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Lithium-ion Battery Market by Type, Application and Geography - Forecast and Analysis 2023-2027

  • Published: Nov 2022
  • Pages: 160
  • SKU: IRTNTR41001
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The lithium-ion battery market is estimated to grow at a CAGR of 31% between 2022 and 2027. The size of the market is forecast to increase by USD 198.26 billion. The growth of the market depends on serval factors, including the augmented demand from consumer electronics, the increased shipments of smart wearables, and battery energy storage to address the erratic nature of renewables.

This report extensively covers market segmentation by type (lithium nickel manganese cobalt, lithium titanate, lithium iron phosphate, and lithium cobalt oxide), application (automotive, consumer electronics, and energy storage, and others), and geography ( APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

 What will be the size of the Lithium-ion Battery Market During the Forecast Period?

Lithium-ion Battery Market Size

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Parent Market Analysis

Technavio categorizes the global lithium-ion battery market as a part of the global renewable electricity market within the global independent power and renewable electricity market. The parent global renewable electricity market covers companies engaged in the generation and distribution of electricity using renewable sources. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.

Lithium-ion Battery Market: Key Drivers, Trends, Challenges, and Customer Landscape

The augmented demand from consumer electronics is notably driving the market growth, although factors such as the growing popularity of fuel cell solutions may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Lithium-ion Battery Market Driver 

The augmented demand from consumer electronics is the key factor driving the global lithium-ion battery market growth. Urbanization and an increase in the number of people earning in a family have led to an upsurge in disposable incomes worldwide. Consumer spending is an important economic factor since it generally reflects the overall consumer confidence in a country. Therefore, high consumer confidence obviously points to higher levels of consumer spending in the batteries market.

The increase in disposable incomes permits middle-class individuals to increase their living standards, which means that these people are willing to spend more on gadgets like laptops, smartphones, and smart wearables, owing to which the consumer electronics segment is growing rapidly. This, in turn, leads to higher demand in the batteries market under the consumer electronics segment. Moreover, The consumer electronics segment is gaining traction owing to the increase in disposable incomes as well as the declining prices of consumer electronic products due to constant technological advances. The consumer electronics segment is expected to witness a high demand, which, in turn, will increase the demand for lithium-ion batteries during the forecast period.

Key Lithium-ion Battery Market Trend

The legislative support for battery recycling will fuel the global lithium-ion battery market growth. Government legislation on battery recycling primarily aims to create environment-friendly and economically sustainable business models and ensure recycling efficiency. Different recycling methods for different battery technologies confer different benefits. For instance, end-products of lithium-ion battery recycling are cobalt and lithium concentrate, both of which can be used in industries to reduce the increasing pressure on lithium mining. Therefore, efficient recycling can also lead to ecological sustainability.

Currently, the European Union has formulated a directive for the collection and recycling of batteries. However, even in the EU, the current rates of lithium-ion battery collection are very low. In South Africa, where there are no recycling facilities for lithium-ion battery recycling or disposal, the recyclable material is sent to other countries for processing. Therefore, legislative support will lead to higher rates of lithium-ion battery recycling, which, together with the growth of end-user segments such as EVs, will lead to market growth during the forecast period.

Key Lithium-ion Battery Market Challenge

The growing popularity of fuel cell solutions is a major challenge to the global lithium-ion battery market growth. Lithium-ion battery end-users, such as the automotive and material handling equipment industries, face a major challenge with the increasing replacement of standard lithium-ion batteries with fuel cells. For instance, forklifts are used in warehouses where the operations can extend for three or more shifts in a day. If lithium-ion batteries are used, they need to be replaced or charged more than once a day, which leads to issues in logistics management.

Conventional batteries, such as lead-acid batteries and lithium-ion batteries, require a long recharging period, hold less energy with each charge, and have to be replaced every 2-3 years. To overcome such difficulties, more of these end-users are opting for fuel cell systems. Moreover, EVs have been around for a very long time, but they were not as popular as traditional ICE automobiles because of various shortcomings like limited range and low speed. This shift toward fuel cell technology to power automobiles such as EVs has led to a reduction in the demand for lithium-ion batteries as fuel cells offer a viable alternative to lithium-ion batteries, which, in turn, will directly affect the growth of the market during the forecast period.

Key Lithium-ion Battery Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Lithium-ion Battery Market Share by Geography

Global Lithium-ion Battery Market Customer Landscape

Who are the Major Lithium-ion Battery Market Vendors?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

a123systems.com - The company offers lithium-ion batteries such as Lithium-ion 48V Battery. Also, under this segment, the company offers battery systems such as 12V Starter Batteries and 48V batteries.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:

  • AT & T Inc.
  • BAK Power
  • BYD Co. Ltd.
  • Clarios
  • Envision Group
  • Exide Industries Ltd.
  • GS Yuasa Corp.
  • Hitachi Ltd.
  • Johnson Controls International Plc
  • LG Chem
  • Manz AG
  • Panasonic Holdings Corp.
  • Samsung SDI Co. Ltd.
  • SK Inc.
  • Sony Group Corp.

Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segment in the Lithium-ion Battery Market?

Based on type, the market is segmented into lithium nickel manganese cobalt, lithium titanate, lithium iron phosphate, and lithium cobalt oxide. The market share growth by the lithium nickel manganese cobalt segment will be significant during the forecast period. The success of lithium nickel manganese cobalt batteries is due to the combination of nickel and manganese. Despite having low specific energy, manganese has the advantage of creating a spinel structure to produce low internal resistance. Despite having a large specific energy, nickel is unstable. The strengths of the metals are increased when they are mixed. The preferred battery is a lithium nickel manganese cobalt battery, which is used in power tools, e-bikes, and other electric drivetrains. Such factors will increase segment growth during the forecast period.

Lithium-ion Battery Market Size

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The lithium nickel manganese cobalt segment was valued at USD 9.55 billion in 2017 and continue to grow by 2021Batteries made of lithium nickel manganese cobalt can be made for both high-energy and high-power uses. Most electric automobiles use lithium nickel manganese cobalt batteries. Laptops, mobile phones, and other portable gadgets all employ lithium nickel manganese cobalt batteries. Battery storage power plants are another use for lithium nickel manganese cobalt batteries. The lithium nickel manganese cobalt segment holds a major share in the global lithium-ion battery industry in 2022 and is expected to remain the same during the forecast period.

Which are the Key Regions for the Lithium-ion Battery Market?

Lithium-ion Battery Market Share by Geography

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APAC will account for 51% of the global market share growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. 

Increasing penetration of renewable energy, EVs, and consumer electronics are the main contributors to the lithium-ion battery industry in APAC in 2022. However, the contribution of the renewable power sector is expected to increase during the forecast period because of the need to reduce greenhouse gas (GHG) emissions and lower the number of power outages in the region

This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for APAC. However, the lifting of travel restrictions, the resumption of operations in the manufacturing sector, and the initiation of large-scale COVID-19 vaccination drives in 2021 increased the demand for lithium-ion batteries. The increasing penetration of renewable energy in the energy mix is expected to play a major role in the growth of the regional market during the forecast period. Renewable capacity installations are increasing owing to the supportive policies of the governments in APAC. Therefore, the growing demand for automobiles, supportive government policies to boost the adoption of EVs, and the installation of renewables will drive the growth of the regional lithium-ion battery industry during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, and Lithium cobalt oxide), Application (Automotive, Consumer electronics, and Energy storage and others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).

  • Type Outlook (USD Billion, 2017 - 2027)
    • Lithium nickel manganese cobalt
    • Lithium titanate
    • Lithium iron phosphate
    • Lithium cobalt oxide 
  • Application Outlook (USD Billion, 2017 - 2027)
    • Automotive
    • Consumer electronics
    • Energy storage 
    • Others
  • Region Outlook (USD Billion, 2017 - 2027)
    • North America
      • The U.S.
      • Canada
    • Europe
      • The U.K.
      • Germany
      • France
      • Rest of Europe
    • APAC
      • China
      • India
    • South America
      • Chile
      • Argentina
      • Brazil
    • Middle East & Africa
      • Saudi Arabia
      • South Africa
      • Rest of the Middle East & Africa

Lithium-ion Battery Market Scope

Report Coverage

Details

Page number

160

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 31%

Market growth 2023-2027

USD 198.26 billion

Market structure

Fragmented

YoY growth (%)

30.34

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 51%

Key countries

US, China, Japan, Germany, and Norway

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

A123 Systems LLC, AT and T Inc., BAK Power, BYD Co. Ltd., Clarios, Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., Johnson Controls International Plc, LG Chem, Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., TianJin Lishen Battery Joint Stock Co. Ltd., Toshiba Corp., and Tesla Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

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What are the Key Data Covered in this Lithium-ion Battery Market Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the lithium-ion battery market between 2023 and 2027
  • Precise estimation of the size of the lithium-ion battery market size and its contribution to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behaviour
  • Growth of the industry across APAC, Europe, North America, South America, and Middle East and Africa
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of lithium-ion battery market vendors

 

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1 Drivers, Challenges, and Trends

  • 1.1 Market drivers
    • 1.1.1 Technological innovations in COB LEDs
      • 1.1.2 Growing adoption of COB LEDs in smart lighting
        • 1.1.3 Growing demand from the automotive sector
          • 1.2 Market challenges
            • 1.2.1 Development of CSP LEDs
              • 1.2.2 Emergence of quantum boards
                • 1.2.3 High import duties
                  • 1.3 Impact of drivers and challenges
                    • 1.4 Market trends
                      • 1.4.1 Adoption of COB LEDs in horticulture
                        • 1.4.2 Development of high-color rendering index (CRI) COB LEDs
                          • 1.4.3 Growing interest in human-centric lighting
                            • 01: Impact of drivers and challenges

                              Research Framework

                              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                              TechnavioINFORMATION SOURCES

                              Primary sources

                              • Manufacturers and suppliers
                              • Channel partners
                              • Industry experts
                              • Strategic decision makers

                              Secondary sources

                              • Industry journals and periodicals
                              • Government data
                              • Financial reports of key industry players
                              • Historical data
                              • Press releases
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                              TechnavioDATA ANALYSIS

                              Data Synthesis

                              • Collation of data
                              • Estimation of key figures
                              • Analysis of derived insights

                              Data Validation

                              • Triangulation with data models
                              • Reference against proprietary databases
                              • Corroboration with industry experts
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                              TechnavioREPORT WRITING

                              Qualitative

                              • Market drivers
                              • Market challenges
                              • Market trends
                              • Five forces analysis

                              Quantitative

                              • Market size and forecast
                              • Market segmentation
                              • Geographical insights
                              • Competitive landscape
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                              Lithium-ion Battery market growth will increase by $198.26 billion during 2023-2027.
                              The lithium-ion battery market is expected to grow at a CAGR of 31% during 2023-2027.
                              Technavio has segmented the lithium-ion battery market by type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, and Lithium cobalt oxide) ,application (Automotive, Consumer electronics, Energy storage others, South America, and MEA) , and geography (APAC, Europe, North America, South America, and Middle East and Africa).
                              A123 Systems LLC, AT and T Inc., BAK Power, BYD Co. Ltd., Clarios, Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., Johnson Controls International Plc, LG Chem, Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., TianJin Lishen Battery Joint Stock Co. Ltd., Toshiba Corp., Tesla Inc. are a few of the key vendors in the lithium-ion battery market.
                              APAC will register the highest growth rate of 50.88% among the other regions. Therefore, the lithium-ion battery market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
                              The key factors driving the lithium-ion battery market growth are:
                              • Augmented demand from consumer electronics
                              • Legislative support for battery recycling
                              The lithium-ion battery market vendors should focus on grabbing business opportunities from the lithium nickel manganese cobalt segment as it accounted for the largest market share in the base year.
                              • What are the key global market and the regional market share?
                              • What are the revenue-generating key market segments?
                              • What are the key factors driving and challenging this market’s growth?
                              • Who are the key market vendors and their growth strategies?
                              • What are the latest trends influencing the growth of this market?
                              • What are the variables influencing the market growth in the primary regions?
                              • What are the factors influencing the growth of the parent market?
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