Press Release

Global Lithium-Ion Battery Market to Grow at a CAGR of 10.8% Until 2032, Aided by the Rising Purchasing Power of Users

Global Lithium-Ion Battery Market

According to a new report by EMR titled, ‘Global Lithium-Ion Battery Market Report and Forecast 2024-2032’, the global lithium-ion battery market attained a value of USD 42.90 billion in 2023. The market is further anticipated to grow at a healthy CAGR of 10.8% during the forecast period of 2024-2032 to reach USD 107.67 billion by 2032.

A rechargeable battery with a high energy density is called a lithium-ion battery (LIB). Anode, cathode, and electrolyte are the three parts that make up a lithium-ion battery. These batteries have a far lower self-discharge rate than nickel-cadmium batteries, are lighter when compared to other rechargeable versions of the same size, and require no maintenance. The lithium-ion battery market is expanding as a result of the increased use of these batteries in plug-in vehicles in the field of renewable energy.


The demand for the lithium-ion battery market in the United States is anticipated to increase throughout the forecast period because of the rising sales of electric vehicles in the country and favourable federal legislation. There is also a presence of key market participants there. Sales of portable electronic devices like mobile phones and laptops have surged as a result of increased internet usage and consumer spending power, particularly in emerging nations, thereby propelling the market growth globally.


The lithium-ion battery market is also expected to expand due to the multiple benefits offered by these batteries. Additionally, backup power supplies for office buildings, data centres, and institutions are provided by lithium-ion batteries. Further, household solar PV systems favour lithium-ion batteries for energy storage. During the projection period, these factors will accelerate the expansion of the application segment for energy storage systems.


The growing number of manufacturing plants are expected to propel the growth of the lithium-ion battery market globally. For instance, in an effort to grow its company internationally, Panasonic Corporation announced in February 2022 that its Energy Company would build a production plant at its Wakayama Factory in western Japan to create new, ‘4680’ lithium-ion batteries for electric vehicles (EVs). Panasonic has been working to improve its selection of automotive lithium-ion batteries to aid in the quick uptake of EVs.


Read more about this report - REQUEST FREE SAMPLE COPY IN PDF


In order to be ready for the complete deployment, the corporation will gradually expand its production capacities. At the Wakayama Factory, two additional production lines will be constructed up along with structural upgrades, as well as utility facilities. Productivity verification and mass production are expected to start in the fiscal year ending in March 2024.


Market Analysis by Product Types, Power Capacities, Applications, and Regions:

  • On the basis of product type, the lithium-ion battery market is categorised into lithium cobalt oxide, lithium iron phosphate, lithium nickel manganese cobalt, and lithium manganese oxide, among others.
  • Based on power capacity, the market is segmented into 0 to 3,000 mAh, 3,000 mAh to 10,000 mAh, 10,000 mAh to 60,000 mAh, and more than 60,000 mAh.
  • The major applications of the market are consumer electronics, electric vehicles, and energy storage, among others.
  • The regional markets for lithium-ion battery include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.


Key Findings of the Report:

  • The lithium-ion battery market is being driven by various advancements in lithium-ion batteries, which has increased the focus on research and development.
  • The market is anticipated to develop in the near future as a result of the increasing use of lithium-ion batteries in new applications and the declining cost of these batteries.
  • Government laws that are strict in order to maintain a pollution-free environment are helping the lithium-ion battery industry flourish.
  • Due to increased auto production and significant financial investments in lithium-ion battery research initiatives, the demand for lithium-ion batteries is rising quickly.


Key Offerings of the report:

  • The EMR report gives an overview of the global lithium-ion battery market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for product types, power capacities, applications, and major regions of lithium-ion battery.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.


The major players in the global lithium-ion battery market are Contemporary Amperex Technology Co., Limited (CATL), LG Energy Solution, Panasonic Corporation, BYD Company Ltd., Samsung SDI Co., Ltd., SK Innovation Co., Ltd., CALB-CALB Co., Ltd. (CALB), and Shenzhen Grepow Battery Co., Ltd., Toshiba Corporation, A123 Systems LLC, Envision AESC Group Ltd., Tianjin Lishen Battery Joint-Stock Co., Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.


About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.


EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.


Contact Us:

Expert Market Research
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790


*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.