Lithium-ion Battery Market to Expand at a CAGR of 10.8% from 2022 to 2031

Lithium-ion Battery Market Outlook 2031

The global lithium-ion battery market was valued at US$ 21.3 Bn in 2021
It is estimated to expand at a CAGR of 10.8% from 2022 to 2031
The global lithium-ion battery market is expected to reach value of US$ 57.9 Bn by the end of 2031

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Lithium-ion Battery Market Introduction
A lithium-ion (Li-ion) battery is an advanced battery technology that uses lithium ions as a key component of its electrochemistry. Lithium-ion battery is used in many electronic devices used on a daily basis, from ear buds to laptops and cell phones. These batteries are also widely used in the electric vehicle industry in addition to being used in consumer electronics.

Increase in Demand for Electric Vehicles to Drive Global Lithium-ion Battery Market
The demand for lithium-ion batteries is expected to witness rapid growth due to the rise in demand for electric vehicles. As the market for electric vehicles grows globally, lithium-ion batteries are witnessing increasing demand due to their high energy density per unit mass in comparison with other electrical energy storage technologies. Additionally, they have an excellent high temperature performance, a high power to weight ratio, great energy economy, and minimal self-discharge.

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According to the International Energy Agency (IEA), after a decade of explosive growth, there were 10 million electric automobiles on the roads of the world by the year 2020. Despite the global auto industry slump brought on by the pandemic, which saw a 16% decline in global auto sales, the number of electric car registrations rose by 41% in 2020. Global sales of electric vehicles were at 3 million (a 4.6 percent sales share).

Furthermore, vehicle manufacturers around the world had announced their electrification plans. Of the top 20 vehicle manufacturers globally, which represent 90% registration of new cars in 2020, 18 have stated their plan to diversify their product portfolio and scale up production of high-duty electric vehicles.

Rise in Demand for Consumer Electronics to Boost Use of Lithium-ion Batteries
The demand for lithium batteries has been increasing with the growing demand for consumer electronic products such as mobile phones and laptops, as these batteries are widely used in these products. Lithium-ion batteries are widely used in consumer electronics, due to their rechargeable quality. Moreover, lithium-ion battery pack offers high power, and also has higher energy density compared to other battery types. These factors are leading to an increase in demand for lithium-ion batteries in consumer electronic products.

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Furthermore, lithium-ion batteries have low environmental impact as lithium is non-toxic and can be recycled completely; also, it has fast charging capacity compared to other types of batteries. Besides, lithium-ion batteries have a longer life due to their modest rate of self-discharge. As a result of this, a lithium-ion battery has an average lifespan of more than eight years. This lifespan can be increased with proper upkeep and servicing. In comparison with other battery types, lithium-on batteries perform well in high-power applications and have the ability to supply higher current. This is expected to increase in demand for lithium batteries globally.

Extensive Usage of Lithium Cobalt Oxide (LCO) in Consumer Electronics

In terms of product type, the lithium-ion battery market has been classified into lithium iron phosphate (LFP), lithium cobalt oxide (LCO), lithium manganese oxide (LMO), lithium nickel manganese cobalt oxide (NMC), lithium nickel cobalt aluminum oxide (NCA), and lithium titanate oxide (LTO). The LCO type is expected to hold the highest market share during the forecast period, owing to its extensive use in consumer electronic products such as mobile phones, laptops, and cameras. Moreover, the market for lithium iron phosphate is also projected to grow during the forecast period, owing to its increasing popularity for use in applications requiring large amount of power.

Rise in Preference for Electric Vehicles Due to Petrol and Diesel Price Hike
Lithium-ion batteries are used in various end-use industries among which the automotive industry is expected to witness the highest growth rate due to the popularity of electric vehicles. People these days are more aware about the benefits of battery operated vehicles. Moreover, the increasing price of petrol and diesel in regions such as Asia Pacific, North America, and Europe has increased consumer awareness about the use of EVs which drives the demand for lithium-ion batteries, thus fueling the lithium-ion battery market growth.

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Furthermore, the consumer electronics segment in the lithium-ion battery market is also projected to grow at a high rate during the forecast period, owing to increase in demand for consumer electronic products such as smartphones, laptops, etc.

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