IMARC Group’s latest research report, titled “Lithium-ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the market. The lithium-ion battery market research report also includes competitor and regional analysis, and contemporary advancements in the market. The global lithium-ion battery market size reached US$ 45.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 93.3 Billion by 2028, exhibiting a growth rate (CAGR) of 13.2% during 2023-2028.
Lithium-ion Battery Market Overview:
The lithium-ion (Li-ion) battery refers to a type of rechargeable battery that consists of organic electrolytes, graphite anodes, lithium cobalt oxides, and manganese oxide cathodes. It is lightweight and has an extremely high voltage and charge storage per unit mass or volume compared to traditional alternatives. Besides this, Li-ion battery exhibits high energy density, lower self-discharge rates, an extended lifespan with faster charging speed, and requires minimal maintenance. It is extensively used in portable consumer electronics, such as smartphones, laptops, tablets, ear pods, personal digital assistants (PDAs), digital cameras, music players, and power tools. Li-ion batteries do not need scheduled cycling to maintain battery life, deliver large amounts of current, and can handle hundreds of charge/discharge cycles. As a result, it finds applications across the automotive, military, and aerospace industries.
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Global Lithium-ion Battery Market Trends:
The expanding proliferation of consumer electronics, such as smartphones, tablets, laptops, and cameras, is increasing the need for batteries with high power capacity that allows devices to run for long hours and give an optimal device experience. This represents the prime factor driving the global lithium-ion battery market growth. In addition to this, the escalating demand and sale of passenger and commercial vehicles are propelling the market growth. Besides this, the rising preference for electric vehicles (EVs) due to inflating prices of fossil fuels and gasoline and increasing environmental concerns is acting as another growth-inducing factor. Li-ion batteries are widely used as energy storage devices for powering EVs due to their better power density, energy efficiency, and longer life cycle. Moreover, extensive investments in the renewable energy sector for various photovoltaic installations, nuclear power plants, and wind energy projects are favoring the market growth.
Furthermore, the introduction of favorable policies promoting the industrial manufacturing and adoption of lithium-ion batteries for sustainable energy distribution and the implementation of stringent guidelines to control rising pollution levels by various governments are aiding in market expansion. Concurrent with this, increasing funding in research and development (R&D) initiatives by leading market players for designing technologically advanced product variants is strengthening the market growth.
Top Lithium ion Battery Manufacturers in World:
- A123 Systems LLC
- AESC SDI CO.,LTD
- LG Chem Ltd.
- Panasonic Corporation
- SAMSUNG SDI CO.,LTD.
- Toshiba Corporation
- Amperex Technology Limited
- BAK Group
- Blue Energy Limited
- BYD Company Ltd.
- CBAK Energy Technology, Inc.
- Tianjin Lishen Battery Joint-Stock CO.,LTD.
- Valence Technology, Inc.
- SK innovation Co., Ltd
- Hitachi, Ltd
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Key Market Segmentation:
Breakup by Application:
- Consumer Electronics
- Electric Vehicle
- Energy Storage
- Others
Breakup by Power Capacity:
- 0 to 3000mAh
- 3000mAh to 10000mAh
- 10000mAh to 60000mAh
- More than 60000mAh
Breakup by Product Type:
- Lithium Cobalt Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt
- Lithium Manganese Oxide
- Others (Li-ion Nickel Cobalt Aluminium Oxide and Li-ion Titanate Oxide)
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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