The Lithium-Ion Battery Market Size is projected to reach USD 135.1 billion by 2031, at a CAGR of 13.1% during the forecast period.

The higher adoption of lithium-ion battery in renewable energy sector and plug-in vehicles is driving the growth of the market. Moreover, advancement in lithium-ion battery which has increased the focus on R & D and rising adoption of lithium-ion batteries in various new applications due to decline in the prices is also expected to drive the growth of the market in the near future.

Lithium cobalt oxide were the most extensively used Lithium-Ion Battery in the market in 2021

The lithium cobalt oxide segment holds the largest share of the market in 2021 and is expected to hold significant share during the forecast period.

These batteries are highly utilised in portable electronic devices, personal computers, digital cameras, and various other electronics product in consumer electronics industry which is major adopter of lithium-ion battery. These batteries are also utilized for various other applications such as automobiles and stationary application such telecom tower and home inverter where uninterrupted power supply is needed, which in turn, is driving its adoption and thus fueling the growth of the market.

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Top 5 Key Market Players in Li-ion Battery Industry

LG Chem (South Korea),
SAMSUNG SDI CO. LTD. (South Korea),
Contemporary Amperex Technology Co., Limited. (China),
BYD Company Ltd. (China),
Panasonic Holding Corporation (Japan).
LG Chem is an established manufacturer of batteries for various applications. It leads the market for advanced batteries for grid-scale, residential storage, and automotive applications. The company is in the development and production of mobile batteries and large format batteries for automotive and energy storage systems. The company aims to expand its product portfolio by launching innovative products and investing in R&D activities. Over the last few years, the company has mainly been focusing on partnerships and collaboration strategies to expand its business reach, achieve sustainability goals, and launch innovative products. The company holds the largest share of Lithium-Ion Battery Market in 2021.

Samsung SDI Co., Ltd. holds the second-largest share of Lithium-Ion Battery Market in 2021. The company offers lithium-ion batteries, automotive batteries, and energy storage systems, as well as materials for semiconductors and displays and plastics for electronic devices and vehicles. Strategic initiatives, such as acquisition and agreements, are highly complementary to the existing business and could offer significant growth opportunities to the company by helping it expand its operational capability in terms of enhancement in manufacturing capacity or distribution across channels and geographies.

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Growing adoption in plug-in vehicles

Lithium-ion batteries are a source of power for electric vehicles. The widespread use of electric vehicles and plug-in hybrid electric vehicles has boosted the adoption of lithium-ion batteries, which is expected to increase further in future.

The rising adoption of electric vehicles among consumers has helped boost the market for these energy-saving, pollution-reducing vehicles. The number of automobile companies involved in the development of new and improved electric vehicles has also increased.

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