Lithium Ion Battery Market Projected to Reach $124.42 Billion by 2027, with a Remarkable CAGR of 13.4% | Reports and Data

February 15 15:26 2021
Lithium Ion Battery Market Projected to Reach $124.42 Billion by 2027, with a Remarkable CAGR of 13.4% | Reports and Data
The soaring demand for electric vehicles, coupled with the amplifying need for industrial automation, is poised to spur the market growth. Market Size – USD 41.05 billion in 2019, Market Growth – CAGR of 13.4%, Market Trends – The growing usage of Li-ion batteries as BEV power sources

The Global Lithium Ion Battery Market is expected to be valued at USD 124.42 billion in 2027 from USD 41.05 billion in 2019, registering a CAGR of 13.4% through the forecast period. A lithium ion (Li-ion) battery is a commonly used battery that is rechargeable and usually finds application in portable or handheld consumer electronics, electric vehicles, and industrial machinery. The lithium ions in these batteries move from the negative electrode to the positive one via an electrolyte during discharge and vice versa during the charging process. Li-ion batteries are known for their high energy density, low self-discharge, and a relatively longer lifespan than other battery types.

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The growth of the global lithium ion battery market is majorly driven by the increasing sales of battery electric vehicles (BEVs), rising residential and commercial applications of Li-ion batteries, drop in Li-ion prices, and the booming consumer electronics industry. The rising focus on advancing energy storage systems, growing adoption of plug-in vehicles, surge in need for industrial automation, and the increasing use of battery-operated industrial machines are the other significant parameters propelling the market growth. The rising applications of Li-ion batteries in solar power plants and the railway and manufacturing sectors due to the augmented need for power backup and energy storage create further growth avenues for the global lithium ion battery market.

Increasing initiatives for the recycling of lithium ion batteries is expected to reduce the exploitation of mineral resources like lithium and cobalt. Hence, recycled lithium ion batteries are increasingly being utilized in electric vehicles. For instance, in December 2020, Li-Cycle, a leading Li-ion battery recycling company, commenced its new facility in Rochester, New York, to recycle commercial Li-ion batteries. The company claims nearly 100% of the battery materials, including cobalt, can be recycled through its advanced two-step recycling process, LiCycle Technology™.

Key findings of the report:

  • Based on product type, the Lithium Nickel Manganese Cobalt (NMC) sub-segment is set to reach the most considerable revenue share of USD 39.01 billion over the forecast period. The lithium NMC batteries have excellent stability and high energy density, so it is extensively used in electric vehicles, consumer electronics like mobile phones and tablets, and energy storage systems.
  • In terms of application, the automotive sub-segment is poised to lead the global market in the coming years, with the highest market revenue of USD 20.53 billion. The growing government focus on electrification of vehicles due to rising environmental concerns and the surging demand for BEVs and plug-in vehicles boost this segment’s growth.
  • The market in the Asia Pacific region is poised to emerge as the leading regional market, gaining the largest market share with revenue of USD 44.99 billion by the end of the forecast period. The presence of an expansive manufacturing sector in the region, rapid industrialization in developing countries like India, growing production of electric vehicles, and the establishment of several leading consumer electronics companies have fueled the regional market growth.
  • Leading market players include Samsung, LG Chem, Sony, Sanyo, Johnson Controls, ATLASBX Co. Ltd., Exide Technologies, Saft, BYD, and East Penn Manufacturing Co.
  • In January 2021, the renowned Indian Li-ion battery manufacturer, Grinntech, opened a new manufacturing facility in Chennai. The new plant would have a production capacity of up to 400 MWh of Li-ion batteries each year for electric vehicles, farm tractors, and energy storage systems.

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For the purpose of this report, the global lithium ion battery market has been segmented on the basis of product type, power range, application, and region:

By Product Type (Thousand, Units and Revenue, USD Million; 2017-2027)

  • Lithium Nickel Manganese Cobalt (NMC)
  • Lithium iron phosphate (LFP)
  • Lithium cobalt oxide (LCO)
  • Lithium Manganese Oxide (LMO)
  • Lithium Nickel Cobalt Aluminum Oxide (NCA)
  • Lithium Titanate

By Power Range (Thousand, Units and Revenue, USD Million; 2017-2027)

  • 0 to 3000mAh
  • 3000mAh to 10000mAh
  • 10000mAh to 60000mAh

By Application (Thousand, Units and Revenue, USD Million; 2017-2027)

  • Industrial
  • Automotive
  • Energy Storage Systems
  • Consumer Electronics

By Region (Thousand, Units and Revenue, USD Million; 2017-2027)

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of the Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa

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Table of contents

Chapter 1. Market Synopsis
    1.1. Market Definition
    1.2. Research Scope & Premise
    1.3. Methodology
    1.4. Market Estimation Technique
Chapter 2. Executive Summary
    2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
    3.1. Macro Indicators
           3.1.1. Global usage of Lithium Ion Battery
           3.1.2. Global Lithium Ion Battery usage by Application Type
Chapter 4. Lithium Ion Battery Market Segmentation & Impact Analysis
    4.1. Lithium Ion Battery Segmentation Analysis
    4.2. Industrial Outlook
    4.3. Regulatory Framework
    4.4. Lithium Ion Battery Market Impact Analysis
           4.4.1. Market driver analysis
            Rising adoption of electric vehicles
            Growing consumption of rechargeable batteries in consumer electronics
           4.4.2. Market restraint analysis
            Rising demand for substitutes
Chapter 5. Lithium Ion Battery Market By Product Insights & Trends


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