The overall lithium ion battery market is expected to grow from USD 37.4 billion in 2018 to USD 92.2 billion by 2024, at a CAGR of 16.2%. The growth of this market is being fueled by increase in demand for plug-in vehicles, growing need for automation and battery-operated material-handling equipment in industries, growing demand for smart devices and other industrial goods, and high requirement of lithium-ion batteries for industrial applications.

Power capacity range of 3,000–10,000 mAh is expected to grow at the highest CAGR between 2018 and 2024. The market for this range is expected to grow at a high CAGR due to the fact that it covers a majority of industries such as consumer electronics, electric vehicle, power tools, and aerospace & defense. This makes it more desirable in near future for numerous applications. Its heavy power capacity makes it useful for industries such as in electrical vehicles and industrial uses. The increasing market for consumer electronics and smartphones has increased the need for batteries with high power capacity that can keep the device running for long hours and at the same time giving an optimum experience of the device due to large screen and power back up service.

APAC held the largest size of the lithium ion battery market during the forecast period

APAC held the largest size of the lithium ion battery market in 2018. APAC is home to a large number of semiconductor and electronics companies and increasing trend to implement high power battery and safety with low energy wastage are expected to open up new market opportunities for lithium ion battery in APAC. China and India are the fastest growing economies in the world. Demand for lithium ion batteries is very high in Asia Pacific owing to the ever-increasing population and its need for consumer electronics. The market in China is expected to grow mainly because of the huge number of lithium ion battery manufacturing companies in China and Japan. A major share of lithium ion batteries are manufactured in APAC—specifically in China, Japan, and South Korea.

Key players operating in the lithium ion battery market include BYD Company (China), LG Chem (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BAK Group (China), GS Yuasa (Japan), Hitachi (Japan), Johnson Controls (Ireland), Toshiba (Japan), Lithium Werks (The Netherlands), CALB (China), Saft Groupe, (France), VARTA Storage (Germany), Farasis Energy (California), and Sila Nanotechnologies (California).

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