The global lithium-ion battery market was valued at USD 182.5 billion in 2030 and is projected to experience a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. This significant growth is driven by the increasing demand for rechargeable batteries in consumer electronics and the growing adoption of electric vehicles. As electric vehicle sales rise and the renewable energy sector continues to expand, the market is expected to experience robust growth during the forecast period. The emergence of integrated charging stations, green power-generation technologies, eMobility providers, battery manufacturers, and energy suppliers is anticipated to further propel the market in the coming years.

In the U.S., the growing sales of electric vehicles, supported by favorable federal policies, combined with the presence of key market players, are expected to drive the demand for lithium-ion batteries in the country. Policies supporting infrastructure development through the National Infrastructure Plan (NIP) are also expected to enhance market growth in the U.S. Additionally, the automotive industries in countries such as Indonesia, Vietnam, Mexico, Thailand, and India are expanding, which will further contribute to the demand for lithium-ion batteries. The increasing preference for pollution-free hybrid electric vehicles (HEVs) and electric vehicles (EVs), along with continuous technological advancements, will continue to drive the demand for lithium-ion batteries. China, in particular, is expected to experience significant growth due to advancements in energy storage technologies and government initiatives that encourage investments in the manufacturing sector.

The rise in the number of portable consumer electronics, such as smartphones, digital cameras, MP3 players, and laptops, which rely heavily on rechargeable batteries, is contributing to the growing demand for lithium-ion batteries. Battery technology continues to evolve to meet the performance and power density requirements of these devices. The demand for lithium cobalt oxide (LCO) batteries in mobile phones, tablets, laptops, and cameras is expected to rise due to their high energy density and superior safety features. However, the relatively short lifespan of LCO batteries, coupled with low thermal stability and limited specific power, may pose a challenge to market growth.

Electric and hybrid electric vehicles are expected to be the dominant consumers of lithium-ion batteries in the coming years. Increased awareness about the benefits of battery-operated vehicles, alongside rising fossil fuel prices—particularly in regions like Asia Pacific, Europe, and North America—are likely to boost the demand for lithium-ion batteries in the automotive sector. The COVID-19 pandemic has posed challenges to the market, primarily through disruptions in supply chains, delays in manufacturing, and a reduction in operational costs by end-users.

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 segment accounted for the largest revenue share of over 39.13%. Portable batteries are integral to various consumer electronics and portable devices, including mobile phones, laptops, tablets, and wearable devices.

• In 2022, the lithium cobalt oxide (LCO) product segment held the largest revenue share of over 31.17%. The high demand for LCO batteries in devices such as mobile phones, tablets, laptops, and cameras is expected to contribute to market growth due to their high energy density and superior safety features.

• In North America, the U.S. was the largest market in 2021. The rise in electric vehicle sales, supported by favorable federal policies and the presence of numerous market players, is expected to drive the demand for lithium-ion batteries in the country.

• In the Caribbean and South America (CSA), lithium-ion batteries are commonly used for Electrical Energy Storage (EES), serving applications such as stand-alone systems with photovoltaic (PV) installations, emergency power supply systems, and battery systems to mitigate fluctuations in output from wind and solar power.

• In Brazil, government initiatives aimed at supporting the electric vehicle market, such as exemptions from annual car ownership taxes and import taxes on electric vehicles, are expected to boost the demand for lithium-ion batteries in 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

List of Key Players in Lithium-ion Battery Market

• BYD Co., Ltd.

• A123 Systems LLC

• Hitachi, Ltd.

• Johnson Controls

• LG Chem

• Panasonic Corp.

• Saft

• Samsung SDI Co., Ltd.

• Toshiba Corp.

• GS Yuasa International Ltd.

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