Lithium-ion Battery Market to Reach USD 62 Billion in 2023, Growing at a CAGR of 15.5%

Market Insights

As per recent research by MarkNtel Advisors, The Global Lithium-ion Battery Market size was valued at USD 62 Billion in 2023 and is projected to reach USD 172 Billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 15.5% during the forecast period, i.e., 2024-30.

Global Lithium-ion Battery Market Driver:

Frequent Adoption of Li-ion Batteries in Hybrid and Plug-in Vehicles - Most of the market expansion can be attributed to the growing adoption of electric or hybrid vehicles worldwide. The major companies are investing in the production of mobility solutions that are not just sustainable but also ultra-modern in their techniques. This factor has led to a swift increase in the number of electric vehicles, with the common goal of becoming carbon neutral. With companies like Tesla and BYD coming up with high-powered electric vehicles, the market is set to receive a major push in the coming years. Hence, being the essential power source for electric and plug-in vehicles, lithium-ion batteries have gained traction in recent years, which, in turn, has accelerated industry growth.

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Market Segmentation and Consumer Behavior:

By Type

Lithium Cobalt Oxide
Lithium Manganese Oxide
Lithium Iron Phosphate
Lithium Titanate Oxide
Lithium Sulfur
Others (Lithium Nickel Cobalt, etc.)

By End Users

Automotive
Consumer Electronics
Industrial
Power Grid Stations
Others (Military & Defense, Marine, Data Centres, etc.)

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Lithium-ion Battery Market Geographical Analysis:

By Region:

North America
South America
Europe
The Middle East & Africa
Asia Pacific

Key Players and Competitive Strategies in the Lithium-ion Battery Market

Several prominent players dominate the Lithium-ion Battery Market, including:

Samsung SDI
LG Chem Ltd.
Hitachi Chemical Co., Ltd.
Johnson Controls International PLC
Panasonic Corporation
Tesla Inc.
BYD Company
A124 Systems, LLC
GS Yuasa Corporation Ltd.
Saft
Yinlong Energy China Ltd.
Toshiba Corporation
EnerDel, Inc.
VARTA AG
Others

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Questions Addressed in this Study

1.What factors are driving the Lithium-ion Battery Market growth?

2.How is the Lithium-ion Battery Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Lithium-ion Battery Market?

4.What is the current size of the Lithium-ion Battery Market, and how is it projected to change in the future?

5.What is the future outlook for the Lithium-ion Battery Market in terms of technological advancements and market expansion?

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