Size & Share of Global Lithium-ion Battery Market Projected to Reach USD 83.36 Billion By 2027
The global lithium-ion battery market size is expected to reach USD 83.36 billion by 2027 according to a new study by Polaris Market Research.
The emergence and increasing popularity of Electric Vehicles (EV) is expected to drive the demand for lithium-ion batteries in the automotive industry. The automotive industry has been witnessing a palpable shift from using nickel-metal batteries to lithium-ion batteries in plug-in vehicles and EVs. Beneficial physical characteristics such as small size and lightweight have bolstered the demand for li-ion (lithium-ion) batteries across the automotive industry.
Increasing demand for consumer electronics across the regions has led to the rising demand for lithium-ion batteries. Long battery life along with improved performance offered by the product to consumer electronics such as smartphones, tablets, etc. is expected to drive its demand in the consumer electronics segment over the forecast period.
Lithium-ion batteries are also being used in modern wearable devices, such as healthcare bands, tech tags, and smartwatches. Thereby, the development of energy storage technologies is enabling battery manufacturers to introduce advanced li-ion batteries that are compatible with the next-generation battery-operated, electronic products. Currently, various types of li-ion batteries, such as li-manganese oxide, li-ion phosphate battery, li-nickel manganese cobalt oxide battery, and li-cobalt oxide battery, are witnessing high demand as technologically advanced li-ion batteries across a wide range of end-user industries.
The incorporation of innovative technologies such as a lithium-sulfur battery (li-sulfur) has gained importance as these batteries can store twice the energy per kilogram in comparison to li-ion batteries. In addition, li-sulfur batteries are witnessing high demand as a lightweight alternative to Li-ion batteries restraining the market growth.
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Top Market Players
Companies such as BYD Company, Panasonic, Exide Technologies, LG Chem, Saft Batteries, Samsung SDI, EaglePicher Technologies, LLC, GS Yuasa, Hitachi, BAK Group, Energus Power Solutions, Ltd., Lithium Werks, Roofer Technology Co. Ltd, Toshiba, CALB, Akku Tronics New Energy Technology Co., VARTA Storage, Saft Groupe, Farasis Energy, Ding Tai Battery Company Ltd., A123 Systems, and Sila Nanotechnologies are some of the key players operating in the global market.
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Polaris Market Research has segmented the lithium-ion battery market report on the basis of product type, battery capacity, end-use, and region
Li-Ion Battery Market by Product Type Outlook (Revenue – USD Million, 2016 – 2027)
- Lithium Cobalt Oxide
- Lithium Magnesium Oxide
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Nickel Cobalt Aluminium Oxide
- Lithium Titanate
Li-Ion Battery Market by By Cell Type Outlook (Revenue – USD Million, 2016 – 2027)
Li-Ion Battery Market by Battery Capacity Outlook (Revenue – USD Million, 2016 – 2027)
- 0 to 3,000 mAH
- 3,000 to 10,000 mAH
- 10,000 to 60,000 mAH
- Over 60,000 mAH
Li-Ion Battery Market by End-Use Outlook (Revenue – USD Million, 2016 – 2027)
- Consumer Electronics
- Medical Devices
- Industrial & Grid Energy
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