The Lithium-ion Battery Market is expected to increase at a strong 14.2% compound annual growth rate (CAGR) from USD 56.8 billion in 2023 to USD 187.1 billion by 2032.

The growing need for lithium-ion batteries in a number of sectors, including consumer electronics, energy storage, and the automotive industry, is what is behind this projected development. The market's upward trajectory is mostly due to the growing popularity of electric vehicles, the expansion of renewable energy sources, and improvements in portable electronics. Furthermore, during the course of the projection period, continued research and development efforts to improve the sustainability, safety, and performance of lithium-ion batteries are anticipated to further solidify their market dominance.

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The lithium-ion battery market is growing quickly due to the batteries' exceptional energy density and wide range of uses. These batteries, which are widely used in consumer gadgets, hybrid electric cars, and renewable energy storage, are at the forefront of what powers contemporary technology. Continuous technological developments aimed at enhancing the longevity, safety, and performance of lithium-ion batteries greatly contribute to the market's rising trend. Lithium-ion batteries stand out as a crucial factor propelling this market's robust expansion as the demand for lightweight, rechargeable, high-capacity energy solutions continues to soar across multiple industries.

Lithium-ion Battery Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 56.8 billion

Estimated Value by 2032

$ 187.1 billion

Growth Rate

Poised to grow at a CAGR of 14.2%

Market Size Available for

2019–2032

Forecast Period

2023–2032

Forecast Units

Value (USD Million) and Volume (Thousand Units)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, Capacity, Voltage, Application and Region

Geographies Covered

Asia Pacific, Europe, North America and Rest of World

Key Market Challenge

Performance degradation in lithium-ion batteries overtime

Key Market Opportunities

Growing integration of renewable energy integration in power grids globally

Key Market Drivers

Growing demand for battery-operated material-handling equipment across industries

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The market for lithium cobalt oxide (LCO) battery segment is expected to gain a significant market share during the forecast period.

One noteworthy variation in the lithium-ion battery class is the Lithium Cobalt Oxide (LCO) battery. These batteries are distinguished by their layered construction, which includes a cobalt oxide cathode and graphite carbon anode. The Lithium-ion battery market has paid close attention to LCO batteries because of its high energy density, strong safety features, and long lifespan. They are a favoured power source for many portable electronic devices, such as digital cameras, computers, tablets, and smartphones due to their high energy density.

Below 3,000 mAh capacity batteries are expected to hold a substantial market share during the forecast period.

Lower capacity batteries—which now account for a sizeable portion of the lithium-ion battery market—have become increasingly popular. These batteries are used in a wide range of devices and are made from various materials such lithium cobalt oxide, lithium iron phosphate, and lithium titanate oxide. Devices like media players, digital cameras, smartphones, power tools, power banks, toys, and GPS systems are made possible by their adaptability. Additionally, small and portable consumer electronics like smartwatches, wireless headphones, iPods, and wireless speakers usually use lithium-ion batteries with capacities less than 3,000 mAh.

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Telecommunications application segment to grow at an impressive CAGR during the forecast period.

The telecoms sector is facing growing demands for substantial data processing and low latency due to the development of cellular network technologies such as 5G and the soon-to-be 6G. The industry is using dependable and effective power sources to suit these requirements, especially in remote telecom tower deployments. For continuous operation, the combination of Battery Energy Storage Systems (BESS) and renewable energy sources becomes essential. Because of their high power density and long life, lithium-ion batteries are the best option for a variety of telecom applications. Within the telecommunications industry, lithium-ion batteries are positioned as the powerhouse of the future and are used in remote terminals, access networks, base transceiver stations for wireless networks, UPSs, FTTX deployments, and cable networks.

North America is expected to hold a significant market share of the lithium-ion battery market during the forecast period.

The US, Canada, and Mexico make up the lithium-ion battery market in North America, which is divided into the automotive and consumer electronics sectors. These sectors are expected to have a significant impact on market expansion. Local businesses are actively involved in the automotive industry, especially in the production of hybrid and plug-in hybrid electric vehicles, which is accelerating the use of lithium-ion batteries. The US has substantial lithium reserves, which boost demand for lithium-ion batteries and give local manufacturers in the area a competitive edge.

The key players in the lithium-ion battery companies include LG Energy Solution (South Korea), Samsung SDI Co. Ltd. (South Korea), SK Innovation Co., Ltd. (South Korea), Panasonic Holdings Corporation (Japan), BYD Company Limited (China), and Toshiba Corporation (Japan) and others.

News Covered:

https://www.prnewswire.com/news-releases/lithium-ion-battery-market-worth-187-1-billion-by-2032---exclusive-report-by-marketsandmarkets-301921712.html

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