Lithium-Ion Battery Market Size to grow by USD 448.8 billion between 2024-2028
According to a research report “ Lithium-Ion Battery Market” by Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, Lithium cobalt oxide) Application (Automotive, Consumer electronics, Energy storage and others) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 448.8 billion, at a CAGR of 42.93% during the forecast period. The global economy is experiencing significant growth, particularly in emerging markets, driven by urbanization and increasing family incomes. This economic expansion is leading to a surge in disposable income and subsequently, higher consumer confidence. According to recent projections, global consumer expenditure is poised for substantial growth, primarily due to the economic recovery in major emerging markets. Income growth in Asian countries, in particular, is contributing to a decrease in poverty and the expansion of the middle class. Given the vast population sizes in these economies, this trend is anticipated to persist throughout the forecast period. The lithium-ion battery market is set to benefit from this trend, as rising consumer income levels lead to increased demand for portable electronic devices and electric vehicles, both of which utilize lithium-ion batteries.
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By Type, the Lithium nickel manganese cobalt segment is projected to dominate the market size in 2024
In the rapidly evolving electric vehicle (EV) market, businesses prioritize energy storage systems that enhance vehicle efficiency and performance, while minimizing environmental impact. Lithium-ion batteries, specifically lithium iron phosphate batteries, are the preferred choice due to their superior energy density, extended cycle life, and resolution of safety concerns, such as explosion and overheating. The United States leads the global EV market, with significant demand, followed closely by China, Norway, the Netherlands, Germany, France, and the UK. These countries recognize the benefits of lithium-ion batteries and are investing in this technology to drive their EV industries forward.
By Application, Automotive segment is expected to hold the largest market size for the year 2024
In the realm of lithium-ion batteries, the lithium nickel manganese cobalt (NMC) variant has emerged as a preferred choice for numerous industries due to its unique properties. The combination of nickel and manganese in NMC batteries offers several advantages. Manganese, despite its relatively low specific energy, contributes to the formation of a spinel structure, resulting in reduced internal resistance. Nickel, on the other hand, boasts a high specific energy but is inherently unstable. The synergy of these metals yields batteries with exceptional performance, suitable for both high-energy and high-power applications. These batteries are extensively utilized in power tools, electric bicycles, and various electric drivetrains. Moreover, the automotive sector heavily relies on lithium nickel manganese cobalt batteries for powering most electric vehicles.
APAC is forecasted to hold the largest market size by region in 2024
The Lithium-Ion Battery Market represents a significant growth opportunity for businesses in the renewable energy sector. With increasing demand for electric vehicles and portable electronics, this market is poised for expansion. Key players are focusing on enhancing battery capacity, safety, and reducing costs to gain a competitive edge. Government initiatives and private investments are further fueling market growth. The market is expected to reach substantial revenue by 2027.
The Lithium-Ion Battery Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Lithium-Ion Battery Market is a significant and growing sector, driven by the fundamental operation of these batteries as rechargeable power sources for various applications. Lithium-ion batteries come in different combinations, such as LiCoO2 and graphite-based, with the latter being widely used in small-sized electronic devices due to their high conductivity. Major market players include combinations of mergers and strategic collaborations, such as Panasonic and Tesla. The combination of lithium insertion materials like LiCoO2 and graphite has made lithium-ion batteries the power source of choice for mobile phones, laptops, and other electronic devices. The market extends to power tools and the commercial sector, with the renewable energy sector and electric vehicles (EVs) being major consumers. The automobile sector's growth in EV sales is driving the demand for lithium-ion batteries, with cobalt and lithium being key raw materials. However, the supply chain disruption of these materials can impact the market's growth. The lithium-ion battery market's future looks promising, with the consumer electronics and EV industries leading the charge.
Market Research Overview
The Lithium-Ion Battery Market encompasses a wide range of battery solutions designed to provide reliable power supply for various industries and applications. With expertise in management of ageing batteries, discharging, charging, and integrated protection circuits, these batteries offer energy efficiency, long life cycle, and high power density. Lithium-ion batteries have replaced traditional rechargeable batteries such as Nickel-Cadmium, Nickel-Metal Hydride, and Lead-Acid in passenger cars, telecommunications, industrial, marine, medical, and aerospace sectors. Graphite-based lithium-ion batteries, using LiCoO2 as cathode and graphite as anode, are commonly used in mobile phones, laptops, and electronic devices. Lithium Titanate and solid-state batteries are emerging technologies. Major market players are focusing on mergers and strategic collaborations to strengthen their position in the market. The Lithium-ion battery market caters to the power sources requirements of electric vehicles (EVs), consumer electronics, and the automobile sector. Cobalt and Lithium are key raw materials, and EV sales and the EV industry growth significantly impact the market. However, supply chain disruptions and the renewable energy sector's increasing demand pose challenges. Other competing technologies like lead acid batteries, lithium-air flow batteries, and other advanced batteries also impact the market dynamics.
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