The lithium-Ion Battery Market is expected to grow at a CAGR of 12.3% from 2021 to 2030. The growth of the lithium-ion battery market is majorly driven by the surging requirement for continuous power supply from critical infrastructures in wake of COVID-19, increasing demand for plug-in vehicles, growing need for battery-operated material-handling equipment in industries due to automation, continued development of smart devices, and growing adoption of lithium-ion batteries in the renewable energy sector.
Some of the prominent key players are: BYD Company (China), LG Chem (South Korea), Contemporary Amperex Technology Co. Ltd. (CATL) (China), Samsung SDI (South Korea), Panasonic Corporation (Japan), BAK Group (China), GS Yuasa Corporation (GS Yuasa) (Japan), Hitachi (Japan),Clarios (Germany), Toshiba Corporation (Japan)
10,000–60,000 MAh lithium-ion battery accounted for the larger size of the lithium-ion battery market in 2020.
The 10,000–60,000 MAh segment accounted for the largest market share in 2020. Li-ion batteries with a capacity of more than 10,000 mAh are used for applications requiring high capacity, such as electric vehicles, plug-in hybrid electric vehicles, e-motorcycles, material handling equipment, marine, robots, industrial, telecommunication systems, electronic cash registers, standby power supplies, golf cart vehicles, hybrid trucks, buses, smart grid, aviation industry, automated guided vehicle, yachts, solar backup power, energy storage system (ESS) platforms, military applications, low earth orbit (LEO), medium earth orbit (MEO), and geostationary or geosynchronous orbit (GEO) satellites, and launch vehicles.
Automotive segment is expected to hold the largest size of the lithium-ion battery market in 2020.
The automotive segment is expected to hold the largest share in the lithium-ion battery market during the forecast period. Battery-driven vehicles, such as electric vehicles, e-bikes, and automated guided vehicles, are major consumers of lithium-ion batteries. Depending on their source of power and application, EVs are classified into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). There is increasing competition between battery models installed in EVs owing to the need for operational excellence. Increasing adoption and awareness of EVs supports the growth of the lithium-ion battery market. Automobile original equipment manufacturers (OEM) and players within the mobility industry are among the worst hit by the COVID-19pandemic. Automobile OEMs increasingly rely on just-in-time manufacturing, which is presently affecting their production capabilities and overall exports owing to supply chain disruptions. Automobile manufacturing plants are producing and supplying a few automobiles owing to the global supply chain disruptions resulting from lockdowns. This can impact the growth of the lithium-ion battery market until COVID-19 cases stabilize globally.
APAC is projected to be the largest market for the lithium-ion batteries from 2021 to 2030.
APAC accounted for the largest share of the lithium-ion battery market in 2020. The leading players contributing to the growth of the market in the region are JAC Motors (China), BYD Co. Ltd. (China), BAIC Group (China), SAIC Motor Corporation Limited (China), Nissan Motor Company Ltd. (Japan), Mitsubishi Motors Corporation (Japan), and Toyota Motor Corp. (Japan), among others. Continuous developments in the consumer electronics and automotive verticals have led to an increase in the application of lithium-ion batteries as they offer various advantages, such as high power capacity, increased safety, and reduced pollution. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, forcing them to shut down. However, production has resumed in a few facilities in China, thereby initiating the manufacturing of some essentials.