Lithium-Ion Battery Market Forecast to grow at a CAGR of 12.3% by 2030

Posted April 11, 2022 by avinashgogawale14

The Global Lithium-Ion Battery Market Size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030; it is expected to grow at a CAGR of 12.3% from 2021 to 2030.
The Global Lithium-Ion Battery Market Size is projected to grow from USD 41.1 billion in 2021 to USD 116.6 billion by 2030 at a CAGR of 12.3% during the forecast period. Lithium-Ion (Li-ion) Battery is a rechargeable battery comprising lithium and various other materials. It is made up of 3 major components: cathode, anode, and electrolyte. In a lithium-ion battery, the lithium ions flow from the negative electrode to the positive during discharge and in reverse while charging. Lithium-ion batteries are available in multiple variants, depending on the materials that are combined with lithium, such as cobalt, nickel, manganese, titanium, and iron. Li-ion batteries are mainly used for automotive and consumer electronics applications, such as electric vehicles, smartphones, laptops, tablets, and wearable devices, and other home applications such as gardening tools. On a large scale, Li-ion batteries can be used for backup power and industrial applications and in smart grids.

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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), and Toshiba Corporation (Japan), are some of the major players in Lithium-Ion Battery Market.

LG Chem, Ltd.

LG Chem, Ltd., a subsidiary company of LG Corporation, is one of the worlds largest lithium-ion battery manufacturers. It provides large and mid-sized rechargeable lithium-ion batteries for automotive, power, consumer electronics, medical devices, and other applications. The company’s advanced lithium-ion battery technology is the product of 25 years of experience in the development and production of mobile batteries and large format batteries for automotive and energy storage systems (ESS). LG Chems commitment to technology leadership, coupled with efficient and high-quality manufacturing processes, leads to the production of batteries that exhibit the highest levels of safety, performance, and reliability. The company aims to expand its product portfolio by continuously launching innovative products and investing heavily in R&D activities.

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Samsung SDI

Samsung SDI is engaged in the manufacture and sale of secondary lithium-ion batteries and cells. The company started its secondary Li-ion battery business in 2000; since then, Li-ion battery manufacturing has become Samsung SDI’s core business. The company’s wide product portfolio comprises small lithium-ion batteries, automotive batteries and energy storage systems, chemicals, and electronic materials. It operates through 2 business segments. In 2019, it carried out extensive R&D and spent 7.2% of its total capital on these activities to improve the performance of its existing materials, develop new and innovative materials, and enhance the efficiency of its secondary cells. Strategic initiatives, such as acquisition and agreements, are highly complementary to the existing business and could offer significant growth opportunities to the company. They could help the company in expanding its operational capability in terms of enhancement in manufacturing capacity or distribution across channels and geographies.

Contemporary Amperex Technology Co., Ltd.

Contemporary Amperex Technology Co., Ltd. (CATL) is engaged in the research, development, production, and sale of power battery systems and energy storage systems of new energy and green vehicles. Its products and services include lithium battery materials, battery cells, battery management systems, battery recycling, and reuse. The company’s products find applications in electric passenger vehicles, electric buses, electric trucks, diversified special vehicles, grid frequency modulation, communication base stations, commercial & industrial buildings, and household energy storage. It also provides integrated product as well as comprehensive full life cycle services to global clients. The company has adopted the strategy of expansion to tap business opportunities in emerging markets. The company intends to expand in new markets and has a clear and dedicated customer focus. It offers a wide range of products that meet the demands of original equipment manufacturers (OEMs) and aftermarket customers globally.

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Categories Business , Industry , Semiconductors
Tags lithiumion battery market
Last Updated April 11, 2022