Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Lithium-Ion Battery Market.
The global Lithium-Ion Battery Market Size is expected to grow at 11.5% CAGR from 2023 to 2029. It is expected to reach above USD 101 billion by 2029 from USD 38 billion in 2022. Growing consumer preference for electric and hybrid vehicles will complement the demand for lithium-Ion batteries. EVs have gained substantial momentum in recent years owing to the growing focus on sustainable transportation and zero-emission vehicles. Several governments are supporting the e-mobility movement with favorable subsidies and schemes encouraging consumers to switch to Electric vehicles. For example, in November 2022, the Netherlands, and Sweden joined the cohort of seven countries consisting of the Canada, U.S., Israel, Norway, Australia, Germany, and New Zealand to transition their government-operated fleets to zero-emission vehicles.
Industry Developments in Global Lithium-Ion Battery Market
- In February 2022, Panasonic Holdings Corporation is going to establish a production facility in Wakayama Factory in western Japan to manufacture new "4680" lithium-ion batteries for electric vehicles to expand its business globally. Productivity verification and mass production are likely to begin from the end of the fiscal year 2024.
- In October 2021, LG Energy Solution, a subsidiary operated by LG Chem, entered a memorandum of understanding with Stellantis N.V. to form a joint venture to produce battery cells and modules for North America. This joint venture will help Stellantis N.V. goal to achieve a 40% market share in the US comprising electrified vehicles by 2030. The batteries produced in this plant will be supplied to assembly plants of Stellantis N.V. in the US, Canada, and Mexico for installation in next-generation electric vehicles.
Global Lithium-Ion Battery Market Overview
The lithium-ion battery market share has been growing rapidly in recent years, driven by the increasing demand for rechargeable batteries in a wide range of applications, including consumer electronics, electric vehicles, and energy storage systems. Lithium-ion batteries are known for their high energy density, long cycle life, and low self-discharge rate, making them ideal for these applications.
The consumer electronics segment is one of the largest applications for lithium-ion batteries, with smartphones, laptops, and tablets being major contributors to the demand. The automotive sector is also a significant driver of growth, with electric vehicles becoming increasingly popular around the world. In addition, the stationary storage segment is expected to see significant growth as energy storage systems become increasingly important for balancing renewable energy supply and demand.
The market is highly competitive, with several major players, including Panasonic Corporation, LG Chem Ltd., Tesla Inc., and Samsung SDI Co. Ltd. These companies are investing heavily in research and development to improve the performance and reduce the cost of lithium-ion batteries, making them more competitive with other types of batteries.
Overall, the lithium-ion battery market size is expected to continue to grow in the coming years, driven by the increasing demand for renewable energy and electric vehicles. This growth presents significant opportunities for companies operating in the sector, as well as for investors looking to capitalize on the trend.
Key Market Insights
Battery research is advancing at a rapid pace and Lithium-Ion Battery (LIB) is pioneering in the field of battery market across the world. Lithium is the lightest of all metals, has the greatest electrochemical potential and provide the largest specific energy per weight. It is a rechargeable battery in which lithium ion moves from a negative electrode to a positive electrode during discharge and vice-versa during recharge. The energy density of lithium-ion is typically twice that of the standard nickel-cadmium.
There is no scheduled cycling is required to prolong the battery life as the self-discharge is less than half compared to nickel-cadmium, making LIB for modern fuel gauge application. Rechargeable, LIB is primarily found where their high energy and power density as well as their superior cycling ability create value which is the most important criteria for electric and hybrid vehicles. They are also used as electrical energy storage technology of choice for large scale renewable energy farms in which smoothing function is required.
