A Lithium-ion or Li-ion battery is a type of rechargeable battery that utilizes the reversible reduction of lithium ions to store energy. It is the predominant battery type used in portable consumer electronics and electric vehicles. Lithium-ion batteries are currently used in most portable consumer electronics, such as cell phones and laptops, owing to their high energy per unit mass relative to other electrical energy storage systems.
The Global Lithium Ion Battery Market is projected to grow at a CAGR of around 25.0% during the forecast period, i.e., 2023-28. The rapidly growing renewable energy sector has swiftly led to the persistent adoption of lithium-ion batteries in recent years. The large-scale incorporation of these batteries in several new applications has instigated investors to bring their focus to R&D and make a substantial investment toward the advancements.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: United States, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: Germany, France, United Kingdom, Russia, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea,, Australia, Rest of Asia Pacific|
|Middle East & Africa: Israel, GCC, South Africa, Rest of The Middle East & Africa|
|Key Companies Profiled||Samsung SDI, LG Chem Ltd., Hitachi Chemical Co., Ltd., Johnson Controls International PLC, Panasonic Corporation, Tesla Inc., BYD Company, A123 Systems, LLC, GS Yuasa Corporation Ltd., Saft, Yinlong Energy China Ltd., Toshiba Corporation, EnerDel, Inc., VARTA AG, Others.|
|Unit Denominations||USD Million/Billion|
The market behemoths such as Samsung SDI, LG Chem Ltd, Hitachi Chemical Co., Ltd, Johnson Controls International PLC, and Panasonic Corporation are making relentless investments in setting up plants and manufacturing units to expand their portfolios. Besides, the companies constantly seek collaboration with government agencies to level up their market presence. Apart from the key players, the governments worldwide willing to sponsor energy and infrastructural development projects are anticipated to contribute to the market expansion in the coming years. For instance,
The preference for lithium-ion batteries has largely been demonstrated by automobiles and consumer electronics, primarily because of their longer shelf life and higher energy density. Since the cost of fossil fuels and gasoline has witnessed a surge in the past few years, electric vehicles are emerging as a better alternative to ICE vehicles. And, with more electric vehicles coming on-road, the demand for these batteries is likely to enthrall in the forecast period.