The global lithium-ion battery market was valued at USD 54.4 billion in 2023 and is projected to reach USD 182.5 billion by 2030, expanding at a CAGR of 20.3% from 2024 to 2030. The automotive sector is expected to witness substantial growth due to the declining cost of lithium-ion batteries.
Global electric vehicle (EV) registrations are anticipated to rise significantly over the forecast period. In North America, the U.S. emerged as the largest market in 2023, driven by increasing EV sales supported by federal policies and the presence of major industry players. Policies such as the American Recovery and Reinvestment Act of 2009, which introduced EV purchase tax credits, continue to stimulate demand. In addition, updated Corporate Average Fuel Economy (CAFE) standards have encouraged the adoption of electric-drive technologies across passenger cars and light commercial vehicles (LCVs).
The rising use of lithium-ion batteries in smartphones, owing to better efficiency and longer shelf life, is further fueling market growth. Growing consumer awareness about carbon emissions is boosting EV adoption, while a decline in lead-acid battery usage—due to stricter EPA regulations on lead contamination, disposal, and recycling—has accelerated the shift toward lithium-ion alternatives in automobiles. Mexico continues to strengthen its position as a global automotive manufacturing hub, attracting increasing international investment.
Key Market Trends & Insights
- Asia Pacific dominated the market in 2023 with a 47.0% revenue share.
- Germany is expected to experience steady market growth over the forecast period.
- By application, consumer electronics accounted for 31.0% of total revenue in 2023.
- By product, the lithium cobalt oxide (LCO) segment held the largest share at over 30.0% in 2023.
Download a free sample PDF of the Lithium-ion Battery Market Intelligence Study by Grand View Research.
Market Size & Forecast
- 2023 Market Size: USD 54.4 Billion
- 2030 Projected Market Size: USD 182.5 Billion
- CAGR (2024–2030): 20.3%
- Largest Regional Market (2023): Asia Pacific
Competitive Landscape
The industry is highly competitive, with global players investing in R&D and continuous product innovation. Major manufacturers include Samsung, BYD, LG Chem, Johnson Controls, Exide, and Saft. Companies such as BYD and Panasonic hold strong market positions due to expanded manufacturing capacities and extensive distribution networks.
Prominent Companies
- 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.
Explore Horizon Databook – the world’s most comprehensive market intelligence platform by Grand View Research.
Conclusion
The lithium-ion battery market is set for rapid expansion, driven by accelerating EV adoption, technological advancements, supportive policies, and the shift away from lead-based battery technologies. Asia Pacific remains the dominant region, while continuous innovation by leading manufacturers is expected to shape the competitive landscape through 2030.
No comments:
Post a Comment