The Lithium-ion Battery Market Size is anticipated to reach USD 135.1 billion by 2031, with a projected CAGR of 13.1%, from an estimated market size of USD 44.5 billion in 2022.
One of the biggest producers of lithium-ion batteries in the world is LG Chem, Ltd., a unit of LG Corporation. For use in automotive, electricity, consumer electronics, medical devices, and other applications, it offers big and mid-sized rechargeable lithium-ion batteries. The business has 25 years of expertise in the development and manufacturing of mobile batteries and large format batteries for automobiles and energy storage systems, and this experience has led to the development of its cutting-edge lithium-ion battery technology (ESS).
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The production and retail of secondary lithium-ion batteries and cells is what Samsung SDI does. Since the company's secondary Li-ion battery business was launched in 2000, Samsung SDI has focused mostly on the production of Li-ion batteries. Small lithium-ion batteries, automotive batteries and energy storage systems, chemicals, and electronic materials are among the diverse product offerings of the company.
Contemporary Amperex Technology Co., Ltd. (CATL) is a company that conducts research, develops, produces, and sells energy storage and power battery systems for clean-energy and hybrid automobiles. Lithium battery components, battery cells, battery management systems, recycling, and reusing of batteries are among its goods and services.
During the projection period, lithium-ion batteries with a capacity of 10,000–60,000 MAh are anticipated to account for the greatest market share.
In 2020, the 10,000–60,000 MAh market category held the greatest market share. For high-capacity applications like electric vehicles, plug-in hybrid electric vehicles, e-motorcycles, material handling equipment, robots, industrial, telecommunication systems, electronic cash registers, standby power supplies, golf carts, hybrid trucks, buses, the smart grid, the aviation industry, automated guided vehicles, yachts, solar backup power, and energy storage system (ESS), Li-ion batteries with a capacity of more than 10,000 mAh are used.
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The lithium-ion battery Market players are
- BYD Company (China),
- LG Chem (South Korea),
- Contemporary Amperex Technology Co. Ltd. (CATL) (China),
- Samsung SDI (South Korea),
- Panasonic Corporation (Japan),
- BAK Group (China),
- GS Yuasa Corporation (GS Yuasa) (Japan),
- Hitachi (Japan), Clarios (Germany), and
- Toshiba Corporation (Japan), are some of the major players in lithium-ion battery market.
Prices for lithium-ion batteries are declining.
Since their emergence in the 1990s, the cost of lithium-ion batteries has been a significant barrier to adoption. A lithium-ion battery is made up of numerous parts. Any lithium-ion battery's main component, the cell, is what costs the majority of its price, followed by electronics, assembly, and packaging. However, current discoveries and assertions made by automakers and manufacturers of lithium-ion batteries imply that the cost of these batteries is anticipated to drop significantly. By 2021, General Motors Company (US) anticipates that the price of a cell will have decreased to USD 100 per kWh. A drop in price is caused by a number of developments, including large-scale manufacturing, falling component prices, and the introduction of cutting-edge technology to increase battery capacity. The adoption of these batteries in numerous new applications would be sped up by a price drop.
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The lithium-ion battery industry is predicted to be led by the automotive sector.
During the forecast period, the automotive sector is anticipated to account for the greatest share of the lithium-ion battery market. Lithium-ion batteries are mostly used in battery-powered vehicles, including e-bikes, automated guided vehicles, and electric vehicles. EVs are categorised as battery electric cars (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles depending on their power source and intended use (PHEVs). Increasing EV adoption and public awareness helps the market expand. Those most impacted by the COVID-19pandemic are original equipment manufacturers (OEM) of automobiles and companies in the mobility sector. As just-in-time manufacturing becomes more prevalent, it is currently having an impact on the production capacity and overall exports of automotive OEMs due to supply chain interruptions. Due to lockdown-related problems in the worldwide supply chain, auto manufacturing facilities are only making and supplying a small number of vehicles. The market for lithium-ion batteries may be affected by this until COVID-19 cases normalise internationally.
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Battery Energy Storage System Market by Storage System, Element, Battery Type (Lithium-Ion, Flow Batteries), Connection Type (On-Grid and Off-Grid), Ownership, Energy Capacity, Application and Geography (2022-2027).
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