The Lithium-ion Battery Market is anticipated to expand significantly. According to the analysis, the market is expected to increase significantly over the forecast period, with a stunning compound annual growth rate (CAGR) of 13.1%, from USD 48.6 billion in 2023 to USD 135.1 billion by 2031.
The study examines the market for lithium-ion batteries based on different types like Li-NMC, LFP, LCO, LTO, LMO, and NCA, taking into account various capacities, voltage levels, industries like consumer electronics, automotive, and power, as well as industrial applications. It also considers regions like North America, Europe, APAC, and RoW. According to this forecast, lithium-ion batteries would be in high demand, making them essential in a variety of sectors and uses.
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Due to the growing use of lithium-ion batteries in plug-in automobiles and the renewable energy industry, the market for these batteries is expanding significantly on a global scale. Additionally, industry developments have sparked research and development initiatives, which has further fueled market expansion. Lithium-ion batteries are already widely used in many new applications thanks to their dropping prices, which is expected to fuel market expansion in the near future. Lithium-ion batteries are positioned to play a critical role in satisfying these changing needs as the need for efficient and sustainable energy solutions rises.
Lithium-ion Battery Market
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10,000–60,000 MAh lithium-ion battery accounted for the larger size of the lithium-ion battery market.
The 10,000–60,000 mAh lithium-ion battery segment, which had the biggest market share, became the industry's leading force. Numerous industries, including e-motorcycles, energy storage systems, marine, industrial, and telecommunications, use these high-capacity batteries extensively. The 10,000-60,000 mAh lithium-ion batteries are anticipated to continue to be a major factor in the expansion of the market in the near future due to the soaring demand in industries including electric mobility, standby power supplies, and satellite technologies.
Automotive segment is expected to hold the largest size of the lithium-ion battery market.
It was anticipated that the automotive industry would dominate the lithium-ion battery market in 2020 and would continue to hold this position throughout the projection period. Electric cars (EVs), electric bikes, and automated guided vehicles (AGVs) all use lithium-ion batteries extensively. The demand for lithium-ion batteries has been driven by the increasing use and awareness of EVs, including battery electric cars (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). Due to supply chain disruptions brought on by lockdowns and reduced manufacturing capacity, the COVID-19 pandemic has had an impact on the automobile sector, particularly original equipment manufacturers (OEMs) and mobility companies.
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APAC is projected to be the largest market for lithium-ion battery.
APAC is anticipated to be the world's largest market for lithium-ion batteries. Already holding the biggest market share in 2020, APAC was fueled by major companies like JAC Motors, BYD Co. Ltd., BAIC Group, SAIC Motor Corporation Limited, Nissan Motor Company Ltd., Mitsubishi Motors Corporation, and Toyota Motor Corp. Due to their high power capacity, safety features, and environmental friendliness, lithium-ion batteries have seen a growth in use due to the continual developments in the consumer electronics and automotive industries. Global industrial facilities were affected by the COVID-19 outbreak, however some production has resumed in China, allowing the production of crucial goods, such as lithium-ion batteries, to gradually resume.
BYD Company (China), LG Chem (South Korea), Contemporary Amperex Technology Co. Ltd. (CATL) (China), Samsung SDI (South Korea), Panasonic Corporation (Japan), BAK Group (China), GS Yuasa Corporation (GS Yuasa) (Japan), Hitachi (Japan), Clarios (Germany), and Toshiba Corporation (Japan), are some of the major players in lithium-ion battery market.
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