With a CAGR of 13.1% between 2023 and 2031, the Lithium-ion Battery Market is anticipated to expand significantly throughout the projected period. This increase in demand for lithium-ion batteries is due to the growing popularity of plug-in cars and the advancement of smart electronics. The development of new products is another area on which manufacturers are concentrating. The lithium-ion battery market is anticipated to grow from USD 48.6 billion in 2023 to USD 135.1 billion by 2031.

Major companies operating in this lithium-ion battery market include LG Chem (South Korea); SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China).

DRIVERS: Growing adoption in plug-in vehicles

The demand for these batteries is being driven by the increasing use of lithium-ion batteries in plug-in cars. For electric and plug-in hybrid vehicles, lithium-ion batteries serve as the main power source. As these vehicles become more common, the demand for lithium-ion batteries is anticipated to rise. This pattern is anticipated to continue as long as there is a need for sustainable transportation and energy options.

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Lithium Nickel Manganese Cobalt Oxide holds the second-largest market share in 2021
With a market value of USD 9.8 billion in 2021, the lithium nickel manganese cobalt oxide (Li-NMC) category is the second-largest in the lithium-ion battery market. Due to Li-NMC's low self-heating rate, electric car manufacturers are using it more frequently, which is responsible for this market segment's expansion. Power tools, medical devices, and other electric drivetrains all use Li-NMC batteries. Li-NMC batteries can be employed in a variety of applications, from energy storage systems (ESS) to the automobile industry, thanks to their adaptability. Li-NMC batteries are also fireproof, which makes them appropriate for household battery storage using solar photovoltaic cells and uninterrupted power supply. It is anticipated that the Li-NMC market would continue to expand in the upcoming years as a result of its numerous uses and benefits.

Lithium-ion batteries with capacity ranging from 3,000 – 10,000 mAh are highly adopted by end-users

End-users in a variety of industries, including automotive, consumer electronics, and aerospace, have a strong preference for lithium-ion batteries with a capacity ranging from 3,000 to 10,000 mAh. These batteries are frequently combined to create modules that can be utilised in heavy-duty applications including electric vehicles, industrial robots, medical devices, and even satellites. These batteries are offered in a number of configurations, including cylinder, prismatic, and battery pack. These batteries are a popular option for a variety of applications because they provide a greater energy density, longer life cycles, and quicker charging periods than regular batteries. The versatility and benefits of these batteries are anticipated to drive future growth in demand.

High (above 36V) segment dominated the lithium-ion market in 2021

The market for lithium-ion batteries was led by the high voltage (over 36V) category in 2021. As they offer a high energy density and extended life cycles, high voltage batteries are favoured for a variety of applications, including power, military, electric cars, marine, and telecom. These lightweight, high voltage lithium-ion batteries are perfect for supplying power to electrical systems in aerospace applications, which helps lighten the overall weight of aircraft. Due to their benefits and adaptability in a variety of industries, the demand for high voltage lithium-ion batteries is anticipated to increase in the future.

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Automotive industry dominated the lithium-ion battery market in 2021

The lithium-ion battery market was controlled by the automobile sector in 2021. Lithium-ion batteries are mostly used in battery-powered vehicles like plug-in hybrid electric vehicles and hybrid electric vehicles. The market for lithium-ion batteries is expanding as a result of the rising adoption and popularity of these cars. The expansion of the lithium-ion battery market in Europe and the Asia Pacific region is mostly being driven by the automobile sector. It is anticipated that initiatives to encourage the growth of the EV market in the UK would further support market expansion. The need for lithium-ion batteries is anticipated to rise dramatically, propelling the market's expansion, as the automotive sector continues its transition to electric and hybrid vehicles.

The lithium-ion battery market in Asia Pacific is the largest dominating region in 2021

Due to the presence of numerous market players, including significant ones like LG Chem, BAK Power Battery, GS Yuasa International, Samsung SDI, CATL, Panasonic, and BYD, the Asia Pacific region led the lithium-ion battery market in 2021. One of the major forces driving the expansion of the regional market is China. In addition to already existing players, other local or domestic players in China's lithium-ion battery market are anticipated to greatly expand market growth potential over the next few years. The Asia Pacific lithium-ion battery market is expanding as a result of rising demand for electric vehicles and encouraging government initiatives encouraging the use of electric vehicles in the region. With rising investments in R&D and the creation of new products by regional market players, the region is anticipated to maintain its market dominance in the years to come.

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