The Lithium-ion Battery Market is expected to develop significantly; estimates predict that it will rise from USD 56.8 billion in 2023 to an astounding USD 187.1 billion by 2032, with a strong compound annual growth rate (CAGR) of 14.2%. The growing need for energy storage solutions in a number of industries, such as automotive, electronics, and renewable energy, is responsible for this projected rise. The demand for lithium-ion batteries is being driven by the increasing use of electric vehicles and the increased focus on renewable energy sources. The market is expected to grow exponentially over the forecast period due to favourable government initiatives supporting sustainable energy and developments in battery technologies.

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The market for lithium-ion batteries is growing quickly due to the batteries' remarkable energy density and wide range of uses. These batteries are widely used in many different industries, such as consumer electronics, electric hybrid cars, and storage of renewable energy. The performance, safety, and longevity of lithium-ion batteries are all greatly improved by technological developments, which also greatly contribute to the market's steady expansion. The market for lithium-ion batteries is expected to grow in the near future due to rising demand for eco-friendly transportation options and effective energy storage solutions.

Lithium-ion Battery Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 56.8 billion

Estimated Value by 2032

$ 187.1 billion

Growth Rate

Poised to grow at a CAGR of 14.2%

Market Size Available for

2019–2032

Forecast Period

2023–2032

Forecast Units

Value (USD Million) and Volume (Thousand Units)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, Capacity, Voltage, Application and Region

Geographies Covered

Asia Pacific, Europe, North America and Rest of World

Key Market Challenge

Performance degradation in lithium-ion batteries overtime

Key Market Opportunities

Growing integration of renewable energy integration in power grids globally

Key Market Drivers

Growing demand for battery-operated material-handling equipment across industries

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The market for lithium cobalt oxide (LCO) battery segment is expected to gain a significant market share during the forecast period.

One noteworthy variation in the lithium-ion battery class is the Lithium Cobalt Oxide (LCO) battery. LCO batteries, which consist of a layered cobalt oxide cathode and a graphite carbon anode, are becoming increasingly popular. Because of their outstanding energy density, safety features, and long lifespan, they are now the go-to option. LCO batteries are primarily employed as a power source for digital cameras, computers, tablets, and smartphones, but they also play a vital part in the operation of other consumer electronics products.

Below 3,000 mAh capacity batteries are expected to hold a substantial market share during the forecast period.

Lower capacity batteries have become increasingly popular and account up a sizeable portion of the lithium-ion battery market. These batteries are widely used in various devices and are made of several materials, including lithium cobalt oxide, lithium iron phosphate, and lithium titanate oxide. They supply power to a variety of tiny gadgets, including GPS systems, media players, digital cameras, cellphones, power tools, power banks, and toys. It is worth mentioning that lithium-ion batteries with capacity less than 3,000 mAh are widely used in small and lightweight consumer goods, such as wireless speakers, smartwatches, and iPods.

Telecommunications application segment to grow at an impressive CAGR during the forecast period.

Leading the way in the development of advanced cellular network technologies such as 5G and perhaps 6G is the telecommunications sector. The industry is facing a spike in demand for broad data processing capabilities and low latency needs as these improvements continue. Furthermore, as remote telecom tower installations grow more common, maintaining uninterrupted operation becomes crucial, necessitating the use of dependable and effective power supply. This requirement is effectively met by integrating battery energy storage systems (BESS) and renewable energy sources. Because of their high power density and extended life cycle, lithium-ion batteries are the best option for a variety of telecom industry applications. Lithium-ion batteries, positioned as the powerhouse of the future, are used in vital telecom infrastructure, including base transceiver stations for wireless networks, cable networks, FTTX installations, remote terminals, access networks, and UPSs. Lithium-ion batteries, which are notable for their exceptional cycle life, excellent charge acceptance, and capacity for remote monitoring, have the potential to completely transform the telecommunications industry.

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North America is expected to hold a significant market share of the lithium-ion battery market during the forecast period.

North America's lithium-ion battery market is divided into three main segments: the US, Canada, and Mexico. It is expected that the automotive application will lead the market growth in this region, with consumer electronics following closely behind. Lithium-ion battery use is accelerating due to the rise in local automakers' production of hybrid and plug-in hybrid electric vehicles. Furthermore, the US has a wealth of lithium reserves, which presents a tactical advantage for domestic battery manufacturing. It is anticipated that this element will play a significant role in driving up demand for lithium-ion batteries in North America.

The key players in the lithium-ion battery companies include LG Energy Solution (South Korea), Samsung SDI Co. Ltd. (South Korea), SK Innovation Co., Ltd. (South Korea), Panasonic Holdings Corporation (Japan), BYD Company Limited (China), and Toshiba Corporation (Japan) and others.

News Covered:

https://www.prnewswire.com/news-releases/lithium-ion-battery-market-worth-187-1-billion-by-2032---exclusive-report-by-marketsandmarkets-301921712.html

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