At a CAGR of 13.1%, the Lithium-Ion Battery Market Size is anticipated to increase from USD 44.5 billion in 2022 to USD 135.1 billion by 2031. The main reasons boosting the growth of the lithium-ion battery market are the increasing use of lithium-ion batteries in plug-in cars and the development of smart electronic devices.
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The key companies involved in the Lithium-Ion Battery Market are LG Chem, SAMSUNG SDI CO. LTD., Contemporary Amperex Technology Co., Limited, BYD Company Ltd., and Panasonic Holdings Corporation. These companies operate at various points throughout the full value chain of lithium-ion batteries. To strengthen their position in the international market, these businesses have implemented a variety of expansion tactics, including acquisition, collaboration, partnership, joint venture, agreement, contract, and new product launches.
An established producer of batteries for numerous uses is LG Chem. It dominates the market for cutting-edge batteries used in automotive, home storage, and grid-scale applications. The business creates and manufactures mobile batteries for vehicles and energy storage devices as well as large format batteries. By introducing cutting-edge items and spending money on R&D initiatives, the corporation hopes to increase the scope of its product line. The company has mostly concentrated on partnerships and collaborative tactics during the past few years to increase its business reach, meet sustainability objectives, and introduce cutting-edge products. In 2021, the firm has the biggest market share for lithium-ion batteries.
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In 2021, Samsung SDI Co., Ltd. will hold the second-largest market share for lithium-ion batteries. The business sells lithium-ion batteries, car batteries, energy storage systems, semiconductor and display materials, as well as polymers for electronics and automobiles. By assisting the firm in enhancing its operational capability in terms of an increase in manufacturing capacity or distribution across channels and locations, strategic initiatives like acquisitions and agreements can provide the company with considerable growth potential.
Contemporary Amperex Technology Co. Ltd. is a significant player in the lithium-ion battery market. It works on the development, design, and production of electric car and energy storage battery systems. It provides a wide range of goods to satisfy aftermarket customers and original equipment manufacturers worldwide.
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