Lithium-ion Battery Market expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030

 Lithium-ion Battery Industry Overview

The global lithium-ion battery market size is expected to reach USD 182.53 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 18.1% from 2022 to 2030. The market is expected to witness significant growth over the forecast period on account of the increasing consumption of rechargeable batteries in consumer electronics and a rise in the adoption of electric vehicles. The rising sales of electric vehicles, along with the expanding renewable energy sector, are expected to drive the market. The emergence of integrated charging stations, green power-generation capability, eMobility providers, battery manufacturers, and energy suppliers is anticipated to stimulate market growth in the coming years.

Lithium-ion Battery Market Segmentation

 

Grand View Research has segmented the global lithium-ion battery market on the basis of product, application, and region:

Based on the Product Insights, the market is segmented into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate, Lithium Nickel Manganese Cobalt (LMC)

  • The LCO segment accounted for the largest revenue share of over 30.0% in 2021. High demand for LCO batteries in mobile phones, tablets,laptops, and cameras on account of their high energy density and high safety level is expected to augment the market growth over the forecast period.
  • Rising demand for NCA on account of its high specific energy, specific power, and long lifespan is expected to augment the market growth over the forecast period. NCA finds use in EV vehicles, medical devices, and industrial applications. Increasing consumption of lithium titanate in various applications including electric powertrains, streetlights, UPS, and solar-powered street lighting is likely to fuel segment growth over the coming years.

 

Based on the Application Insights, the market is segmented into Automobile, Consumer Electronics, Industrial, Energy Storage Systems, Medical Devices

  • The consumer electronics segment held the largest revenue share of over 40.0% in 2021. Portable batteries are incorporated in portable devices and consumer electronic products. The applications of portable batteries include mobile phones, laptops, computers, tablets, torches or flashlights, LED lighting, vacuum cleaners, digital cameras, wristwatches, calculators, hearing aids, and other wearable devices.
  • Lithium-ion batteries are also utilized for providing backup power supply for commercial buildings, data centers, and institutions. In addition, lithium-ion battery is preferred for energy storage in residential solar PV systems. These factors will boost the growth of the energy storage systems application segment in the forecast period.

Lithium-ion Battery Regional Outlook

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

 

Key Companies Profile & Market Share Insights

The market is extremely competitive with key participants involved in R&D and constant product innovation. Several companies are engaged in new product development to improve their global market share. For instance, BYD and Panasonic hold a strong position on account of their increased manufacturing capacities and large distribution network.

Some prominent players in the global lithium-ion battery market include:

  • BYD Company Ltd.
  • Duracell Inc.
  • Hitachi, Ltd.
  • Johnson Controls
  • LG Chem
  • Panasonic Corporation
  • Renault Group
  • Samsung SDI Co., Ltd.
  • Tesla
  • TOSHIBA CORPORATION

 

Order a free sample PDF of the Lithium-ion Battery Market Intelligence Study, published by Grand View Research. 

Comments

Post a Comment

Popular posts from this blog

Global Potash Market: Trends, Growth & Forecast 2023-2032

T he global  potash market  size is expected to reach USD 93.50 billion by 2032, growing at a CAGR of 4.9% from 2023 to 2032, according to a new study by Grand View Research, Inc. This is attributed to the increasing demand for food and efficient usage of agricultural land. As consumers seek healthier options, there has been a surge in demand for high-value crops like fruits, vegetables, and specialty crops, boosting the demand for potash. Furthermore, the adoption of precision agriculture techniques has become increasingly prevalent in recent years. Precision agriculture involves using advanced technologies and data-driven approaches, such as soil testing and targeted nutrient management, to make informed decisions about fertilizer application.   Farmers are embracing precise and site-specific methods for applying fertilizers, based on field variability and crop requirements. This trend makes way for optimized resource utilization, improved crop performance, and enhanced...
Read more

Smart Ticketing Market Report: Emerging Technologies & Market Opportunities

  The global smart ticketing market size is expected to reach USD 31.65 billion by 2030, growing at a CAGR of 15.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. With the widespread adoption of smartphones, mobile ticketing channels have gained traction, allowing users to purchase, store, and validate tickets directly on their mobile devices, eliminating the need for physical cards or paper tickets. The convenience and ease of use offered by mobile ticketing have contributed to the growth of the market. Smart ticketing systems generate vast amounts of data on passenger journeys, travel patterns, and ticket usage.   Operators leverage this data to gain valuable insights, optimize operations, and improve the overall passenger experience. Data analytics techniques, such as predictive modeling and real-time monitoring, are being applied to enhance efficiency, manage capacity, and offer personalized services, which bode well for smart ticketing...
Read more

Boosting Crop Yields: India Foliar Fertilizer Market Trends & Forecasts

  The  India foliar fertilizer market  size is expected to reach USD 4.9 billion by 2030, expanding at a CAGR of 11.3% during the forecast period, as per a new report by Grand View Research, Inc. The industry growth is majorly driven by surged demand for food due to increasing population coupled with supportive government initiatives and decreasing arable land in the country.   There has been a significant increase in the global prices of fertilizers and foliar fertilizers. As such, farmers falling into small- and marginal-income categories cannot afford to buy fertilizers resulting in reduced agricultural yields. This has led the Government of India to take initiatives to provide fertilizer subsidies to farmers in the country to make them affordable at subsidized prices. For instance, the Government of India announced a subsidy scheme related to fertilizers worth USD 27 billion in 2022 to ensure that fertilizers are affordable for every farmer in the country. Thus, ...
Read more