Lithium-ion Battery Market worth $187.1 billion by 2032 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 8, 2023 /PRNewswire/ -- The global lithium-ion battery market size is expected to grow from USD 56.8 billion in 2023 to USD 187.1 billion by 2032, at a CAGR of 14.2% from 2023 to 2032 according to a new report by MarketsandMarkets™. The lithium-ion battery market is experiencing rapid expansion due to the high energy density and versatile applicability offered by lithium-ion batteries across consumer electronics devices, hybrid electric vehicles, and renewable energy storage sectors. Technological advancements enhancing lithium-ion battery performance, safety, and longevity further drive the market's growth.

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Lithium-ion Battery Market Report Scope:

The market for lithium cobalt oxide (LCO) battery segment is expected to gain a significant market share during the forecast period.

The Lithium Cobalt Oxide (LCO) battery is a prominent lithium-ion battery variant. These batteries contain a graphite carbon anode and a cobalt oxide cathode with a layered composition. LCO batteries have attracted substantial attention in lithium-ion batteries due to their exceptional energy density, safety provisions, and extended lifespan. Due to their high energy density, these batteries are majorly used as a power source for smartphones, tablets, laptops, and digital cameras.

Below 3,000 mAh capacity batteries are expected to hold a substantial market share during the forecast period.

Batteries with a capacity below 3,000 mAh have achieved remarkable popularity and constitute a significant portion of the lithium-ion battery market share. These batteries can be crafted from diverse materials, including lithium cobalt oxide, lithium iron phosphate, and lithium titanate oxide. Their applications span a wide array of devices, empowering media players, digital cameras, smartphones, power tools, power banks, toys, GPS systems, and various other small devices. Furthermore, lithium-ion batteries with capacities below 3,000 mAh are commonly employed in compact, portable consumer electronics like smartwatches, wireless headphones, iPods, and wireless speakers.

Telecommunications application segment to grow at an impressive CAGR during the forecast period.

The telecommunications industry is developing new cellular network technologies such as 5G and 6G. Due to this, the industry must also cater to the increasing demand for large-scale data processing and low latency requirements. Furthermore, remote telecom tower installations need reliable and efficient power supplies to ensure uninterrupted operation, which can be achieved through integrating renewable energy sources and battery energy storage systems (BESS). Features such as high-power density and long-life cycle make lithium-ion batteries the perfect choice for various telecom sector applications. The lithium-ion battery is next-generation and a future powerhouse for telecommunication applications such as UPS, FTTX installations, remote terminals, access networks, base transceiver stations for wireless networks, and cable networks. Lithium-ion batteries provide outstanding cycle life, excellent charge acceptance, and remote monitoring for telecom applications.

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North America is expected to hold a significant market share of the lithium-ion battery market during the forecast period.

The lithium-ion battery industry in North America has been segmented into the US, Canada, and Mexico. The automotive application, followed by the consumer electronics application, are expected to be the largest contributor to the market growth in the region. Various regional automotive companies are actively working toward producing hybrid and plug-in hybrid electric vehicles, leading to the rapid adoption of lithium-ion batteries. The US has ample lithium deposits that can be exploited to produce lithium-ion batteries. This is expected to drive the demand for lithium-ion batteries in the region.

The key players in the lithium-ion battery companies include LG Energy Solution (South Korea), Samsung SDI Co. Ltd. (South Korea), SK Innovation Co., Ltd. (South Korea), Panasonic Holdings Corporation (Japan), BYD Company Limited (China), and Toshiba Corporation (Japan) and others.

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