According to the new report titled “Lithium-ion Battery Market by Type (NMC, LFP,LCO. LNO, LTO, NCA) , By Capacity (Below 3000 mAh, 3,000–10,000 mAh, 10,000–60,000 mAh, 60,000 mAh and Above )and Application (Consumer Electronics, Automotive, Industrial, Energy Storage System) – Global Analysis to 2022″, the valuation of the Lithium-ion Battery market was $40.21 Billion in 2017 and is projected to reach $51.32 Billion by 2022, at a CAGR of 15.4% from 2019 to 2032.
The Lithium-ion Battery Market was valued at $51.32 Billion by 2022 and expected to grow at CAGR of 15.4% over forecast period. A lithium-ion (Li-ion) battery is a type of rechargeable battery that has become widely used for various applications, including powering electric vehicles (EVs), consumer electronics, and renewable energy systems.
Rising renewable energy integration dominated the Lithium-ion Battery market
The demand for lithium-ion batteries in renewable energy integration has been significant and is expected to continue growing. Lithium-ion batteries play a crucial role in addressing the intermittency and variability of renewable energy sources, such as solar and wind, by storing excess energy when it’s abundant and releasing it when needed. Renewable energy sources, such as solar and wind, are inherently intermittent. Lithium-ion batteries act as a buffer, storing surplus energy during peak production times and releasing it during periods of low production or high demand, thus smoothing out fluctuations.
Lithium nickel manganese cobalt (NCR) held the largest share in the Lithium-ion Battery market
Based on Type, the Lithium-ion Battery Market is segmented into NMC, LFP,LCO. LNO, LTO, NCA and NMC segment accounted for largest share in 2022. NMC batteries are commonly used in electric vehicles due to their high energy density and good overall performance. As the demand for electric vehicles continues to grow globally, there is a corresponding increase in the demand for NMC batteries.
Asia Pacific headed the Lithium-ion Battery market in 2022
Asia Pacific is emerged as leading market for Lithium-ion Battery Market in 2022. Asia Pacific, particularly China, has been a global leader in the adoption of electric vehicles. The strong push for electric mobility in countries like China has driven substantial demand for lithium-ion batteries, which are the predominant battery technology used in electric vehicles.
The Asia Pacific region has been investing in renewable energy projects, including solar and wind energy. Lithium-ion batteries play a crucial role in storing and managing the intermittent nature of renewable energy sources, contributing to the demand for energy storage solutions.
Key market players operating in the market that are profiled in the report are Panasonic Corporation, BYD Company, Samsung SDI, LG Chem, Contemporary Amperex Technology Co. Ltd, Saft Group S.A., Toshiba Corporation, BAK Power, Automotive Energy Supply Corporation, A123 System etc.
