Lithium-ion Battery Market Size to Surpass US$ 57.9 Bn by End of 2031 | Report by Transparency Market Research, Inc.

WILMINGTON, DE / ACCESSWIRE / January 10, 2023 / Transparency Market Research Inc. - According to a research by TMR, the global market is estimated to advance at a CAGR of 10.8% during the forecast period from 2022 to 2031.

A lithium-ion battery is used in a range of electronic gadgets, from headphones to laptops to mobile phones. Rise in preference for electric vehicles across the globe owing to increase in fuel prices and environmental concerns has created new business generation opportunities for the lithium-ion battery market growth.

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Lithium-ion Battery Market: Growth Drivers

• Global market for lithium-ion batteries for electric cars is expanding rapidly due to exceptional performance at high degrees, outstanding energy efficiency, and minimum self-discharge
• Rise in demand for consumer electronic products, such as mobile phones and laptops, has increased the need for lithium-ion batteries. Lithium-ion batteries are rechargeable; hence, these are extensively utilized in consumer electronics. Furthermore, lithium-ion battery modules provide high power and have a greater energy density than other battery types. These factors propel the demand for lithium-ion batteries in consumer electronics.
• Lithium-ion batteries have minimal environmental effect, as lithium is non-toxic and can be completely recycled. It also has a faster charging capacity than other types of battery. Additionally, these batteries have a longer lifespan due to low self-discharge rate. Lithium-ion batteries have an average lifespan of eight years. This can be extended with regular maintenance and service. Compared to other battery types, lithium-ion batteries perform well in high-power applications and can deliver greater currents. This is expected to fuel lithium battery industry demand.

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Key Findings of Lithium-ion Battery Market

• The lithium cobalt oxide (LCO) segment is projected to account for the largest market share during the forecast period. This is ascribed to wide applications in consumer electronic devices such as mobile phones, laptops, and cameras. The lithium iron phosphate segment is likely to be propelled by increase in popularity in applications that require significant amount of energy.
• Lithium-ion batteries are used in various end-use sectors, with the automotive industry anticipated to witness the fastest growth due to rise in popularity of electric cars. People are now aware of the advantages of battery-powered vehicles. Moreover, the rising prices of gasoline and diesel in regions such as Asia Pacific, North America, and Europe have increased consumer awareness about the usage of electric vehicles. This is driving lithium-ion battery market development.
• The consumer electronics segment is expected to grow at a rapid pace throughout the forecast period due to the growing demand for consumer electronic devices such as smartphones and tablets laptops.

Lithium-ion Battery Market: Regional Assessment

• As per lithium-ion battery industry forecast, Asia Pacific is projected to lead the global market during the forecast period. China and Japan account for significant share of the electric automobiles segment globally. Furthermore, demand for consumer electronics and electronic gadgets that use lithium-ion batteries is expected to rise in the region in the next few years.
• The market for lithium-ion batteries in North America and Europe is anticipated to grow at a rapid pace in the near future, owing to the emphasis on greenhouse gas emissions by government bodies. The consumer electronics segment is likely to grow at a rapid pace during the forecast period owing to surge in demand for consumer electronic devices in these regions.

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Lithium-ion Battery Market: Key Competitors

The global industry is dominated by a small number of large-scale vendors who control the majority of lithium-ion battery market share. Companies are investing significantly in research & development, particularly to develop technologically superior products to increase market reach. Diversification of product lines and merger & acquisition are the key strategies employed by key players in the market.

Leading companies in this market are:

• A123 Systems LLC
• Panasonic Corporation
• BYD Company Limited
• Amperex Technology Limited
• Samsung SDI Co. Ltd.
• Murata Manufacturing Co. Ltd.
• LG Chem
• Clarion Power Solutions
• Maxell Holdings Ltd.
• Toshiba Corporation

Lithium-ion Battery Market: Segmentation

Product Type

• Lithium Iron Phosphate (LFP)
• Lithium Cobalt Oxide (LCO)
• Lithium Manganese Oxide (LMO)
• Lithium Nickel Manganese Cobalt Oxide (NMC)
• Lithium Nickel Cobalt Aluminum Oxide (NCA)
• Lithium Titanate Oxide (LTO)

End-use

• Consumer Electronics
• Automotive
• Aerospace
• Marine
• Medical
• Industrial
• Power
• Telecommunication

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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