The latest study collated and published by Nova one advisor analyzes the historical and present-day scenario of the global Lithium-Ion Battery market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, future scopes, cost analysis and key trends during the forecast timeframe 2022 to 2030.

According to nova one advisor, the global Lithium-Ion Battery market size is projected to grow from USD 58.65 billion in 2021 to USD 278.35 billion by 2030, at CAGR of 18.12% during forecast period

Key Takeaways

• By Product, the U.S. Lithium-ion Battery market was valued at USD 9.8 Billion in 2021 and expected to witness growth at a CAGR of 18.9% from 2022 to 2030.


• In 2021, the consumer electronics application segment held the largest revenue share of over 41.0%. Portable batteries are incorporated in portable devices and consumer electronic products. The applications of portable batteries include mobile phones, laptops, computers, tablets, and other wearable devices


• In 2021, the LCO product segment accounted for the largest revenue share of over 31.0%. 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


• The U.S. emerged as the largest market in North America in 2021. Increasing electric vehicle sales in the country owing to supportive federal policies, coupled with the presence of several players in the U.S. market, are expected to drive the demand for lithium-ion batteries


• In CSA, lithium-ion batteries are frequently used battery types for Electrical Energy Storage (EES) owing to applications including stand-alone systems with PV, emergency power supply systems, and battery systems for the mitigation of output fluctuations from wind and solar power


• In Brazil, the government is taking various initiatives to support the electric vehicle market by exempting annual car ownership tax and import tax on electric vehicles. This is expected to fuel the demand for lithium-ion batteries over the coming years

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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.

Increasing sales of electric vehicles in the U.S. owing to supportive federal policies, coupled with the presence of market players in the country, are expected to drive the demand for lithium-ion batteries in the U.S. over the forecast period. Favorable government policies for infrastructural developments at the domestic level through the National Infrastructural Plan (NIP) of the U.S. are expected to promote the growth of the market in the U.S. over the forecast period. Development of the automotive industry in Indonesia, Vietnam, Mexico, Thailand, and India is expected to drive the industry. The growing inclination toward pollution-free HEVs and EVs, along with technological developments, is expected to drive the lithium-ion battery demand over the forecast period. China is expected to witness high gains in light of energy storage technologies and favorable government support to promote investments in the manufacturing sector.

The growing number of portable consumer electronics that rely on batteries has led to the increased consumption of rechargeable batteries. Portable devices including smartphones, digital cameras, MP3 players, and laptops require rechargeable batteries to provide efficient and effective power. Battery technology is evolving continuously to meet the high performance and power density requirements of devices. 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. However, the relatively short life span of LCO batteries, coupled with low thermal stability and limited load capabilities (specific power), is likely to act as a market restraint.

Electric and hybrid electric vehicles are projected to be the key consumers of lithium-ion batteries in the coming years. Growing awareness among the masses regarding the benefits offered by battery-operated vehicles and increasing fossil fuel prices, particularly in Asia Pacific, Europe, and North America, are projected to contribute to the growth of the automotive application segment over the forecast period. COVID-19 has been a major restraint to the market owing to several factors including reducing operational costs by end-users, coupled with disruption in the availability of spare parts due to sluggish manufacturing activities and logistics issues.

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Product Insights

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. LFP batteries offer excellent safety and a long lifespan to the product. Lithium iron phosphate batteries are projected to become more prominent in portable and fixed applications that demand high load currents and endurance.

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. LTO offers various properties including safety, low-temperature performance, and high lifespan, which is expected to fuel the segment growth over the forecast period.

Application Insights

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. The electric and hybrid electric vehicle market is projected to witness lucrative growth over the forecast period. Growing awareness regarding the benefits of battery-operated vehicles and increasing fossil fuel prices, particularly in Asia Pacific, Europe, and North America, are projected to favor the growth.

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 batteries are used in numerous industrial applications such as power tools, cordless tools, marine equipment and machinery, agricultural machinery, industrial automation systems, aviation, military and defense, electronics, civil infrastructure, and oil and gas.

Regional Insights

The Asia Pacific led the market with a revenue share of over 40.0% in 2021. The rise in environmental concerns has resulted in China banning conventional fossil fuel-powered scooters from all its major cities to reduce emissions, leading to an increase in the sales of e-scooters in the country. The emergence of Asia Pacific as a global manufacturing hub has resulted in the increased adoption of tools that are powered by lithium-ion batteries. Moreover, the region has the largest population in the world. This results in high sales of consumer electronics such as mobiles and laptops in the Asia Pacific that utilize lithium-ion batteries for their operations.

The growing electric vehicles market in Asia Pacific countries, such as India and China, is one of the major factors that is positively influencing the demand for lithium-ion batteries. The market in Germany is expected to witness reasonable growth over the forecast period owing to the increasing use of lithium-ion batteries in energy storage systems, electric vehicles, and consumer electronics. Germany is the world's leading market for energy storage systems as well as the development of renewable energies.

Some of the prominent players in the 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

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Lithium-ion Battery market

• Product          

• 
  
  
  
  • Lithium cobalt oxide (LCO)
  
  
  • Lithium iron phosphate (LFP)
  
  
  • Lithium Nickel Cobalt Aluminum Oxide (NCA)
  
  
  • Lithium Manganese Oxide (LMO)
  
  
  • Lithium Titanate (LTO)
  
  
  • Lithium Nickel Manganese Cobalt (LMC)
  
  
  
  


• Application
  
  
  
  • Automobile
  
  
  • Consumer Electronics
  
  
  • Industrial
  
  
  • Energy Storage Systems
  
  
  • Medical Devices
  
  
  
  

By Region

• North America


• Europe


• Asia Pacific


• Latin America


• Middle East & Africa

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