Global Lithium-Ion
Battery market stood at USD42.30 billion
in 2020 and is forecast to grow at a CAGR of 26.04% until 2026 on account of growing sales
of electric vehicles and consumer electronics. The adoption of lithium-ion
battery in consumer electronics, electronics, energy storage, telecom towers
etc. is rapidly increasing in comparison to other batteries, which is also driving
the growth of the global Lithium-Ion Battery market.
Lithium-Ion Battery is an enhanced
battery technology that utilizes lithium ions as a key element of its
electrochemistry. The battery offers high energy density, low maintenance, more
charge cycles, lightweight and is compact due to which it finds application in microelectronics
devices to electric vehicles and energy storage systems.
Automotive Industry is Driving
the Market Growth
Globally automotive industry
is actively driving the growth of the lithium-ion battery market in the
upcoming five years. The demand for lithium-ion battery in all types of
vehicles like two wheelers, passenger cars, light commercial vehicle and heavy
commercial vehicle is further supporting the growth of the global lithium-ion
battery market in the next five years. All the automakers are increasing the
production volumes of electric vehicles. The sales of electric vehicle are also
increasing, and government is also focusing on bringing policies that favors
electric vehicle market. Besides that, the availability of publicly accessible
charging booths has also increased the popularity of these vehicles,
particularly in China, Japan, Europe and North America. These factors will enhance
the growth of the lithium battery market in the forecast period.
Declining Prices of Lithium
Battery is Supporting Market Growth
Lithium battery prices are
declining due to continuous research and development of low-cost lithium
batteries which is increasing lithium battery growth rate in comparison to
other battery alternatives and leading to the growth of lithium-ion battery
market. Lithium-ion battery pack prices, which were above USD1,100 per
kilowatt-hour in 2010, have fallen 85%-89% in to USD120/kWh - USD140/kWh in
2020 and are expected to decline more in future. This is due to the strong
price competition of batteries among top players in order to improve processes
to reduce the production cost aiding its end users to choose lithium battery
over other battery alternatives in vehicles, electronics, energy storage
systems etc.
Rising Environmental Concern
Aiding Market Growth
Increased carbon emission in
the transportation sector due to excessive use of fossil fuels has raised
environmental concerns related to carbon emissions and pollution levels which
has increased the research & development for use of lithium ion batteries to
be used in electric vehicles. Many countries or states are planning to ban the
petrol-based or diesel-based vehicle by 2030 or sooner and use eco-friendly
electric vehicle which is substantiating the growth of the global Lithium-Ion
Battery market in the future five years. Further, governments are offering
incentives and subsidies to in order to encourage the use of electric vehicles
that have considerably brought down their price.
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Market Segmentation
The global lithium-ion
battery market is segmented on the basis of type, shape, application, competitional
landscape, and regional distribution. Based on type, the market is further fragmented
into lithium cobalt oxide, lithium nickel manganese
cobalt oxide, lithium manganese oxide and lithium iron phosphate and others.
Based on shape, the market is segmented into cylindrical cell, pouch cell,
prismatic cell and button cell. Based on application, the market is segmented
into consumer electronics, medical devices, utilities & ESS, telecom towers,
manufacturing and automotive & traction. The market analysis also studies
the regional segmentation to devise regional market segmentation, divided among
Asia-Pacific region, European region, North American region, South American
region, and Middle East & African region. The global lithium-ion battery
market is anticipated to grow at a CAGR of 26.04% to reach USD160.2 billion
by 2026 and United states lithium-ion market will reach USD25.69 billion at a
CAGR of 25.88% by 2026. Increasing sales of electric vehicles, declining
prices of battery packs, and usage in energy storage are contributing to the
market growth through 2026.
Company Profiles
LG Chem Ltd., Contemporary
Amperex Technology Co. Limited (CATL), Samsung SDI Co Ltd., Panasonic
Corporation. BYD Co. Ltd., SK Innovation Co., Ltd., Envision AESC Group Ltd.,
A123 Systems LLC, Toshiba Corporation, Vehicle Energy Japan Inc., are among the
major market players in the global platform that lead the market growth of the
global Lithium-Ion Battery market.
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Attribute
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Details
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Market size value in 2020
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USD 42.30 Billion
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Revenue Forecast in 2026
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USD 160.21 Billion
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United States Market Size Value in 2020
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USD 6.81 Billion
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Growth Rate
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26.04%
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Base Year
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2020
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Historical Years
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2016 – 2019
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Estimated Year
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2021
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Forecast Period
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2022 – 2026
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Quantitative Units
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Revenue in USD Billion, and CAGR for 2016-2020 and 2021-2026
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Report Coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments Covered
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Type
Shape
Application
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Regional Scope
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Asia Pacific; Europe; North America; South America; Middle
East & Africa
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Country Scope
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China; Japan; South Korea; India; Australia; New Zealand;
Singapore; Vietnam; Germany; United Kingdom; France; Norway; Netherlands;
Sweden; Italy; Spain; United States; Canada; Mexico; Brazil; Argentina; Chile;
Saudi Arabia; UAE; South Africa
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Key Companies Profiled
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LG Chem Ltd., Contemporary Amperex Technology Co. Limited
(CATL), Samsung SDI Co Ltd., Panasonic Corporation. BYD
Co. Ltd., SK Innovation Co., Ltd., Envision AESC Group Ltd., A123 Systems
LLC, Toshiba Corporation, Vehicle Energy Japan Inc.
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Customization Scope
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10% free report customization with purchase. Addition or
alteration to country, regional & segment scope.
|
|
Pricing and Purchase Options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/pdf format on special request)
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Report Scope:
In this report, global Lithium-Ion
Battery market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- Lithium-Ion Battery Market, By Type:
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Cobalt Oxide
- Lithium Manganese Oxide
- Others
- Lithium-Ion Battery Market, By Shape:
- Pouch Cell
- Cylindrical Cell
- Prismatic cell
- Button Cell
- Lithium-Ion Battery Market, By Application:
- Automotive & Traction
- Consumer Electronics
- Utilities & ESS
- Medical Devices
- Telecom Towers
- Manufacturing
- Others
- Lithium-Ion Battery Market, By Region:
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Vietnam
- Europe
- Germany
- United Kingdom
- France
- Norway
- Netherlands
- Sweden
- Italy
- Spain
- North America
- United States
- Canada
- Mexico
- South America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in global Lithium-Ion Battery market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).