Lithium-Ion (Li-Ion) Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

The lithium-ion battery is a type of rechargeable battery with high energy density that uses lithium ions as a primary component of its electrolyte. Lithium-ion batteries are commonly used in electric vehicles, mobiles, laptops, power backups, and other electronic devices.

Sizing and Forecast

The lithium-ion (li-ion) market size has grown rapidly in recent years. It will grow from $53.17 billion in 2023 to $58.71 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to portable electronics boom, electric vehicles (evs), consumer electronics, energy storage, efficiency and sustainability.

The lithium-ion (li-ion) market size is expected to see strong growth in the next few years. It will grow to $85.17 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to electric aviation, energy transition, ev adoption growth, emerging markets, industrial and commercial applications. Major trends in the forecast period include solid-state batteries, battery recycling, fast charging technology, energy density improvements, advanced materials.

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Segmentation & Regional Insights

The lithium-ion (li-ion) market covered in this report is segmented –

1) By Type: Lithium Nickel Manganese Cobalt (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Titanate Oxide (LTO), Lithium Manganese Oxide (LMO), Lithium Nickel Cobalt Aluminum Oxide (NCA)

2) By Component: Cathode, Anode, Separators, Electrolytes, Aluminium foil, Copper foil, Other Components

3) By Application: Consumer Electronics, Automotive, Marine, Aerospace & Defense, Medical, Industrial, Power, Other Applications

Sub-Segments

By Power Capacity: 0 to 3000 Mah, 3000 to 10000mAH, 10000 to 60000 Mah, Above 60000mAH

By Chemistry: LFP, LCO, LTO, NMC, NCA, LMO

Asia-Pacific was the largest region in the lithium-ion (Li-ion) batteries market in 2023. North America was the second-largest region in the lithium-ion (Li-ion) batteries market. The regions covered in the lithium-ion (li-ion) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The growth of the lithium-ion batteries market is mainly driven due to the presence of high energy density features in lithium-ion batteries. High energy density helps the lithium-ion battery to run for a longer period. Most of the lithium-ion batteries used in portable devices are cobalt-based which offers the highest energy density. The energy density of the lithium-ion batteries is 100-265 Wh/kg or 250-670 Wh/L, which is one of the highest energy densities of any battery technology. High energy density in a lithium-ion battery made it the most preferred battery to be used in mobile phones, laptops, cameras and automobiles. Therefore, positively impacting the growth of lithium-ion batteries market.

Key Industry Players

Major companies operating in the lithium-ion (li-ion) market include A123 Systems Inc., Automotive Energy Supply Corporation (AESC), LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd., Toshiba Corporation, BYD Company Limited, Contemporary Amperex Technology Co. Ltd. (CATL), Johnson Controls Inc., Amperex Technology Limited (ATL), BAK Group (Shenzhen BAK Battery Co. Ltd.), Blue Energy Co. Ltd., Aviation Industry Corporation of China (AVIC), CBAK Energy Technology Co. Ltd., GS Yuasa Corporation, Hefei Guoxuan High-tech Power Energy Co. Ltd., Hitachi Chemical Co. Ltd., Johnson Controls International plc, Microvast Inc., Saft Batteries, Amperes Technology Co. Ltd., Tianjin Lishen Battery Joint-Stock Co. Ltd., Tianneng Power International Limited, eCobalt Solutions Inc., LG Energy Solution, SK Innovation Co. Ltd., Tesla Inc., Valence Technology Inc., EnerDel Inc., Lithium Werks B.V., Electrovaya Inc., Kokam Co. Ltd., Envision AESC Group Ltd., Farasis Energy Inc., Lishen Battery, Northvolt AB, VARTA AG, BMZ GmbH, Leclanché SA, EVE Energy Co. Ltd.

The lithium-ion (li-ion) market report table of contents includes: