Global Lithium-Ion Battery Market 2025–2034

Reports Description

Rising demand for Consumer Electronics is Boosting the Demand for Lithium-Ion Battery Market.

According to Custom Market Insights (CMI), The Global Lithium-Ion Battery Market size was estimated at USD 42.5 billion in 2021 and is expected to reach USD 48.80 billion in 2022 and is anticipated to reach around USD 184.15 billion by 2030, growing at a CAGR of roughly 18.5% between 2022 and 2030. 

Our research report offers a 360-degree view of the Lithium-Ion Battery market’s drivers and restraints and their impact on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Lithium-Ion Battery market.

Lithium-Ion Battery Market: Overview

The lithium-ion (Li-ion) battery is a modern technology that relies heavily on lithium ions in its electrochemistry. Lithium-ion batteries are utilized in various everyday electronic gadgets, from earbuds to computers and cell phones. In addition to being employed in consumer devices, these batteries are also extensively used in electric vehicles.

Lithium-Ion Battery Market: COVID–19 Impact Analysis

Due to several variables, including end-user operating cost reductions and disruptions in the availability of spare parts due to sluggish manufacturing activity and logistical challenges, COVID-19 has been a significant inhibitor to market growth. Battery suppliers have taken further measures to guarantee their services to customers who have entered into long-term agreements with them. Vendors are choosing digital tools and adhering to the recommended preventative measures, which include social distance standards and the usage of protective kits in case on-site inspection and repair services are occasionally required by end users.

Lithium-Ion Battery Market: Growth Drivers

Battery usage in the power grid and energy storage systems will increase, driving the market. 

Lithium-ion batteries are required by industry because of strict government regulations imposed to monitor rising pollution levels. In addition, the power sector aspires to produce renewable energy and store it for the future. Lithium-ion batteries are also used in smart grid and energy storage systems for various reasons, including low prices, low self-discharge rates, and minimal installation area requirements. Furthermore, since the product is more heat-resistant, it is ideal for use in remote locations and thermal control applications.

Increasing demand for EVs

The increased demand for electric vehicles is anticipated to increase the demand for lithium-ion batteries significantly. Thanks to their high energy density/unit mass compared to other electrical energy storage technologies, lithium-ion batteries are becoming increasingly in order as the global market for electric vehicles expands. They also work well at high temperatures, have an excellent power-to-weight ratio, are energy efficient, and self-discharge is negligible.

Surging demand for consumer electronics

Since lithium batteries are widely employed in consumer electronic items like mobile phones and laptops, demand for these products has been rising. Due to their ability to be recharged, lithium-ion batteries are frequently employed in consumer gadgets. Lithium-ion battery packs offer high power and superior energy density compared to other battery types. The demand for lithium-ion batteries in consumer electronics goods is rising due to these factors.

Lithium-Ion Battery Market: Segmentation Analysis

The Lithium-Ion Battery market is segmented into products and applications in our research scope. In 2021, the LCO segment’s revenue share was over 30%, which was the highest. Because LCO batteries have a high energy density and high level of safety, there is likely to be considerable demand for them in mobile phones, tablets, laptops, and cameras over the forecast period. Excellent safety and a long product lifespan are features of LFP batteries. It is anticipated that lithium iron phosphate batteries will gain popularity in portable and stationary applications that require high load currents and endurance.

Over the anticipated period, increasing demand for NCA due to its high specific energy, power rating, and extended lifespan is anticipated. Medical equipment, industrial uses, and EVs all employ NCA. Over the future years, segment expansion is projected to be fueled by rising lithium titanate use in numerous applications, such as electric powertrains, streetlights, UPS, and solar-powered street lighting. Safety, low-temperature performance, and a long lifespan are just a few of the features that LTO offers, and these features are anticipated to drive the segment’s growth during the projection period.

Report Scope

Key Insights: 

• As per the analysis shared by our research analyst, the Lithium-Ion Battery market is estimated to grow annually at a CAGR of around 18.5% over the forecast period (2025-2034).
• In terms of revenue, the Lithium-Ion Battery market size was valued at around USD 42.5 billion in 2021 and is projected to reach USD 184.15 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Based on product segmentation, the LCO segment was predicted to show maximum market share in 2021.
• The consumer electronics segment was the top revenue-generating category based on application segmentation in 2021.
• Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

• September 2021: Toshiba Corporation and Sojitz Corporation signed a joint development agreement for commercializing next-generation lithium-ion batteries employing niobium titanium oxide (NTO) as the anode material.
• May 2021: Based on their shared vision of CO2-neutral electric transportation, Daimler Truck AG and CATL, a manufacturer of lithium-ion batteries, widened their current partnership. For Mercedes-Actros Benz’s Longhaul battery electric vehicle, which will enter series production in 2024, CATL will provide li-ion battery packs. 

Regional Landscape

With a market share of more than 40% in sales in 2021, the Asia Pacific region held the top spot. China has banned traditional fossil fuel-powered scooters from all of its major cities to cut emissions due to the growth in environmental concerns, which has increased the sales of e-scooters in the nation. Tools that are powered by lithium-ion batteries are being used more frequently as a result of Asia Pacific’s ascent to prominence as a global industrial powerhouse. Additionally, this region boasts the world’s most significant population. As a result, consumer gadgets in the Asia Pacific region that run on lithium-ion batteries see substantial sales. Examples include mobile phones and laptops.

Competitive Landscape

The leading manufacturers implement a variety of strategies, including acquisitions and mergers. The top players also employ new product launches and focus on ongoing technological breakthroughs in their process. By investing in R&D, the businesses are also attempting to hold the market share.

Our report offers quantitative and qualitative insights into the Lithium-Ion Battery market and significant development initiatives adopted by the key players. Further, it provides competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.

Prominent Players:

• Tesla
• General Electric
• Exide Technologies
• BYD Company Ltd.
• Energon
• Toshiba Corporation
• Samsung SDI Co. Ltd.
• Panasonic Corporation
• LG Chem
• Duracell Inc.
• A123 Systems LLC
• Hitachi Energy Ltd.
• Clarios
• Koninklijke Philips N.V.
• Akku Tronics New Energy Technology Co.
• Ding Tai Battery Company Ltd.
• EaglePicher Technologies LLC
• Padre Electronics Co. Ltd.
• Lithium Werks
• Saft
• ProLogium Technology CO. Ltd.
• Energus Power Solutions Ltd.
• Maxell Ltd.
• EnerDel
• Others

The global Lithium-Ion Battery market is segmented as follows:

By Product Analysis 

➢ Lithium Cobalt Oxide (LCO)

➢ Lithium Nickel Cobalt Aluminum Oxide (NCA)

➢ Lithium Iron Phosphate (LFP)

➢ Lithium Manganese Oxide (LMO)

➢ Lithium Nickel Manganese Cobalt (LMC)

➢ Lithium Titanate (LTO)

By Application Analysis 

➢ Automobile

➢ Industrial

➢ Consumer Electronics

➢ Energy Storage Systems

➢ Medical Devices

By Component Analysis 

➢ Cathode

➢ Anode

➢ Separator

➢ Electrolyte

➢ Aluminum Foil

➢ Copper Foil

➢ Others

On the basis of Geography

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America