The Global Lithium-ion Battery Market is anticipated to reach a value of USD 44.5 billion in 2022 and, at a compound annual growth rate (CAGR) of 13.1%, reach USD 135.1 billion by 2031. This rise is being driven by the rising demand for lithium-ion batteries across numerous industries, including automotive, electronics, and energy storage. Because of its high energy density, extended lifespan, and favourable environmental effects, lithium-ion batteries have gained popularity. The market for lithium-ion batteries is anticipated to grow significantly over the next few years as the use of electric vehicles, renewable energy sources, and portable electronic gadgets increases.

The market demand for lithium-ion batteries is primarily being driven by the expanding use of plug-in vehicles and the development of smart electronics. Due to their high energy density and extended longevity, these batteries are frequently utilised in plug-in electric vehicles. The increasing popularity of portable electronics like smartphones, tablets, and wearable tech also boosts the need for lithium-ion batteries. Additionally, industry producers are committed to improving their product lines, which will result in better performance, improved safety features, and bigger energy storage capacities. During the forecast period, these developments are anticipated to fuel the lithium-ion battery market's expansion as the technology continues to expand and meet the needs of numerous applications.

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Lithium Nickel Manganese Cobalt Oxide holds the second-largest market share in 2021

With a market value of USD 9.8 billion in 2021, the lithium nickel manganese cobalt oxide (Li-NMC) category has the second-largest market share in the lithium-ion battery industry. Due to the low self-heating rate of Li-NMC batteries, which are increasingly being used in electric vehicles, this market is expected to develop. Additionally, these batteries are used in numerous electric drivetrains, medical equipment, and power tools. Li-NMC batteries are adaptable and suited for a variety of applications, including energy storage systems (ESS) and the automobile industry. They can also be used for residential applications for home battery storage, including integration with solar photovoltaic cells, due to their fireproof nature.

Lithium-ion batteries with capacity ranging from 3,000 – 10,000 mAh are highly adopted by end-users

End-users in sectors like automotive, consumer electronics, and aerospace have mostly adopted lithium-ion batteries with a capacity ranging from 3,000 to 10,000 mAh. Common uses for these batteries include electric vehicles, heavy equipment, robotics, medical devices, satellites, hybrid trucks, railways, and power backup systems. These applications all need for high power output. Typically, they are put together into modules to effectively manage enormous loads. With a variety of configurations, including cylindrical cells, prismatic cells, and battery packs, lithium-ion batteries in this capacity range are adaptable to a variety of application needs.

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High (above 36V) segment dominated the lithium-ion market in 2021

The lithium-ion market was dominated by the high voltage category in 2021, more especially lithium-ion batteries with a voltage above 36V. In many different applications, including power systems, military hardware, electric cars, maritime vessels, heavy machinery, and telecommunication infrastructure, these batteries are commonly selected. High voltage lithium-ion batteries are also used in the aerospace industry, where their small weight helps aircraft fly lighter overall while still powering their electrical systems effectively. Due to its appropriateness for demanding and high-power applications across several sectors, the high voltage segment continues to be a prominent driving factor in the lithium-ion battery market.

Automotive industry dominated the lithium-ion battery market in 2021

The automobile sector became the market leader for lithium-ion batteries in 2021. Battery-powered vehicles, such as plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs), are the main factors driving the adoption of lithium-ion batteries. The market for lithium-ion batteries is expanding as more people become aware of and adopt HEVs and PHEVs. Notably, in areas like Europe and the Asia Pacific, the automobile industry is a major factor in the growth of the lithium-ion battery market. The UK has created programmes specifically to help the electric vehicle (EV) market, which is anticipated to significantly accelerate the expansion of the lithium-ion battery business.

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The lithium-ion battery market in Asia Pacific is the largest dominating region in 2021

The Asia Pacific area became the biggest and most influential market for lithium-ion batteries in 2021. The presence of numerous significant market players in the area, such as LG Chem (South Korea), BAK Power Battery Co., Ltd. (China), GS Yuasa International Ltd. (Japan), SAMSUNG SDI CO., LTD. (South Korea), Contemporary Amperex Technology Co., Limited (China), Panasonic Holdings Corporation (Japan), and BYD Company Ltd. (China), can be credited for this growth. With the presence of both well-established international competitors and domestic/local businesses, China, in particular, plays a vital role in driving regional market growth. This generates considerable market potential for future expansion in the following years.

Major companies operating in this lithium-ion battery market include LG Chem (South Korea); SAMSUNG SDI CO., LTD. (South Korea); Contemporary Amperex Technology Co., Limited. (China); Panasonic Holdings Corporation (Japan), BYD Company Ltd. (China).

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