all report title image
  • Published On : Jan 2022
  • Code : CMI284
  • Industry : Advanced Materials
  • Pages : 170
  • Formats :

Li-ion battery is a rechargeable battery used in consumer electronic products such as laptops, smartphones, tablets, etc. Li-ion battery has high energy density and low self-discharge property. Li-ion battery is one of the most efficient types of batteries and is used to power mostly all types of electronic appliances including electric vehicles.

The global lithium-ion battery market is estimated to be valued at US$ 46.5billion in 2021 and is expected to exhibit a CAGR of 17.0%over the forecast period (2021-2028).

Recent Developments:

In September 2019, BAK Partners with Lithium-ion Battery Technology Company Cadenza Innovation to Introduce the Startup's "Supercell" Platform to China.

In April 2020, Toshiba Corporation announced that its SCiB lithium-ion battery modules and related components for building a battery system are the first to win approval for use in marine vessels from Nippon Kaiji Kyokai (ClassNK), the international ship classification society that promotes protection of life and property at sea, and protection of the marine environment.

Figure 1. Global Lithium-Ion Battery Market Value (US$ bn), by Region, 2020

Lithium Ion Battery  | Coherent Market Insights

Asia Pacific held dominant position in the global lithium-ion battery market in 2020, accounting for 48.3% share in terms of volume, followed by North America and Europe, respectively.

Drivers:

Strong growth in the consumer electronic market across developing countries is propelling the market growth of the Li-ion battery. According to India Brand Equity Foundation, the Indian appliance, and consumer electronics (ACE) market reached US$ 10.93 billion in 2019. Moreover, the appliances and consumer the electronics industry is expected to double to reach US$ 21.18 billion by 2025. Thus increasing use of electronic products such as smartphones and tablets is propelling market growth.

The increasing use of Li-ion Battery electric vehicles is propelling market growth. Also, the growing adoption of the electric vehicle due to rising environmental concerns are again expected to foster the market growth of lithium-ion batteries. According to the International Energy Agency, the global sale of the the electric vehicle reaches 2.1 million in 2019. Electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase. 

CMI table icon

Lithium-Ion Battery Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 46.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 17.0% 2028 Value Projection: US$ 139.3 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Western Europe: Germany, U.K., France, Italy, and Rest of Western Europe
  • Eastern Europe: Poland, Russia, and Rest of Eastern Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East and Africa: GCC Countries, Israel,  South Africa, North Africa, Central Africa, Rest of Middle East
Segments covered:
  • By Type: Cathode, Anode, Electrolytic solution, Others (Separator, binder, etc)
  • By Application: Automotive, Industrial, Consumer electronics and products, Others (Energy, Medical and Military)
Companies covered:

Sony, LLC, Automotive Energy Supply Corporation (AESC), China BAK Battery, Inc, GS Yuasa Corporation, Hitachi Chemical Co. Ltd., Johnson Controls, Inc., LG Chem Power, Inc., Panasonic Corporation, Samsung SDI Co. Ltd., and Toshiba Corporation

Growth Drivers:
  • Strong growth in the consumer electronic market
Restraints & Challenges:
  • High cost of the battery

Market Opportunities

The growing focus of key manufacturers on increasing the production capacity of the lithium-ion batteries is expected to serve profitable and bright opportunities to the market of lithium-ion batteries over the forecast timeframe. For instance, in June 2018, Exide Industries, manufacturer of batteries, and Leclanché announce the launch of a new joint venture to build lithium-ion batteries and energy storage solutions to power the growth of India's electric vehicle market.

The increasing use of Li-ion batteries in digital cameras is projected to offer potential market opportunities in the near future. For instance, In December 2017, Digitek has launched its new Platinum Extra Power Li-ion F-980 battery for Sony Video Cameras (Compatible with Sony NP-F960/970). Platinum Extra Power Li-ion F- 980 battery has a greater capacity than the original Sony battery and lasts longer during the shoots. Thus, the growing use of Li-ion batteries in digital cameras will favor market growth.

Market Trends

Consumer demand for consumer electronic product such as cellphones and laptop has emerged as the largest market for lithium-ion batteries. The increasing use of smartphones and laptops due to the growing penetration of the internet is expected to foster market growth. Moreover, increasing disposable income coupled with the improving lifestyle of the consumer is again driving the sale of consumer electronic products such as a smartphone. This is further propelling the market growth of the Li-ion batteries over the forecast period

Growing collaboration and partnership among key manufacturers for business expansion is one of the growing trends in the market. For instance, in February 2018, Mahindra & Mahindra Ltd., and LG Chem, announced a partnership in the field of advanced Li-ion battery technology. Under this collaboration, LG Chem is going to develop a unique cell for India application and also supply Li-ion cells based on NMC (nickel-manganese-cobalt) chemistry with high energy density.

Figure 2. Global Lithium-Ion Battery Market Share, By Application, 2020

Lithium Ion Battery  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Consumer electronics and products held dominant position in the market and accounted for 48.0% share in the global lithium-ion battery market in 2020. The segment is expected to reach US$ 66.9 billion in 2028. This is owing to strong growth in consumer electronics sector.

Market Restraints

The high cost of lithium-ion batteries as compared to other batteries such as lead-acid, sodium-sulfur, and nickel-metal-hydride is expected to restrict its adoption rate. Thus, the slow adoption rate due to the high cost of these batteries is hampering market growth.

Issues associated with the storage and transportation of spent batteries is another major factor acting as a challenge for the market growth of the lithium-ion batteries. This is expected to hamper the market growth over the forecast period.

Competitive Section:

Company Names 

  1. Sony, LLC
  2. Automotive Energy Supply Corporation (AESC)
  3. China BAK Battery, Inc
  4. GS Yuasa Corporation
  5. Hitachi Chemical Co. Ltd.
  6. Johnson Controls, Inc.
  7. LG Chem Power, Inc.
  8. Panasonic Corporation
  9. Samsung SDI Co. Ltd.
  10. Toshiba Corporation

The lithium-ion battery refers to a family of batteries that includes the lithium polymer, lithium metal ion, lithium iron phosphate, lithium cobalt oxide, lithium selenide, lithium zinc battery, lithium metal hydride, lithium iron sulfate, lithium carbonate, lithium polymer, and lithium metal trioxide. A lithium-ion battery utilizes electrically bonded lithium atoms to form a series of lithium metal ions. A lithium ion is one of three different types of lithium metal that are used in many different types of electronic devices. These batteries have the ability to store large amounts of energy, have high voltages, and can be discharged quickly, which makes them very useful for use in numerous applications. These include everything from laptop and notebook batteries to automobile and golf cart batteries.

Market Dynamics:

Increasing penetration of electric vehicle is a prime factor driving growth of the lithium-ion battery market. According to the International Energy Agency, sales of electric cars topped 2.1 million globally in 2019, surpassing 2018 – already a record year – to boost the stock to 7.2 million electric cars. Also, growing demand for consumer electronic product is again fostering growth of the market.

However, high cost of the battery is expected to hinder growth of the market.

Key features of the study:

  • This report provides in-depth analysis of the lithium-ion battery market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global lithium-ion battery market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Sony, LLC, Automotive Energy Supply Corporation (AESC), China BAK Battery, Inc, GS Yuasa Corporation, Hitachi Chemical Co. Ltd., Johnson Controls, Inc., LG Chem Power, Inc., Panasonic Corporation, Samsung SDI Co. Ltd., and Toshiba Corporation
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global lithium-ion battery market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global lithium-ion battery market

Detailed Segmentation:

  • Global Lithium-Ion Battery Market, By Type:
    • Cathode
    • Anode
    • Electrolytic solution
    • Others (Separator, binder, etc.)
  • Global Lithium-Ion Battery Market, By Application:
    • Automotive
    • Industrial
    • Consumer electronics and products
    • Others (Energy, Medical and Military)
  • Global Lithium-Ion Battery Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • Sony, LLC*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • Automotive Energy Supply Corporation (AESC)
    • China BAK Battery, Inc
    • GS Yuasa Corporation
    • Hitachi Chemical Co. Ltd.
    • Johnson Controls, Inc.
    • LG Chem Power, Inc.
    • Panasonic Corporation
    • Samsung SDI Co. Ltd.
    • Toshiba Corporation

*Browse all the market data tables and figures on “Global Lithium-Ion Battery Market- Forecast to 2028”

Frequently Asked Questions

The global lithium-ion battery market size is estimated to be valued at US$ 46.5 billion in 2021 and is expected to exhibit a CAGR of 17.0% between 2021 and 2028.
Strong growth in the consumer electronic market is a factor fuelling growth of the market.
The Consumer Electronics & products segment is the leading application segment in the market.
High cost of the battery is expected to hinder growth of the market.
Major players operating in the market include, Sony, LLC, Automotive Energy Supply Corporation (AESC), China BAK Battery, Inc, GS Yuasa Corporation, Hitachi Chemical Co. Ltd., Johnson Controls, Inc., LG Chem Power, Inc., Panasonic Corporation, Samsung SDI Co. Ltd., and Toshiba Corporation.
Asia Pacific region is expected to hold dominant position in the market over the forecast period. Growing consumer electronic market in developing countries drives the growth of Asia Pacific market.

Related Reports

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo