The "Lithium-ion Battery Market Share by Type (Lithium Nickel Manganese Cobalt Oxide (LI-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO)), Capacity, Voltage, Industry (Consumer Electronics, Automotive, Aerospace) - Global Forecast to 2031" report offers useful information about the lithium-ion battery market in the world. The market for lithium-ion batteries is predicted to reach USD 135.1 billion by 2031, rising at a compound annual growth rate (CAGR) of 13.1% throughout the projection period, according to the report. The market size for lithium-ion batteries is predicted to be USD 44.5 billion in 2022.

The expanding acceptance of plug-in automobiles and the development of smart electronic devices are the two main drivers driving the need for lithium-ion batteries. The demand for lithium-ion batteries, which serve as the power source for electric cars (EVs), is rising along with the market for EVs. Lithium-ion batteries are perfect for usage in EVs due to their high energy density and extended lifespan. The lithium-ion battery market is predicted to develop greatly as a result of this trend.

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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).

DRIVERS: Growing adoption in plug-in vehicles

Lithium-ion batteries are increasingly being used in plug-in cars, which is a major market driver. The need for efficient and dependable power sources like lithium-ion batteries has significantly increased as the demand for electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) rises. Due to lithium-ion batteries' advantages for EVs, namely their high energy density and prolonged lifespan, the automotive industry has used these batteries extensively.

Electric car acceptability and demand among consumers are rising, and this is a key factor driving the industry. Consumers are becoming more aware of the environmental advantages of EVs, such as lower emissions and better energy efficiency. Lithium-ion batteries are in greater demand as a result of more people choosing electric vehicles as a cleaner and more sustainable form of transportation.

OPPORTUNITIES: Increasing R&D for advancements

Significant prospects exist in the lithium-ion battery market as a result of the increased emphasis on research and development (R&D). Manufacturers are spending money on research and development to better the science and enhance the reliability and security of lithium-ion batteries. The increased need for clean and sustainable energy solutions on a global scale is what's motivating this focus on innovation and development.

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To improve the performance and efficiency of lithium-ion batteries, battery makers are continually investigating and developing new battery chemistries. They are working hard to increase vital elements including energy density, charging speed, cycle life, and safety features. By resolving the shortcomings of present battery technologies, this continuous R&D paves the way for the creation of more dependable and sophisticated lithium-ion batteries.

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

The lithium-ion battery market in 2021 was led by the high voltage sector (over 36V). In many different applications, including power systems, military hardware, electric vehicles, maritime vessels, heavy machinery, and communications infrastructure, high voltage batteries are desired. When it comes to efficiency and power delivery, these high voltage lithium-ion batteries provide a number of benefits. The capacity of high voltage lithium-ion batteries to supply the necessary power for demanding applications is one of their key features. They are suitable for power-hungry devices and systems since they can give higher power output. This makes them perfect for applications requiring a lot of energy, such electric vehicles, where high voltage batteries allow for effective and potent operation.

In the aerospace sector, high voltage lithium-ion batteries are also frequently employed, notably for recharging aircraft electrical equipment. Their light weight is helpful for aeronautical applications because it helps to lighten the aircraft as a whole. High voltage lithium-ion batteries are a desirable option for aerospace applications since reduced weight is essential for aircraft economy and fuel consumption. The growing demand for power-intensive applications across many industries has led to significant growth in the high voltage section of the lithium-ion battery market. The need for high voltage lithium-ion batteries has been further fueled by the development of cutting-edge technologies and the requirement for more energy storage capacity.

Automotive industry dominated the lithium-ion battery market in 2021

The automobile sector became the market leader for lithium-ion batteries in 2021. The prevalence of lithium-ion batteries in battery-powered vehicles, such as hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs), can be credited with this domination. The demand for lithium-ion batteries is mostly driven by the automotive industry, which consumes large quantities of these batteries. The market for lithium-ion batteries has expanded as a result of consumers being more aware of and accepting of HEVs and PHEVs. The demand for hybrid and plug-in hybrid vehicles has grown as people and governments place more importance on environmentally friendly transportation options. Because these vehicles' power storage and performance depend on lithium-ion batteries, the need for such batteries in the automobile sector is increased.

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In areas like Europe and the Asia Pacific, the automotive industry has a particularly significant impact on the lithium-ion battery business. The need for lithium-ion batteries has increased as a result of the electric vehicle (EV) market's expansion, which is being pushed by the automotive industry. The expansion of charging infrastructure and other measures and laws aimed at encouraging EV use in Europe, such as subsidies, have helped the lithium-ion battery business expand even more.

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 significant presence of numerous major market players operating in nations like South Korea, China, and Japan is responsible for the region's market growth. Companies with a strong presence in the area, like LG Chem, BAK Power Battery, GS Yuasa International, SAMSUNG SDI, Contemporary Amperex Technology, Panasonic Holdings, and BYD Company, help to dominate the market.

The rise of the regional market has been significantly fueled by China in particular. The nation is not only a significant producer of lithium-ion batteries but also the home to many well-known market participants. Furthermore, China has a sizable number of domestic or local lithium-ion battery market participants, which expands market expansion prospects. A competitive and dynamic market environment has been developed in the area due to the presence of a wide variety of competitors, both domestically and internationally.

The dominance of the Asia Pacific area in the lithium-ion battery industry is further aided by elements including supportive governmental regulations, financial investments in R&D, and rising demand for consumer electronics and electric cars. The use of electric vehicles and the advancement of clean energy technology have been encouraged by the governments of nations like China, Japan, and South Korea. These initiatives have increased the demand for lithium-ion batteries and expanded the regional market.

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