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Lithium-ion Battery Market Size, Share & Industry Analysis, By Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Cobalt Aluminum Oxide, Lithium Manganese Oxide, Lithium Nickel Manganese Cobalt, and Lithium Titanate Oxide), By Application (Consumer Electronics, Automotive, Energy Storage System, Industrial, and Others), and Regional Forecast, 2024-2032

Last Updated: June 17, 2024 | Format: PDF | Report ID: FBI100123



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The global Lithium-ion Battery market size is projected to grow from USD 79.44 billion in 2024 to USD 446.85 billion by 2032, exhibiting a CAGR of 23.33% from 2024-2032. Asia-Pacific dominated the lithium-ion battery industry with a market share of 48.45% in 2023.

The COVID-19 pandemic affected growth of this market during 2020. The outbreak of COVID-19 has restricted the supply of batteries. The key battery component is mainly available in Asia Pacific, but the pandemic has over-exposed the dependency of raw materials on the region. Lithium and cobalt serve key functions in battery cathodes and electrolytes. China dominates the production of elements and controls approximately 80% of the global supply chain of these materials. Many countries across the world have imposed travel restrictions, which have impacted the flow of raw materials and many power plants were shut down worldwide, which impacted the market.

Li-ion battery, also called as LIB, is a rechargeable battery used in laptops, cellphones, and hybrid & electric cars. Li-ion battery usage is growing across various applications owing to its lightweight, high energy density to increase battery life and ability to recharge.


Growing Sales of Electric Vehicles to Mitigate Climate Change

Electric vehicles have reduced the climate impact when compared to internal combustion engines. Government bodies across the globe are approaching a greener and pollution-free mobility as passenger and commercial electric vehicles are changing trends for future transportation, which will certainly boost lithium-ion battery market growth. Electric vehicles companies, such as Tesla, have implemented the usage of these batteries in cars. Europe has strictly imposed emissions regulations & norms and implemented major public electric mobility transportation projects.

Rising Inclination Toward Energy Projects to Drive the Industry Growth 

The growing interest in keeping the environment clean has encouraged the growth of renewable energy projects, such as solar power plants and nuclear power plants, and wind energy projects,  contributing to the growing demand for lithium-ion batteries.

Lithium-ion batteries are one of the favored options for renewable energy storage. They are widely seen as one of the main solutions to recompense for the intermittency of wind and sun energy. Utilities around the world have ramped up their storage capabilities using Li-ion supersized batteries, huge packs which can store anywhere between 100 to 800 megawatts (MW) of energy. In 2023, California-based Moss Landing's energy storage facility is reportedly the world’s largest, with a total capacity of 750 MW/3000 MWh.

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Increased Adoption of Batteries in Power Grid and Energy Storage Systems Play a Key Role in Market

Implementing strict government regulation to regulate rising pollution levels enhances the industries to use these batteries. The power industry is working to produce renewable energy and store it for the future. Low cost, low-self discharge rate, and minimal installation space are some of the key factors driving the adoption of Li-ion batteries in smart grid and energy storage systems. Since these batteries are more resistant to high temperatures, they are ideal for use in remote areas and thermal control applications. For example, in July 2021, Siemens Smart Infrastructure and German Grid Operator company was planning to develop a 100 MW lithium-ion battery storage facility.

Declining Prices of Li-ion Batteries Have Catalyzed Adoption in Various Sector

The major factor restraining the adoption of these batteries from 1990 was its prices. Li-ion batteries contain many components, and the main component of any LIB was its cell, which accounts for 50% of its cost. However, recent developments by LIB manufacturing companies have helped in declining prices of these batteries, which will further reduce in future. The declining prices of components and the adoption of advanced technologies to increase battery capacity are key factors that increase the adoption of lithium-ion batteries.


Growing Demand for Other Batteries is Hindering Market Growth

The increasing demand for other batteries, such as lead-acid batteries, sodium- nickel chloride, flow batteries, and lithium-air batteries, in consumer electronics, electric vehicles, and energy storage systems is projected to hinder the growth of these batteries.

Lithium-Ion Battery Market Segmentation Analysis

By Type Analysis

Lithium Iron Phosphate Batteries are Set to Lead Market

Based on type, the market is segmented into lithium cobalt oxide, lithium iron phosphate, lithium nickel cobalt aluminum oxide, lithium manganese oxide, lithium nickel manganese cobalt, and lithium titanate oxide. Lithium cobalt oxide accounted for a major share in 2020 due to its wide adoption in mobile phones, laptops, cameras, and other modern electronic gadgets. Lithium iron phosphate batteries accounted for the fastest-growing segment due to their properties such as long life span, lightweight, and providing excellent safety for products.

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By Application Analysis

Growing Demand for EV or HEVs to Lead Lithium-ion Battery Market

By application, the market is segmented into automotive, consumer electronics, energy storage systems, industrial, and others. The automotive sector is expected to be the dominating application for Li-ion batteries. The rising awareness about the benefits of battery-operated vehicles and increasing prices of petrol and diesel, specifically in Asia Pacific, North America, and Europe, have attracted consumers to these electric or hybrid vehicles. The consumer electronics sector is considered to be the fastest-growing application for lithium-ion batteries. The continuous development in the consumer electronics sector has led to an increase in the adoption of lithium ion batteries in these applications. They offer multiple advantages such as high power capacity, reduced pollution, and increased safety.


Geographically, the lithium-ion battery market share is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Asia Pacific Lithium-ion Battery Market Size, 2023 (USD Billion)

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As per our findings, Asia Pacific dominates the market share during the forecast timeframe. China and Japan are considered the world's largest markets of electric vehicles. The automotive sector is widely adopting li-ion batteries. In addition, the growing demand for smartphones, laptops, and other electronic devices in various other countries, such as China, India, Japan, and Singapore, is expected to increase the market in the region.

North America will showcase strong growth, led by the U.S. The growing sales of consumer electronics & electronics vehicles will contribute to the market size.

The increasing focus of government bodies toward greenhouse gas emissions in the environment in Europe has supported the growth of this market. Several countries in the region, such as Germany, Argentina, France, and others, have set their target of being zero emission of CO2 by 2050. This has boosted the usage of Li-ion batteries in the region. The European Commission and the Batteries European Partnership Association have launched a public-private partnership to encourage research into smart battery technology in Europe.

The Middle East & Africa is expected to observe substantial growth as many countries are going through massive construction activities and cities are developing at a larger scale. This, in turn, leads to the requirement of industrial and construction power tools that use Li-ion batteries. Key nations actively operating in the region are South Africa and Gulf Cooperation Council (GCC) countries.

List of Key Companies in Lithium-Ion Battery Market

This market is highly competitive with large number of market players operating in multiple regions. Prominent manufacturers such as Saft Group S.A., BYD Company, LG Chem, and A123 Systems have well established supply chain and distribution network which help these major players to hold prominent position in the market.

List of Key Company Profiled:

  • BYD Company (China)

  • LG Chem (South Korea)

  • Contemporary Amperex Technology Co. Ltd (CATL) (China)

  • Samsung SDI (South Korea)

  • Panasonic Corporation (Japan)

  • BAK Power (China)

  • Clarios (Germany)

  • Toshiba Corporation (Japan)

  • Hitachi (Japan)

  • Automotive Energy Supply Corporation (Japan)

  • A123 System (U.S.)

  • Saft Group S.A. (France)


  • February  2024 – Panasonic Energy Co., Ltd., a Panasonic Group Company, declared that it has signed a long-term agreement with H&T Recharge, a prominent battery component manufacturer, for the supply of lithium-ion battery cans in North America, with the aim of increasing its production of safe EV batteries.

  • November 2023 - Toshiba Corporation developed a new lithium-ion battery using a cobalt-free 5V-class high-potential cathode material that considerably suppresses performance-degrading gases produced as side reactions. This battery can operate at a wide range of applications, from power tools to electric vehicles.

  • June 2023 - Samsung SDI announced that the company has become the first lithium battery maker to accept carbon footprint labels from Carbon Trust. Carbon footprint measures greenhouse gas GHG emissions throughout a product life cycle from production, raw materials, distribution to disposal.

  • September 2021– The Toshiba Corporation, Sojitz Corporation, and CBMM have entered into JDA (Joint Development Agreement) to commercially the next-generation lithium-ion batteries by using niobium titanium oxide for anode material.

  • May 2021– The commercial vehicle manufacturer, Daimler Truck AG, and lithium-ion battery manufacturer, CATL, extended their existing partnership based on their shared vision of CO2 neutral electrified trucking. CATL will be a supplier of Li-ion battery packs for the Mercedes-Benz eActros Longhaul battery-electric truck, which will be ready for series production in 2024. 


The Lithium-Ion Battery Market report offers qualitative and quantitative insights on lithium-ion batteries and a detailed analysis of market size & growth rate for all possible segments in the market.

Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are advancement in technology for Li-ion batteries by individual segments, recent industry developments such as partnerships, mergers & acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.

An Infographic Representation of Lithium-Ion Battery Market

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Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 23.33% from 2024 to 2032


Value (USD Billion) and Volume (GWh)



By Type

  • Lithium Cobalt Oxide

  • Lithium Iron Phosphate

  • Lithium Nickel Cobalt Aluminum Oxide

  • Lithium Manganese Oxide

  • Lithium Nickel Manganese Cobalt

  • Lithium Titanate Oxide

By Application

  • Automotive

  • Consumer Electronics

  • Energy Storage System

  • Industrial

  • Others

By Geography

  • North America (By Type, By Application, By Country)

    • U.S. (By Application)

    • Canada (By Application)

  • Europe (By Type, By Application, By Country)

    • U.K. (By Application)

    • Germany (By Application)

    • France (By Application)

    • Italy (By Application)

    • Spain (By Application)

    • Russia (By Application)

    • Rest of Europe (By Application)

  • Asia Pacific (By Type, By Application, By Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Southeast Asia (By Application)

    • Rest of Asia Pacific (By Application)

  • Latin America (By Type, By Application, By Country)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)

  • Middle East & Africa (By Type, By Application, By Country)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of Middle East & Africa (By Application)

Frequently Asked Questions

As per a study by Fortune Business Insights, the global market size stood at USD 64.84 billion in 2023.

The Asia Pacific market size was valued at USD 31.42 billion in 2023.

Various industries, such as consumer electronics, automotive, energy storage systems, industrial, marine, defense, and medical, use the product.

The global market is anticipated to reach USD 446.85 billion by 2032.

Based on type, the lithium cobalt oxide segment holds the highest share in the market across the globe.

The top players in the industry are BYD Company, LG Chem, CATL, Samsung SDI, Panasonic Corporation, and Toshiba Corporation.

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