The global lithium-ion battery market size was estimated at USD 54.4 billion in 2023 and is projected to register a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030.
Automotive sector is expected to witness significant growth owing to the low cost of lithium-ion batteries. Global registration of electric vehicles (EVs) is anticipated to increase significantly over the forecast period. The U.S. emerged as the largest market in North America in 2023. Increasing EV 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 product demand. Federal policies include the American Recovery and Reinvestment Act of 2009, which established tax credits for purchasing electric vehicles.
New Corporate Average Fuel Economy (CAFE) standards mandated fuel economy standards for passenger cars and Light Commercial Vehicles (LCVs) resulting in the expansion of electric drive technologies. Increasing product demand in smartphones owing to their extended shelf life and enhanced efficiency is expected to drive market growth. The increasing demand for EVs owing to growing consumer awareness about carbon emissions is expected to fuel market growth. A decline in the demand for lead-acid batteries, owing to EPA regulations on lead contamination and resulting environmental hazards coupled with regulations on lead-acid battery storage, disposal, and recycling, has led to an increase in the demand for Li-ion batteries in automobiles. Mexico has been a center of the global automotive industry as companies worldwide are eyeing to invest here.
Gather more insights about the market drivers, restrains and growth of the Lithium-Ion Battery Market
Lithium-ion Battery Market Report Highlights
• In 2022, the consumer electronics application segment held the largest revenue share of over 39.13%. 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 2022, the LCO product segment accounted for the largest revenue share of over 31.17%. 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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Lithium-ion Battery Market Segmentation
Grand View Research has segmented the global lithium-ion battery market report based on product, application and region
Lithium-ion Battery Product Outlook (Volume, GWh; Revenue, USD Billion, 2018 - 2030)
• Lithium Cobalt Oxide (LCO)
• Lithium Iron Phosphate (LFP)
• Lithium Nickel Cobalt Aluminum Oxide (NCA)
• Lithium Manganese Oxide (LMO)
• Lithium Titanate
• Lithium Nickel Manganese Cobalt (LMC)
Lithium-ion Battery Application Outlook (Volume, GWh; Revenue, USD Billion, 2018 - 2030)
• Automotive
• Consumer Electronics
• Industrial
• Energy Storage Systems
• Medical Devices
Lithium-ion Battery Regional Outlook (Volume, GWh; Revenue, USD Billion, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Russia
o Spain
o France
o U.K.
o Germany
o Italy
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
• Central & South America
o Brazil
o Paraguay
o Columbia
• Middle East & Africa
o South Africa
o UAE
o Egypt
o Saudi Arabia
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