MarkNtel Advisors recently published a detailed industry analysis of the Lithium-ion Battery Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Lithium-ion Battery Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The Lithium-ion Battery Market size was valued at USD 62 Billion in 2023 and is projected to reach USD 172 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 15.5% during the forecast period, i.e., 2024-30.
What are the Major Driver of the Lithium-ion Battery industry?
Frequent Adoption of Li-ion Batteries in Hybrid and Plug-in Vehicles – Most of the market expansion can be attributed to the growing adoption of electric or hybrid vehicles worldwide. The major companies are investing in the production of mobility solutions that are not just sustainable but also ultra-modern in their techniques. This factor has led to a swift increase in the number of electric vehicles, with the common goal of becoming carbon neutral. With companies like Tesla and BYD coming up with high-powered electric vehicles, the market is set to receive a major push in the coming years. Hence, being the essential power source for electric and plug-in vehicles, lithium-ion batteries have gained traction in recent years, which, in turn, has accelerated industry growth.
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What segments define the Lithium-ion Battery market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
- By Type
- Lithium Cobalt Oxide
- Lithium Manganese Oxide
- Lithium Iron Phosphate
- Lithium Titanate Oxide
- Lithium Sulfur
- Others (Lithium Nickel Cobalt, etc.)
According to report, Here, the Lithium Cobalt Oxide segment acquired the lion’s share of the market during the historical period and is anticipated to prevail in the same dominance during the forecast period.
- By End Users
- Automotive
- Consumer Electronics
- Industrial
- Power Grid Stations
- Others (Military & Defense, Marine, Data Centres, etc.)
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Geographical Analysis: Lithium-ion Battery Market
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Lithium-ion Battery Market Share & Competitive Landscape:
The Lithium-ion Battery Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Lithium-ion Battery Market are:
- Samsung SDI
- LG Chem Ltd.
- Hitachi Chemical Co., Ltd.
- Johnson Controls International PLC
- Panasonic Corporation
- Tesla Inc.
- BYD Company
- A124 Systems, LLC
- GS Yuasa Corporation Ltd.
- Saft
- Yinlong Energy China Ltd.
- Toshiba Corporation
- EnerDel, Inc.
- VARTA AG
- Others
Lithium-ion Battery Industry Recent Development:
- In February 2024, Panasonic Energy Co., Ltd., part of the Panasonic Group, signed a long-term agreement with leading battery component manufacturer H&T Recharge. This partnership will ensure a reliable supply of lithium-ion battery cans across North America, strengthening Panasonic’s commitment to ramping up the production of safe and efficient EV batteries.
- In June 2023, Samsung SDI made history as the first lithium battery manufacturer to receive carbon footprint labels from Carbon Trust. These labels measure the greenhouse gas (GHG) emissions throughout a product’s entire life cycle, from production and raw materials to distribution and disposal, highlighting Samsung SDI’s commitment to sustainability.\
- In November 2023, Toshiba Corporation introduced a groundbreaking lithium-ion battery featuring a cobalt-free 5V-class high-potential cathode material. This innovation significantly reduces performance-degrading gases from side reactions, ensuring a longer-lasting battery. Designed for versatility, this advanced battery can power everything from electric vehicles to power tools.
Questions Addressed in this Study
1. What factors are driving the Lithium-ion Battery Market growth?
2. How is the Lithium-ion Battery Market expected to grow over the next five years?
3. What are the key insights into the current trends in the Lithium-ion Battery Market?
4. What is the current size of the Lithium-ion Battery Market, and how is it projected to change in the future?
6.What is the future outlook for the Lithium-ion Battery Market in terms of technological advancements and market expansion?
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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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