Lithium-ion Battery Market 2023 - Asia Pacific is expected to Emerge as the Fastest Growth-Generating Region | Latest InsightAce Study
The global Lithium-ion Battery Market is estimated to reach over USD 148.24 billion by 2031, exhibiting a CAGR of 15.06% during the forecast period 2023-2031
Jersey City, NJ, March 28, 2023 (GLOBE NEWSWIRE) -- The Global Lithium-ion Battery Market is estimated to reach over *USD 148.24 billion by 2031*, exhibiting a CAGR of 15.06% during the forecast period 2023-2031.
Consumers' preference for electric and hybrid vehicles will increase the need for lithium-ion batteries. Recent years have witnessed a considerable gain in the popularity of electric automobiles. Several governments are encouraging people to transition to electric vehicles (EVs) by offering generous subsidies and other incentives. Due to growing worries about the environmental effects of fossil fuels and rising electricity consumption, the globe is moving towards the renewable energy industry.Renewable energy uses natural resources to produce power since it is a safe and dependable method. The need for renewable energy is also fueled by favorable government regulations, growing investor interest in the industry, and technological developments in the solar and wind power-producing sectors. Alternative energy storage technologies, such as solid-state batteries, sodium-ion batteries, and others, compete with lithium-ion batteries in the market. The development and use of these batteries may be impacted by several regulatory criteria that apply to the lithium-ion battery market, including safety and environmental norms.
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*Recent Developments:*
· In June 2021, Forsee Power, a French manufacturer of battery systems, began mass-producing lithium-ion batteries for electric two-wheelers (E2W) and electric three-wheelers (E3W) in Pune. (Chakan Industrial Area, 35 km from Pune Airport).
· In February 2021, A Memorandum of Understanding (MoU) for the development and production of Li-ion batteries in India and the North American region was signed by Hyderabad-based Roshan Energy Technologies and Barrel Energy, a U.S.-based manufacturer of Li-ion batteries.
*List of Notable Players in the Lithium-ion Battery Market:*
· Bak Powder Battery Co.Ltd.
· BYD Company LTD.
· Clarios
· Contemporary Amperex Technologies Co., Limited
· GS Yuasa International Ltd.
· Hitachi Ltd.
· LG CHEM
· Panasonic Holdings Corporation
· Samsung SDI Co.Ltd
· Toshiba Corporation
· Caleb
· Tesla, Inc
· Lithiumwerks
· Saft
· Varta AG
· Farasis Energy (Ganzhou) Co.Ltd.
· Sila Nanotechologies Inc.
· Amperex Technologies Limited
· Envision Aesc Group Ltd
· Guoxuan High Tech Co., Ltd
· Lithium Energy Japan
· Enerdel, Inc
· Kokam
· Ipower Batteries PVT LTD
· Nextera Energy, Inc
*Lithium-ion Battery Market Report Scope:*
*Report Attribute* *Specifications*
*Market size value in 2022* USD 42.54 Bn
*Revenue forecast in 2031* USD 148.24 Bn
*Growth rate CAGR* CAGR of 15.06% from 2023 to 2031
*Quantitative units* Representation of revenue in US$ Billion, and CAGR from 2023 to 2031
*Historic Year* 2019 to 2022
*Forecast Year* 2023-2031
*Report coverage* The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
*Segments covered* Material, Product Type, Type, Capacity, Voltage, And Industry
*Regional scope* North America; Europe; Asia Pacific; Latin America; Middle East & Africa
*Country scope* U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia
*Market Dynamics:*
*Drivers- *
The lithium-ion batteries market is expanding due to the rising demand for electric vehicles (EVs). Lithium-ion batteries can provide the large capacity, high-performance batteries needed for EVs. Demand for energy storage technologies, such as lithium-ion batteries, is fueled by the growing application of renewable energy sources such as solar and wind energy.
For later usage, these batteries can store extra energy produced from renewable sources. Due to their falling cost, lithium-ion batteries are becoming more economical and available to a broader range of consumers and applications. Thanks to ongoing development and improvement, lithium-ion battery technology is being adopted in various applications, such as consumer electronics, grid-scale energy storage, and portable power.
*Challenges:*
The prime challenge is high-cost sensitivity regarding bio-based products in developing countries, which is predicted to reduce the growth of the lithium-ion battery market because lithium-ion batteries are still somewhat expensive. Manufacturers and customers may be concerned about the safety of lithium-ion batteries because they occasionally catch fire or explode. The availability of raw materials such as lithium, cobalt, nickel, and manganese is crucial for the lithium-ion battery market.
Supply chain disruptions may impact the production and supply of these batteries. Additionally, they can pose environmental and disposal difficulties because they contain harmful elements and are challenging to recycle. Lithium-ion batteries have a finite lifespan and can deteriorate over time, affecting how well and consistently they work.
*Regional Trends:*
The Asia Pacific lithium-ion battery market is expected to register a major market share in revenue and is projected to grow at a high CAGR shortly. The main markets for electric vehicles worldwide are China and Japan. Additionally, the region is expected to see an increase in demand for consumer electronics like smartphones and other lithium-ion batteries. Due to the increased emphasis that governments in the region place on greenhouse gas emissions, the market for lithium-ion batteries in Europe and North America are also anticipated to expand rapidly.
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*Segmentation of Lithium-ion Battery Market-*
*By Material-*
· Cathode Material
· Cathode Material for Lithium-Ion Batteries
· Lithium iron phosphate
· Lithium iron cobalt oxide
· Lithium nickel manganese cobalt
· Lithium nickel cobalt aluminum
· Lithium manganese oxide
· Anode Materials
· Anode Material for Lithium-Ion Batteries
· Natural graphite
· Artificial graphite
· Another anode material
· Electrolyte Material
· Separator Material
· Current collector Materials
· Other Materials
*By Product Type-*
· Components of Lithium-ion Battery
· Cells
· Battery Packs
· Portability
· Stationary
· Portable
*By Type-*
· Lithium Nickel Manganese Cobalt oxide
· Lithium Iron Phosphate
· Lithium Cobalt Oxide
· Lithium Titanate Oxide
· Lithium Manganese Oxide
· Lithium Nickel Cobalt Aluminum Oxide
*By Capacity-*
· 0 to 3000 mAh
· 3,000 to 10,000 mAh
· 10,000 to 60,000 mAh
· 60,000 and Above
*By Voltage*
· Low (Below 12V)
· Medium (12V-36V)
· High (Above 36V)
*By Industry*
· Consumer Electronics
· Smartphones
· UPS
· Laptop
· Others
· Automotive
· Plug-in Hybrid Vehicles
· Aerospace
· Commercial Aircraft
· Marine
· Commercial
· Tourism
· Medical
· Industrial
· Mining Equipment
· Construction Equipment
· Forklifts, Automated Guided Vehicles (AGV), And Automated Mobile Robots (AMR)
· Power
· Telecommunications
*By Region-*
*North America-*
· The US
· Canada
· Mexico
*Europe-*
· Germany
· The UK
· France
· Italy
· Spain
· Rest of Europe
*Asia-Pacific-*
· China
· Japan
· India
· South Korea
· South East Asia
· Rest of Asia Pacific
*Latin America-*
· Brazil
· Argentina
· Rest of Latin America
* Middle East & Africa-*
· GCC Countries
· South Africa
· Rest of the Middle East and Africa
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