on voltage, the market is segmented into Upto 12V, 12V-36V, and above 36V. Based on end user, the market is segmented into Consumer Electronics, Automotive, Aerospace, Marine, Medical, Industrial, Power, Telecommunications, and Others. Based on region, the market is further divided into North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

Based on type, The lithium cobalt oxide segment represented the biggest share, These batteries' high current charging and releasing capacities empower devices to rapidly release more energy. They are also 20% lighter than an aluminum-cased battery and 40% lighter than a steel-cased lithium-ion battery of the same capacity, which makes them ideal for power tools like UAVs and RC models as well as racing applications. They are also frequently used to power a variety of contemporary electronic devices, including computers, mobile phones, video cameras, and others.

Based on Voltage, the Up to 12V segment accounted for the largest share. These batteries are chosen over other types because they offer the best energy density and lightest weight. Typical applications for 12-volt batteries include RV, boats, and other automotive systems. Off-grid solar systems work well with these lithium-ion batteries since they are quite safe, even when handled carelessly during charging. Additionally, they are more resilient, withstanding extreme temperatures ranging from freezing too excruciatingly hot.

Based on Region, Asia-Pacific is projected to dominate the market in the forecast period. The utilization of lithium-ion batteries is anticipated to experience substantial expansion in the region due to the growing deployment of electric cars in nations like China and India, as well as strong demand for electronics due to urbanization and rising power purchase parity. According to estimates, a sizeable portion of the population in Asia-Pacific lacks access to electricity and relies on traditional fuels like kerosene and diesel for their lighting and mobile phone charging needs. Due to the technical advantages and falling lithium-ion battery prices, lithium-ion battery integrated energy storage solutions are projected to see an increase in use. In turn, soon, this is anticipated to generate a sizable number of opportunities for li-ion battery makers. Asia-Pacific is, therefore, anticipated to rule the lithium-ion battery market during the forecast period as a result of the factors mentioned above.

Key market players in the Global Lithium-ion Battery Market are:

• BYD Company Limited
• Contemporary Amperex Technology Co. Limited
• LG Chem Ltd
• Panasonic Corporation
• Samsung SDI
• Sony Corporation
• Tesla Inc.
• Tianjin Lishen Battery Joint-Stock Co. Ltd

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“The lithium-ion battery market is experiencing significant growth, driven by the rising adoption of these batteries in plug-in vehicles and the renewable energy sector. Furthermore, advancements in lithium-ion battery technology have spurred increased research and development activities, while declining prices have opened up new applications for these batteries. These factors are expected to drive further expansion of the market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Lithium-ion Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028F Segmented By Type (Lithium cobalt oxide (LCO), Lithium iron phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), Lithium Nickel Manganese Cobalt (LMC)), By Power Capacity (0-3,000 mAh, 3,000-10,000 mAh, 10,000-60,000 mAh, 60,000 mAh and above), By Voltage (Upto 12V, 12V-36V, and Above 36V), By End User (Consumer Electronics, Automotive, Aerospace, Marine, Medical, Industrial, Power, Telecommunications, and Others), By Region” has evaluated the future growth potential of Lithium-ion Battery Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Lithium-ion Battery Market.

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